Why do we need health insurance?
No one likes to fall sick and suffer, but that is indeed inevitable for everyone at some point in our life. Changing food habits, environmental factors, lifestyle changes, hereditary or accidents or injuries, etc contribute to our health problems. It’s not in our hands, but what we can do best is how to overcome this tide successfully. The major weapon we have in our arsenal to combat this is “Health Insurance”.
What is health insurance?
Health insurance is a policy provided by the insurance provider which offers cover against your hospital treatment expenses due to sickness, injury, or accidents. You can get this health insurance policy by paying a premium on a yearly basis for a fixed period. You will be compensated for your medical treatment costs during the validity of the insurance policy period, provided it is renewed properly and is life. The types of health insurance policies generally offered are Individual insurance, Family floater insurance, senior citizen insurance, critical illness insurance, top-up insurance, group health insurance, etc.,
Many people have the notion that health insurance policies cover only medical expenses, but it is not true. There are numerous other benefits associated with it as specified below:
Benefits of health insurance:
- Hospitalization Expenses
Hospitalization expenses related to critical illnesses or due to injuries or accidents are covered by the insurance policy and the related claims will be settled. Please take note in case of medical emergency admission, the disease which is not existing during the time of taking the policy will be covered. Claims of pre-existing diseases will only be entertained after the suitable waiting period as mentioned in the policy.
- Pre / Post Hospitalization Expenses
Expenses incurred like scans, consultation charges, etc before the surgery or treatment are also covered. Not only that, post-surgery expenses like medical costs, check-up costs are also covered. Usually, the pre and post-hospitalization expenses are covered for a period of 30 days before surgery and 60 days after surgery respectively.
- No limit on ICU Charges or Room Rent
You can also claim the charges paid against your stay in ICU. The amount is proportionate or limited to the sum assured you have taken in the policy. There is no capping limit on the room rent charges too once you are discharged from the ICU.
- Mental Illness Cover
This constantly changing world environment gives pressure and tension on men in all walks of life. Illness needs to be physical always and at times it can be related to mental health as well. Choosing the right insurance policy that covers your treatment costs for your mental illness is vital.
- Weight-loss Surgery Costs
Obesity is a major concern among the masses that stems from the root cause of other health problems. Leaving it unchecked can prove fatal at a later stage. So you can opt for a health insurance policy that covers the cost of your bariatric treatment. All you have to do is to pay some additional premium to cover this treatment.
- Daycare treatments
Some treatments won’t require a long time to treat it and the patient recovers within 1 or 2 days. These are called daycare treatments such as cataracts, tonsillitis surgery, etc. This is also covered under the health insurance policy.
- Reimbursement of Ambulance Charges
The ambulance plays an important factor in taking you to the hospital at the right time to save your life. The charges you pay for this ambulance will also be reimbursed by the insurance provider.
- Top-Up Sum Insured
Once you have fully utilized the sum insured for the year, you have an option to replenish it again without any additional premium payment. The only condition is that it should be used for the treatment of a different disease.
No Claim Bonus
Whenever you have not made claims during the year, you are either given a discount in the renewal premium you pay or you will get a higher sum assured without any payment of additional premium.
- Daily Cash cover
When you are at a loss of pay due to hospitalization, you will get a daily allowance of cash to cover up the loss, if it is included in the health insurance policy.
- Zero Co-Payment
Usually for non-senior citizens, the co-payment charges are zero and you can concentrate on your medical recovery fully without any financial burden. For senior citizens, there is a percentage of Co-payment charges which need to be shelled out from your pocket.
- Domiciliary Expenses
When you take treatment in your home, those expenses you spend on injections, nurse fees, etc will also get covered.
- Organ Donation Expenses
Expenses related to organ donation can also be reimbursed on the submission of necessary claim bills.
- Treatment under AYUSH
Health insurance policies also cover treatments taken under Ayurveda, Unani, Siddha, and Homeopathy treatments taken at hospitals as well.
- Income Tax Benefits
The premium amount you pay is eligible for deduction under section 80D up to Rs.1,00,000 of the Income Tax Act. You can pay this premium for yourself, or your family, or your dependent parents and claim it as a deduction.
The above list of benefits is not conclusive and there can be more depending on the type of policy you choose and the insurance provider that offers it. So, it is up to you to select the right health insurance policy according to your health condition.
Having known the benefits let us look into some of the best health insurance plans as follows:
1.Care Advantage NCB
In this policy, you can have a sum assured up to 1 crore for you and your family members. Hospitalization expenses are covered for treatment exceeding 24 hours. Pre and post-hospitalization expenses, organ donor charges, etc are also included. You get no claim bonus in case of no claims made during the year and automatic restoration of the sum insured. You also will get a grace period for policy renewal. BUY NOW
2.Aditya Birla Assure Diamond
This policy covers 586-day care treatments and offers a reload of 150% on the sum insured in case it gets used fully for another type of subsequent illness. Ambulance cover including air ambulance cover is also available. You get an additional 10% on the sum assured in the case of every no-claim bonus each year for the same premium amount. AYUSH in-patient treatment costs are also covered. Free annual health check-up is available. GET QUOTE NOW
3.Cigna Manipal Protect Plus
This plan has a sum insured ranging from 2.5 lakhs to 50 lakhs. This is available as both individual and family floater policy. Entry age starts from 91 days for children and 18 years for adults. You will get a discount on the premium when you buy the policy for 2 years or 3 years of coverage. Pre- Existing diseases have a waiting period of 3 years. 564-day care procedures, Maternity, vaccination expenses, etc are also covered. Dental treatment, cosmetic surgeries, etc., are not covered. Other expenses like room rent, daily hospital cash allowances, ambulance charges, etc. are covered up to the sum insured limit. BUY NOW
Top-up Health insurance
Sometimes, the treatment cost of your illness for which you have taken a health insurance policy will be increased manifold than at the time when you applied for the policy. So the sum insured you took will not be enough to cover the present rising costs of your medical treatment. In this case, you need not look for another policy and you can just top-up your existing health insurance policy to cover the rising costs.
- What is a top-up plan?
A top-up plan helps to amplify your insurance coverage over and above the existing sum insured in the base policy. So, the top-up plan comes into the picture only when the claim amount exceeds the sum assured in the base health insurance policy. So till such threshold limit, the claims are borne by the insurer and policyholder according to the terms. This top-up plan can be exercised on each claim basis or as a collection of different claims yearly. Don’t confuse this with rider benefits or plans. Both top-up and rider plans are different. A rider plan can come along with a base plan while that is not so the case with a top-up plan.
- Benefits of the top-up plan
- A top-Up plan can be taken even if there is no base health insurance policy.
- The premium paid for this top-up plan is also eligible for income tax benefits.
- Top-up plans are cost-effective.
Now it is time for you to take a health insurance policy after knowing its various plans, types, and benefits according to your health and financial condition without fail.
If you are looking to buy now, you can contact us for a free quote. We will look into your basic needs and draw up a plan best suitable for you in the range you are looking for. This way, our aim is to educate and produce suitable health insurance so that in times of emergencies, you can rely on yourself.
Trust us, as your prime financial consultants!