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What is Health Insurance?
Health insurance is a type of insurance that fully or partially covers an individual’s medical and surgical expenses. It’s an agreement between you and your insurance company, where for an annual premium, the insurer pays for your hospitalization and other medical expenses as mentioned in your policy.
This provides for the hospitalization expenses you might face in case of accidents, day-care procedures, surgical treatments or critical illnesses. However, the features, limits and sum assured will vary from insurer to insurer.
Similar to top-ups for mobile network services, this adds supplementary coverage to your existing health plan. The aim is to increase overall sum assured with its corresponding coverage by paying a relatively lower premium.
How to Compare Health Insurance Plans in India?
There are a number of web insurance aggregators such as onstitutional counsels that help you compare the best health insurance plans for you and your family. Certain parameters that should be considered while comparing health insurance plans include the features of the health insurance plan, the add on benefits offered by the insurance provider, the sum insured under the policy and the network of hospitals allied with the insurance provider. These factors not only are a major differentiating factor from their competitors, but are also a testament of good service to their end customer.
Selecting a suitable health plan to protect everyone in your family is not an easy task (Unless, you have been buying insurance only to save on tax so far). Thus, always compare health insurance plans on the basis of the following crucial factors:
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Types of Health Insurance Plans in India
How can you choose the best health insurance plan for your family?
There are several parameters to be considered before you invest in a health insurance plan. Some of them are-
- Your budget- One needs to consider the financial budget of the family, based on which he/she invests in a health insurance plan that covers all risks related to health of the insured and their family members.
- Co-payment- Another consideration factor that one must consider is whether or not the health insurance plan provides a co-payment facility. A standard feature, co-payment is defined as a fixed percentage of each claim amount that has to be paid by the insured.
- Number of family members covered- While investing in a health insurance plan, one must always consider the number of family members that shall benefit from the policy. Most insurance providers cover up to 4 to 6 family members under a family floater health insurance plan in India.
- Claim settlement process- Claim settlement was a cumbersome process which obstructed a person from investing in a health insurance plan. All insurance providers in today’s day and age, provide easy, hassle-free claim settlement procedures that makes it convenient for the insured.
- Addition of new family member- Addition of a new family member is a moment of joy. Hence, when investing in a health insurance plan, one must also consider the conditions in the policy in case you wish to get the new family member added and insured under your health insurance policy.
- Compare health insurance plans- Before investing in a health insurance plan, one must compare the policies from the best insurance providers and select the one that best suits his needs.
Why health insurance plan is important?
Importance of Health Insurance
Investing in a health insurance plan is extremely important for multiple reasons. They are-
- Medical treatments are a fiscal burden on the family
- Uninsured people may receive less medical care due to lack of funds
- They are prone to more risks as they do not have access to regular medical checkups.
- It protects one’s family through unexpected, unforeseen health-related financial situations.
What is covered?
What do Health Insurance Plans cover?
Health insurance plans offered in India provide cover for the following essential health benefits:
- In-Patient Hospitalization – Medical expenses related to hospitalization due to an illness or an accident, which is for a period of more than 24 hrs.
- Pre-Hospitalization – Medical expenses that one incurs due to illness during the days immediately preceding the hospitalization.
- Post-Hospitalization – Medical expenses that one incurs for a certain period after being discharged from the hospital.
- Day-Care Procedures – Medical expenses for treatments, which do not require 24 hours hospitalization due to technological advancement.
- Domiciliary Treatment – Covers the expenses for treatment done at home for which hospitalization would be needed.
- Emergency Ambulance – Costs related to using ambulance service for reaching the hospital.
- Ayush Benefit – Treatment done using Ayurveda, Unani, Sidha and Homeopathy.
What is not covered?
What do Health Insurance Plans not cover?
There are a couple of benefits not covered by health insurance plans in India. They are-
- Pre-existing medical conditions- Pre-existing medical conditions are the ailments that you might already be suffering from while applying for insurance. In all probability, pre-existing medical conditions are not covered under medical insurance plans. However, health insurance providers have started providing coverage for pre-existing medical conditions after a waiting period ranging between two to four years.
- Cosmetic surgeries- Cosmetic surgeries are one of the most common health insurance exclusions. However, cosmetic or plastic surgeries that are performed after accidents are covered in several health insurance plans. Also, joint replacements and dental treatments are usually excluded in health insurance policies.
- Injuries caused during suicidal attempts- An insured is not covered in case he intentionally causes harm to himself. Hence, injuries caused during suicidal attempts are not covered in health insurance plans by any insurance provider.
- Therapies- Health insurance plans do not cover therapies such as acupuncture, naturopathy, magnetic therapies and alternative forms of therapies.
Choosing the best health plan for your family
There are several parameters to be considered before you invest in a health insurance plan. Some of them are-
- Your budget- One needs to consider the financial budget of the family, based on which he/she invests in a health insurance plan that covers all risks related to health of the insured and their family members.
- Co-payment- Another consideration factor that one must consider is whether or not the health insurance plan provides a co-payment facility. A standard feature, co-payment is defined as a fixed percentage of each claim amount that has to be paid by the insured.
- Number of family members covered- While investing in a health insurance plan, one must always consider the number of family members that shall benefit from the policy. Most insurance providers cover up to 4 to 6 family members under a family floater health insurance plan in India.
- Claim settlement process- Claim settlement was a cumbersome process which obstructed a person from investing in a health insurance plan. All insurance providers in today’s day and age, provide easy, hassle-free claim settlement procedures that makes it convenient for the insured.
- Addition of new family member- Addition of a new family member is a moment of joy. Hence, when investing in a health insurance plan, one must also consider the conditions in the policy in case you wish to get the new family member added and insured under your health insurance policy.
- Compare health insurance plans- Before investing in a health insurance plan, one must compare the policies from the best insurance providers and select the one that best suits his needs.