pays for your hospital bills for diagnostics, surgery etc.
Health Insurance, Medical Insurance or Mediclaim is a Policy contract between an Insurer and an individual as an insurance against physical injuries or illness. Usually, it covers the individual's visits to the doctor, medicine, inpatient room charges and other related medical expenses.
Most of the policies are affordable and have to be renewed annually. In most of the cases, it is provided by an employer and if needed, even individuals can directly purchase it.
Usually, the benefits depend on the policy chosen and the Coverage it offers. However, following are the most common benefits provided by most health care policies -
By just paying a small amount periodically, one can be Assured of a secure future
Meet expensive medical expenses and post-illness care by avoiding a financial breakdown
Get medical and Hospitalization bills covered
Get custodial and disability bills covered
Avail tax benefits under section 80D of the Income Tax Act for the Premium paid
All medical health insurance policies differ from each other. Based on the subscription amount and the policy chosen, what expense the policy covers, limit of coverage and the options for treatment will all differ. Understanding the Health Insurance Portability is very important. Therefore, it is very important to choose a health insurance wisely and more so, before switching from one insurer to another. Here are list of things that you must check in a good health insurance policy -
Pick a policy that offers maximum renewal age: You will need a policy that will come handy at a time/age when you will need it the most. Even better, look for lifetime policies.
Treatment-wise Limits: Each policy will have a list of treatments/surgeries that will cover. Go through the limit set for each treatment/surgery before you sign-up.
Copay: The share of admissible Claim that would have to be paid from the customer's pocket.
Day-wise Cash Limit: Check the no. of days of hospitalization required to avail the daily cash benefit.
Pick the highest cover available: The medical Inflation in India is increasing at the rate of 17 to 20% annually.
Check Credibility: Study the insurer's history, ethics and governance. Get the advice of a health insurance advisor.
Especially while switching from one insurer to another, you must remember that you do not have to fore go the benefits you had accumulated. With the introduction of Health Insurance Portability, a new regulation, one need not worry about having to losing their Pre-existing diseases cover and No Claim Bonus. Therefore, if you are unhappy with your current insurer, you can switch, at your own free will, to another insurance company that promises you better returns.
There are numerous online health insurance companies and policies that are available today. Pick the best and enjoy each day with the assurance of a secure tomorrow!