Health Insurance

What is Health Insurance?

Health insurance is a medical insurance policy which protects you from unexpected, high medical costs. In case you or any family members covered under the policy is hospitalized, the Health Insurance company will pay for the hospital expenses up to the cover amount. The medical expenses include room rent charges, doctor’s consultation fees, surgery fees, nursing fees, cost of medicines, X-rays, ECG, MRI, Blood, Oxygen, etc. incurred during hospitalization of 24 hours or more.

Why do we need Health Insurance now?

No one plans to fall ill or get hurt, but a serious illness can strike anyone at any time. The cost of treating the illness can cause severe financial strain on the savings you have accumulated over time. This means that you might have to compromise on providing your child the best quality education or defaulting on your home loan payments. Today, the cost of medical treatment is continuously rising.

Example: Herceptin, a cancer medicine costs approximately 1,10,000 for a vial of 440 mg. Depending on the weight, a patient usually requires 17-19 bottles for treatment over a year . That’s 18 – 20 lakh just for the medicine. Then add hospitalisation costs, doctor consultation fees, chemotherapy costs, etc. and your overall expenses could exceed 25 lakhs. These costs, which are already very high, are increasing every year. Most smart people have taken necessary precautions to insure their health as soon as possible. Health insurance is a living benefit, where you would need money at the time of dire need. One disease can drain out all the savings you have made for your children’s education, marriage, for buying a house or even retirement.

Health insurance benefits:

Covers hospital bills
Get cashless claims in Network hospitals. Or reimburse hospitals bills incurred at non-network hospitals in times of health emergencies.
Tax savings of up to ₹15,600
Health care plans provide tax benefits. Save up to ₹15,600 by buying Health Insurance for Family as well as Parents.
Free Periodic health check-ups
With Health Insurance Policy, save big on preventive health check-up costs year on year.
Covers Pre & Post hospitalization expenses
Apart from inpatient treatment costs, Health Insurance also pays for expenses upto 30-60 days, even before and after hospital stay.

It is important to take a health insurance policy when one is young and healthy . As we get older, not only does the premium increase, but we also stand a chance of being denied health cover by the insurance company.

Delay in eligibility:

A Covid-19 infection may delay your health insurance eligibility by upto 6 months

Types of Health Insurance

There are mainly two basic Insurance Plans:

Mediclaim Plans

Mediclaim or hospitalisation plans are the most basic type of health insurance plans. They cover the cost of treatment when you are admitted to a hospital. The payout is made on actual expenses incurred in the hospital by submitting original bills. Most of these plans cover the entire family up to a certain limit.

Critical Illness Insurance Plans

Critical Illness Insurance Plans cover specific life-threatening diseases. These diseases could require prolonged treatment or even change in lifestyle. Unlike hospitalisation plans, the payout is made on Critical Illness cover chosen by the customer and not on actual expenses incurred in the hospital.

The cover gives the flexibility to use the money for changing lifestyle and medicines. Also it’s a substitute for income for the time you could not resume work due to illness. Payout under these plans are made on the diagnosis of the disease for which the original medical bills are not required.

How to choose a good health insurance plan?

Anybody who has a health insurance policy will tell you that buying one is one of the smartest financial decisions by any earning individual. Now that you have decided to buy a health insurance policy, you need to know how to select good health insurance. plan that will take care of all your needs.

Here is a list of benefits any good health insurance plan should offer you:

Protection against a large number of critical illnesses
Flexibility to choose your health cover
No increase in premiums during the policy term even if your health condition changes
Long policy term that covers you even in your old age
Large hospital network for easy access to medical treatment

Should I buy a Mediclaim plan or a Critical Illness Insurance plan?

A Mediclaim plan will either reimburse all your hospitalisation expenses or settle the hospital bills via a cashless facility. With a Critical Illness Insurance plan, you will receive a lump-sum payout on the detection of a critical illness. You don’t have to be hospitalised for the same. If you are unable to work because of the illness, then you can use the amount as a substitute for your monthly income. You can even use the money to cover expenses for doctor visits, medicine purchases, medical tests or any other expense that might arise during this time. That is why you need both – a Mediclaim plan to cover your hospitalisation expenses and a Critical Illness Insurance plan to cover your loss of income and other expenses that arise due to an illness.

Benefits Of Health Insurance

Cashless Treatment

Just flash your health insurance card in any network hospital, and access cashless treatment.

Cover Medical Expenses

Your policy protects your wealth from ever-increasing costs of medicines and treatment.

Tax benefits

You can save your taxes on the premiums paid under section 80(D) of the Income Tax Act.

Defined Benefit Plans

Defined benefit plans cover all the other non-hospitalization expenses like medicine etc.

Financial Security

When your health is secured with health insurance, security towards your wealth increases.

Peace of mind

Cover your health and attain a greater peace of mind in the time of increasing medical expenses.

Why Through Us?

24x7 Access

Our digital platforms let you access all our services 24x7 to help you day and night.

Personalization

Our Personalized services help you choose your suitable health policy as per your needs.

Safety

Our extensive research and unbiased advisory offer you a 100% safe health policy