Health insurance guide to the right insurance policy and steps of claims

Buy Health Insurance

In life, financial stability is needed at every step. Right from family responsibilities to household expenses, there are several things in which you will need to spend money. Every home sets a monthly budget so that their requirements can be met accordingly. But, have you ever experienced a financial crisis? Do you know want to do if you get hit by health problems? Health related issues always come when you don’t expect them. Just one hospitalization from any family member and your entire budget will get scattered. To get relief from financial woes is an important reason to buy health insuranceWith the help of health insurance, you can get financial stability during bad health times.  

Summarization of some crucial benefits of availing health insurance:

  • One of the important benefits of this insurance is cashless treatment. This means the insured person or its family will get cashless treatments. After treatment, the insurer will work in sync with the hospitals for the payment.
  • There will be benefits of tax as premium paid on Health insurance is considered tax-deductible under the Income Tax Act. This is a also a crucial reason to buy health insurance.
  • There are some plans of insurance in which the spouse, parents, and children can also be insured under the same policy.
  • If there will be any ambulance charges, it will get covered under the health insurance. 
  • Another benefit that the insured person will get is pre and post hospitalization charges up to different periods. This will depend on the type of insurance that you have purchased. Not just this, you will also get the options for health checkups under health insurance.

The good thing about a health insurance is that you or your families don’t have to be dependent on others for payment of medical costs. 

Tips for buying a suitable health insurance

Which health insurance policy will be good? How to find the right health insurance? What if I won’t get good coverage? All these questions are very common to the policyholders. Before buying any insurance policy, just follow these tips efficiently: 

Go through different plans: You are always advised not just stick to the first insurance plan that you get. You will have to have a sneak peek of different plans of health insurance so that you can get to know about their benefits. The main reason to buy health insurance is to get financial cover many diseases. So, don’t forget to have a look at the coverage against the types of diseases.  With a proper review of multiple policies, the consumers will be able to make a better decision. 

Sometimes, the medical cost can be traumatized to the people. So, analyzing several can help find the right plan. 

What’s your budget and requirement?: One of the common mistakes that people do while searching the insurance policies is neglecting their needs and budget. The consumers need to be sure about the details and needs of the policies. The consumer needs to see whether their family’s health needs will be covered under the plans or not. Right from transport charges to medicines and hospitalization to other medical costs, all these will cost you a bit high. So, consider all these costs whenever you are deciding your budget for buying health insurance. 

After all reputation matters: When you are sure about the policy and your requirement, you can search for the background of the insurer. You shouldn’t overlook the company’s market reputation. One of the important things that need consideration is the claim settlement ratio. There are different ways of reviewing the policies of the company. This includes seeking insurance agents to help and searching on the online forums. Forums are available on the internet to help the consumers to ask their queries and get answers from different policyholders or experts. 

Make a comparison: After following all the above mentioned steps, your list of the insurance policies will get narrowed. The last tip that the people needs to follow is making a comparison between a few policies. You can do this based on premium rates, coverage, and claim. With this, you will get a suitable health policy that is suitable as per your needs. There can be a different reason to buy health insurance but you must be careful while choosing them.

Claiming insurance is sometimes confusing for those who don’t have much idea about insurance. Here is a list of some steps that can help you in claiming your insurance:

Steps to claim insurance

Get your receipts ready

The first step is to get the entire itemized bill from the doctor. In the itemized bill, there will be all the lists of the medical service that you got from the hospital. Also, mention the medical costs or other related costs in the itemized bill. For the claim process, the itemized bill is mandatory that will go with the claim form. 

Fill the claim form

First, download a claim form from the company’s website. Fill it out and proceed for the next step.  After this, you will make a few copies of the claim form. This will help you if you somehow misplace the form. Also, make sure that you have mentioned correct details in the form such as date, claim amount, medical costs, etc. If not filled correctly, it may be denied by the company. 

Go for a review of the claim

Before sending the claim form, you need to be sure that you have mentioned the correct information. So, review the form carefully and organize them in order. Now, send the form to the company and keep looking for the claim date. 

With a few steps, you will be done with the claim process of health insurance. Several benefits of health insurance make the people buy it and secure their lives financially for the future. No matter what is your reason to buy health insurance, you must always follow some important tips to find the best one for you. 

What Does A Health Insurance Cover?

Health Insurance Cover

There is an old saying- health is wealth. No one can deny the correctness of this saying. These days, everyone is having a hectic and tight work schedule. If we won’t take care of our health and lifestyle then it might make you sick. But, unexpected medical urgencies can come to you at any time without giving prior notice. These sudden medical urgencies not only hit your health but also your monthly budget and savings. Have you ever thought about how much you will have to pay for treatment and hospitalization expenses? Therefore, you need to prepare yourself financially for medical emergencies by buying a health insurance cover. There are several benefits of health insurance that you will get. 

The main objective of health insurance is to cover the ambulance charges, hospitalization pre & post-treatment and many more. There is the availability of different kinds of health insurance policies such as individual health insurance, group health insurance, family health insurance and many more. So, you can choose the insurance that suits your requirements. 

Family health insurance plan: In this kind of health insurance, a couple and their children can get insured. Many insurance companies are that provide complete family cover including parents. This means that in a single policy you can cover your spouse, two dependent children, and your parents. Family health insurance is again categorized as medical insurance and critical illness insurance.

Individual health insurance plan: From the name itself, it is clear that it will cover only an individual. In this kind of health insurance, the sum insured will cover only one individual who is insured. Only the policyholder will get cover against various illnesses with cashless hospitalization.

Let’s have some of the major benefits of health insurance that one can get in a well detailed manner:

Coverage against serious illnesses: One of the best benefits that the policyholder will get is the coverage against some critical illness insurance. There are several life threatening health conditions treatment of which can make your pocket empty. Health insurance will keep you protected financially during the treatment of kidney failure, heart stroke, and many other illnesses. But, you need to check your list of the policy in which health issues are included in it. Once you diagnosed with such serious health problems, you will receive a lump sum amount for meeting treatment costs and other financial needs.

Cashless Claim: During the unexpected medical urgency, you can avail of the benefit of a cashless claim with a health insurance. Now, you are not needed to arrange cash for the medical costs. Cashless hospitalization means that the insurance company will pay the medical treatment expenses of the insured person direct to the hospital. The hospitalization expenses and other medical costs are settled between the insurance company and the hospital. You just need to show your insurance card to the hospital authorization. But, it is important that you are hospitalized in any of the insurer’s hospitals. 

Tax Benefits: If we are talking about the benefits of health insurance then we cannot overlook the tax advantages. As per Section 80D of the Income Tax Act, the premium paid for the health insurance is eligible for deduction. If the individual or spouse of the insured person is 60 years old or more then the deduction available is Rs 50,000.

Financial protection against medical expenses: The main reason for which people buy health insurance is to get the best treatment without worrying about finances. No matter how big the hospital is, you will be given complete financial support with health insurance. The best thing is that you will also get protection against high medical costs of tests, daily expenses, medicines, hospitalization expenses, domiciliary expenses, and many others. Apart from financial strength, you and your family get complete peace of mind and they can concentrate on health & recovery.

Affordable premiums

One of the most common benefits of health insurance is that premium payable for the health insurance plan is low. Thus, you don’t have to manage your budget for paying the premiums.

An added feature of new members 

With the family floater medical plans, you will get the convenience and benefit of adding the new born babies in the plan. The policy holder can easily avail coverage for the child from the middle of the policy term. This will depend on the terms and conditions of the health policy that you need to know before buying it. If there is a provision in your insurance plan then you just have to make a request to the insurance company to add the new member. For this, you will also have to add some amount to the premium. 

So, choose your health insurance plan accordingly to meet your medical costs.