What is Health Insurance?
Health insurance is a form of insurance that covers medical expenses incurred due to illness. These costs may be related to the cost of hospitalization, medication or consultation fees.
Types of Health Insurance
There are two of health insurance:
Medical claims:
Medical Claims or Injury programs are the most basic type of health insurance schemes. They pay for medical treatment when you are admitted to the hospital. Payment was made at the actual cost incurred by the hospital by bringing in the original debts. Most of these programs cover the entire family to some extent.
Major Disease Insurance Programs:
Serious Disease Insurance Programs cover certain life-threatening diseases. These diseases may require long-term treatment or may change your lifestyle. Unlike hospitalization plans, money is paid for by a Client cover chosen by the customer and not the actual cost incurred by the hospital. The cover provides flexibility for spending money on lifestyle changes and medications. And it replaces a time when you will not be able to continue working because of illness. Payment under these programs is made for the diagnosis of the disease without having to pay the initial cost of treatment.
Why do you need Health Insurance now?
No one plans to get sick or injured, but a serious illness can strike anyone at any time. The cost of treating illness can be very costly for what you have accumulated over time. This means that you may have to compromise on your child's higher education or pay off your mortgage. Today, medical bills continue to rise.
Eg. Herceptin, a cancer drug that costs about ₹ 1,10,000 per 440 mg. Depending on the weight, the patient usually needs 17-19 bottles of treatment for more than a year. That is ₹ 18 - 20 lakh only medicine ^. Then add the cost of hospitalization, consultation fees, medical expenses, etc. And your total cost can exceed ₹ 25 lakhs. These costs, which are already very high, increase every year. Most smart people have taken the right steps to protect their health very quickly. Health insurance is a living benefit, where you will need money in times of great need. One disease can take all the money you have saved for your children's education, marriage, home purchase or retirement. You wouldn’t want your family’s dreams to be ruined just because of illness, especially when you could protect yourself financially. It helps to take out a health insurance policy when you are young and healthy. As you grow older, your premium not only increases, but you also have the opportunity to be denied health cover by an insurance company.
How can you choose a good health insurance plan?
Anyone with a health insurance policy will tell you that buying it is one of the smartest financial decisions for anyone earning. Now that you have decided to purchase a health insurance policy, you need to know how to choose the right health insurance plan that will take care of all your needs. Here is a list of benefits you should be given a good health insurance plan:
Protection against a large number of serious diseases
Flexibility to choose your health cover
There is no increase in premiums during the policy even if your health status changes
Long term policy that covers you even in your old age
Large hospital network for easy treatment
Should I buy a Mediclaim or a Critical Illness Insurance plan?
The Medical Claim scheme will reimburse you for all your hospital bills or settle hospital bills through a cashless account. Through the Critical Illness Insurance scheme, you will receive a lump sum when a serious illness is diagnosed. You do not need to be hospitalized in the same way. If you are unable to work due to illness, then you can use that money to cover your monthly salary. You can use this money to pay for doctor visits, medication purchases, medical examinations or other costs that may arise during this time. That's why you need both - the Mediclaim system to pay for your hospital stay and the Critical Illness Insurance program to cover your loss of income and other expenses due to illness.
What are Health Insurance Programs?
Health insurance schemes reimburse potential customers for their medical expenses, including treatment, surgery, hospitalization and the like resulting from injuries / illness, or direct payment of a pre-determined amount to customers. The health insurance policy provides coverage for any future medical expenses of customers.
This is an agreement between the insurance company and the customer in which the first agrees to guarantee payment / compensation for medical expenses if the latter is injured in the future, resulting in hospitalization. In many cases, insurance companies are bound to connect with a network of hospitals, thus guaranteeing free medical care for patients there.
What is the need for health insurance?
Well-known US politician Jan Schakowsky states that ‘without health insurance, illness or injury could mean loss of income, lack of access to essential services, or even unnecessary death.’ Nothing could be further from the truth!
That's why you need health insurance:
Health insurance pays for future illnesses / treatments without spending your savings or having a negative impact on your family's financial future
The cost of treatment is rising rapidly and for those with insufficient funds, providing medical care becomes a problem in an emergency
Free treatment is available within network hospitals, while refunds are offered to insurance companies in some cases.
Health insurance plans provide coverage for several types of diseases and surgery, as well as other aspects of treatment
Health insurance keeps you and your family safe;
Benifits of health insurance
Comprehensive coverage
Cashless treatment
Portability benifit
Financial Security Against Rising Medical Costs
Tax Benefits Under Section 80D of the Income Tax Act, 1961
No claim bonus
Lifetime renewability benifit
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