Health insurance is an essential policy to invest in. While medical emergencies cannot be avoided, spending a fortune on medical bills can certainly be avoided with a viable health insurance policy.
Medical costs have been soaring with time, and not just hospitalisation, but even doctor’s consultation fees can pinch your pockets. With a comprehensive mediclaim policy, you can secure yourself and your family’s health expenses. If you are new to the concept of a health insurance plan and want to explore more about its benefits, this article has you covered.
What is health insurance?
In simple words, a what is health insurance is a mutual agreement between an insurance company and a policyholder where the former agrees to provide coverage to the latter for their medical expenses in case the insured falls ill or meets with an accident.
Typically, health insurance company networks with leading hospitals to provide cashless treatment to insured individuals. However, for treatment expenses incurred at other hospitals (not featured on the insurance company’s network of hospitals), the insurance company will reimburse the cost of expenses incurred by the insured.
Today, buying a health insurance policy is convenient with top-rated companies such as Manipal Cigna health insurance and many others going digital. You can easily invest in a medical insurance policy online and simply pay a small annual premium. It can be taken care of by your insurance provider under an eligible plan, be it your medical consultation fees, costs towards medical tests, ambulance charges, hospitalisation or post-hospitalization follow-up costs.
Advantages of investing in a health insurance policy
Avail of the cashless treatment benefit
For all those insured, you can enjoy cashless treatment at any of the hospitals registered in your insurance company’s network.
Cost coverage of hospitalisation
A reliable insurance provider is likely to cover all your hospitalisation costs. Whether pre- or post-hospitalization charges, you can claim coverage for up to 60 days. However, this could vary on the insurance plan purchased.
Aside from hospitalisation charges, an insurance policy also covers the cost of transporting the insured to the hospital during a medical emergency or for the necessary treatment. Your insurance company will reimburse the amount paid to the ambulance.
Benefit from No-Claim Bonus
The no-claim bonus is paid to the insured, especially when the insured does not file a claim for any treatment in the previous year. You can check with your insurance company to avail of this bonus.
Other benefits that you can enjoy under your health insurance plan include coverage for health checkups, as some insurers may offer the provision for free health checkups based on your previous year’s no-claim bonuses. You can also avail of the room rent paid under your health insurance plan depending on the premium being paid by you. Moreover, tax benefits on premiums paid on your health insurance policy can be helpful, especially if you seek exemption under 80D of the Income Tax Act of India.
Types of health insurance policies
It is essential to do a quick market survey before purchasing your health insurance policy. It will help you select a policy that can provide appropriate coverage and optimum benefits.
Individual health insurance
This policy can cover the policyholder’s health and hospitalisation expenses. Your age determines the premium under this policy.
Family health insurance policy
Under this policy, you can include your family members against multiple diseases under an umbrella cover. A family health plan offers a fixed amount of money for its family members, which every family member can avail of or any policyholder from the family can claim.
Senior citizen policy
Designed for senior citizens or individuals over 60 years, this health insurance policy is offered to cover their medical expenses arising from Manipal Cigna health insurance issues during old age.
Critical illness insurance and surgery
This plan is suitable for all insured individuals who require treatment for critical illnesses with high medical expenses. Such diseases include paralysis, kidney failure, cancer, heart attack, and other ailments. However, as treating these diseases is expensive, the premium of these policies is also high.
Maternity health insurance plan
This policy includes the cost of both pre and post natal care, child delivery expenses of neonates and ambulance expenses. Most top-rated policies also cover the newborn up to a specific period, although this could vary across plans.
Personal accident plan
In case of hospitalisation due to an unanticipated event, a personal accident health insurance plan assures you of a cover.
In addition, you can also find an exclusive combination of insurance plans that encourage savings, such as the Unit Linked health plan. Such a policy enables the creation of a corpus which can be used to meet extra expenditures that your insurance policy may not cover.
A reputed health insurance company policy can ensure the best healthcare treatment without burning a hole in your pocket. Make sure to read your insurance policy, the offered benefits and its terms and conditions before purchasing it. Also, keeping all your original medical bills secured for requesting a claim is essential so that it does not face rejection and is approved faster.