Health insurance

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OVERVIEW


A-                 Health Insurance

Health Insurance is a type of insurance that covers the medical expenses of the insured due to an illness or accident in exchange for a premium amount. It enables the insurance company to provide medical coverage for hospitalization expenses, day care procedures, critical illnesses, etc. A health plan also offers multiple benefits, including cashless hospitalization and free medical check-ups.

Key Benefits of Health Insurance Plans

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Hospitalization Expenses

A health insurance plan covers the medical expenses incurred on getting admitted to a hospital for more than 24 hours. It includes room rent, doctor's fee, medicine cost, diagnostic test fees, etc.

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Pre & Post Hospitalization Expenses

It covers the medical expenses that you may have incurred on an illness before getting hospitalized as well as follow-up treatment expenses incurred after getting discharged. The pre-hospitalization and post-hospitalization expenses are covered up to a fixed number of days as specified in the policy document.

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ICU Charges

A health insurance plan also covers the cost of availing treatment in an ICU during hospitalization.

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Cashless Treatments

All health insurance providers in India offer cashless treatment facilities at their network hospitals. You do not have to worry about arranging money to pay the hospital bills if you get admitted to a network hospital as it will be settled by your insurer under cashless claims.

Despite taking good care of your health, there are numerous unforeseen circumstances, like seasonal illnesses, dengue, malaria, or an accident, that can hit anyone anytime. Nowadays, hospitalization expenses are not easy to pay off. Even 2 days of hospitalization would cost you somewhere between 6000 USD to 10,000 USD and even more (depending on the type of illness and hospital). A medical insurance plan provides financial assistance to pay for expensive hospitalization costs.
All health insurance plans come with a set of exclusions/limitations. It is advised to check all the policy details and the coverage mentioned in the plan. The insurer will only compensate for the expenses that are covered in the policy and up to the sum insured limit.
It is essential to declare all your pre-existing diseases in the proposal form. You must mention pre-existing diseases clearly before buying a health insurance policy. Inadequate information can lead to rejection of the claim and can cost more than the expected amount.