These days, several people are affected by lifestyle disorders like diabetes, hypertension, and high cholesterol. Treating these ailments is expensive, especially with rising medical costs and inflation.<\/p>\n
Sudden hospitalization due to a medical emergency or a critical ailment may wreak havoc on your financial situation. You may also end up with a huge debt, further impacting your savings. However, this can be avoided by opting for a health insurance plan.<\/p>\n
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A medical insurance policy offers coverage against healthcare expenses due to an ailment, accident, or injury. It is an agreement between you and the insurer, and to avail of this coverage, you pay the insurance premium.<\/p>\n
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Seeking treatment for an ailment is expensive, especially in a private hospital. An unexpected hospitalization can derail your financial stability and affect your family\u2019s finances.<\/p>\n
The situation may worsen if you are the sole earning member and require hospitalization. But this is easily avoidable with a medical insurance plan, which can be purchased for an affordable premium.<\/p>\n
Additionally, you can choose to pay the premium monthly, quarterly, semi-annually, or yearly based on your financial situation. Most health plans cover hospitalization expenses, medical tests costs, consultation charges, ambulance charges, and post-hospitalization costs.<\/p>\n
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You may choose from different types of health insurance policies based on your situation and requirements. Here are eight types of medical insurance plans to consider.<\/p>\n
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These cover treatment costs for only one person: the insurance coverage is available only for the insured. Moreover, the premium depends on the age of the individual covered under the plan.<\/p>\n
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You can cover yourself and your spouse, children, and parents under a single insurance policy. The sum insured (SI) is available for one or more family members covered under these plans.<\/p>\n
However, while making an insurance claim, if the SI is exhausted while treating one member, the others are left without health coverage. Generally, including parents, if they are senior citizens, is not advisable as their medical requirements are different.<\/p>\n
Availing of separate health insurance for senior citizens is recommended.<\/p>\n
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These are customized medical insurance plans for individuals aged 60 years and above. The insurance offers protection against ailments that often affect senior citizens.<\/p>\n
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Some companies offer health coverage to their employees under group plans. The premium is paid by the company for a predetermined SI. However, this coverage ceases when you stop working with the organization.<\/p>\n
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These policies cover pre and postnatal costs. Additionally, medical expenses for newborns are covered for the first three months; however, there is a two-year waiting period for these policies.<\/p>\n
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Life-threatening diseases involve huge treatment costs, and a critical illness policy offers coverage against these expenses. It can ensure you receive quality treatment on time without facing financial distress.<\/p>\n
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Inflation results in rising medical costs while the SI under the medical insurance policy remains constant, which may be inadequate to meet the treatment expenses. So, to increase the SI, you may opt for top-up health insurance plans with your existing cover and meet any emergency requirements without any constraints.<\/p>\n
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Some of the government health insurance schemes are as follows:<\/p>\n
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Five key benefits of medical insurance plans are discussed below:<\/p>\n
With the surge in lifestyle-related disorders, a medical insurance plan financially protects you against increasing healthcare expenses. If you are diagnosed with an ailment, the treatment is covered under the insurance plan, ensuring your savings are not impacted.<\/p>\n
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Family floater plans cover multiple members and offer the policy benefits in case any of the insured is diagnosed with an illness. These plans cover most of the treatment costs, ensuring your loved ones receive the best care without any financial constraints.<\/p>\n
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Most medical insurance plans offer cashless treatment facilities within the network hospitals. Therefore, while undergoing treatment, you do not need to pay any money. This helps you to focus only on improving your health.<\/p>\n
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Monitoring your health is important to prevent sudden illness. These days, several health insurers offer preventive check-ups at regular intervals.<\/p>\n
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Choosing the best health insurance policy can be confusing with the multiple options offered by insurers. Here are some important points you must consider:<\/p>\n
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Medical insurance plans help you avail of the best treatment without worrying about the hospital bill. Read on to know about the claim procedure to avoid any confusion when the need arises.<\/p>\n
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You must provide the insurance policy details to the hospital and seek approval before the commencement of the treatment. When you are discharged, the bill is sent to your insurer.<\/p>\n
After reviewing it, the insurance company directly pays the hospital.<\/p>\n
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You need to settle the bill at the time of discharge by paying out of pocket. Thereafter, you need to submit all the hospitalization-related documents to your insurer for reimbursement.<\/p>\n
You must submit the original bill, test reports, and other necessary information to the insurer. Once your claim is approved, you will receive the money.<\/p>\n
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Availing of medical health insurance policies does not entail complex documentation requirements. You must have basic documents like identity, age, and address proof along with passport-sized photographs.<\/p>\n
However, a pre-medical check-up may be mandatory for some insurers. Moreover, when you file a reimbursement claim against the policy, you must submit identity proof, duly filled claim form, insurance policy details, doctor\u2019s prescription recommending hospitalization, pharmacy bills, indoor case papers, diagnostic test reports and bills, and much more.<\/p>\n
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Section 80D of the Income Tax Act, 1961 offers tax benefits on the premium paid for health care insurance. The available benefits are as follows:<\/p>\n
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A life insurance policy offers financial security to your family in case of your absence. On the other hand, a medical insurance plan covers healthcare costs incurred during hospitalization. The differences between the two are:<\/p>\n
<\/strong><\/td>\n| Health insurance<\/strong><\/td>\n | Life insurance<\/strong><\/td>\n<\/tr>\n | Objective<\/td>\n | Covers medical expenses for treatment and recovery.<\/td>\n | Financial protection in case of the policyholder\u2019s absence.<\/td>\n<\/tr>\n | Policy benefits<\/td>\n | Up to the policy\u2019s sum insured.<\/td>\n | Death benefit or survival benefits based on the plan chosen.<\/td>\n<\/tr>\n | Tax benefits<\/td>\n | Up to \u20b91 lakh based on the age of the insured.<\/td>\n | Up to \u20b91.50 lakhs under section 80C.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n | <\/p>\n Frequently asked questions (FAQs)<\/h2>\n |