Illness is a debilitating experience,and in the case of serious illness the experience is even more traumatic for you and your family members. In this case, when you have the added worry of paying inevitably hefty medical bills, it makes a bad situation worse. To rescue you from this plight, your knight in shining armor can be health insurance. Different health insurance products will offer different benefits. Broadly you will receive cover to take care of expenses for ambulance, hospital room, various medical tests, medication, blood, oxygen,and many other costs involved in a sudden illness or accident. Certain policies will also provide a cashless facility where the insurance company pays the hospital directly and you don’t need to be involved in any financial transactions.
This leaves you free from worrying about money to concentrating all your energies on recovering! At InsuringIndia.com you have the flexibility to COMPARE all the different products that different insurance companies are offering and pick the plan that suits your needs best.
When you take a health insurance policy, the insurance company takes over the responsibility of taking care of your medical bills in return for the premium that you pay for the policy. However, there are certain things that need to be taken into consideration:
Your medical expenses will be covered to the extent of the sum assured. This means that if you have taken a policy where the maximum cover is Rs. 2 lakhs, the insurance company will cover your expenses up to that limit. In case your expenses are higher, the insurance company will not be liable to cover the excess amount. But in case where you expenses have been below, Rs. 2 lakhs, insurance will only cover the actual amount.
Most insurance companies are associated with a specific set of hospitals or “network hospitals”. As soon as there is a need for hospitalization, you should notify your insurance company immediately and proceed to any one of the network hospitals. In case your policy allows a cashless facility, this will only be available at a network hospital.In case you have had to go to a non network hospital, you would need to first pay for all the medical expenses yourself and then make a claim for reimbursement.
Individual - If you have taken an individual policy in your name, the benefit will be applicable only to you.
Family floater - This type policy will cover not only yourself, but also your immediate family members that you have specifically named in the policy. However, the cumulative claim for all family members cannot exceed the overall sum assured.
Surgery and critical illness – This would cover expenses for the treatment of serious and critical illnesses like cancer, high risk heart disease, paralysis, major organ failure, etc and also for any major surgery. Typically, these policies would come at a higher premium.
Senior citizen – As you grow older, your medical needs increase and you are more at risk for certain age related ailments.Many insurance companies have started offering policies which specifically covers sickness during old age. Preventive healthcare – This type of insurance will take care of expensive preventive treatments like consultations, X-rays, certain tests, etc.
The common belief is that only elderly people have a need for health insurance. This is a big misconception. Our modern lifestyle has led to many health hazards, and these are increasingly affecting younger and younger people. Taking health insurance will ensure you have peace of mind in the eventuality of any ill health.