With rising inflation and the soaring cost of availing medical treatment, it has become imperative to know more than what is health insurance policies and get one without delay. Having a comprehensive insurance policy to fall back on can help individuals avail of quality treatment from the best doctors at the right time. Such policies also help individuals avail a cover for critical illnesses, helps them manage symptoms and avoid drastic impact with ease. It acts as a safety net at a time when lifestyle disorders are rampant among individuals of all ages.
Additionally, a leading health insurance provider often has a tie-up with leading hospitals that often extend cashless treatment to policyholders and help them access quality treatment for covered diseases. This feature allows individuals to seek timely treatment in case of emergency without being worried about money. Also, individuals who cannot avail of multiple health insurance policies can have the option to extend their health coverage by getting a rider or add-ons. Above all, having a health insurance policy is not only effective in creating a financial safety net to rely on but also allows them to claim tax benefits and facilitate savings on tax burden.
Before delving into why to get a health insurance policy in detail, let’s understand how it works.
How Does Health Insurance Work?
A comprehensive health insurance plan can be effective in managing the financial burden of the cost of medical treatment. Here’s how it usually works –
An individual who plans to build a financial security net for the future to meet the cost of treatment without dipping into their savings or increasing the financial burden of their family members apply for a health insurance plan. Such a plan offers them a cover against a premium amount, which they can avail of when they raise a claim.
Usually, when an individual applies for a health insurance policy, factors such as medical history, age, type of plan, and desired coverage impact their insurance premium. Insurance providers also require policy buyers to get medical tests before receiving application approval.
Subsequently, based on the premium amount, an individual decides whether to purchase the insurance plan or not. After agreeing to the terms and conditions, the policy buyer will avail of a policy plan and will know more about what is health insurance cover and its limitations.
Usually, the insurance plan comes with a waiting period, during which one cannot raise a claim unless during a medical emergency, or permitted by the insurer. After the waiting period, when the insured needs surgery, they can get admitted to a network hospital to benefit from cashless treatment and inform the insurer to settle payment for the covered treatment. Notably the insured still has to pay for the additional expenses and deductibles. In case individuals seek treatment at a non-network hospital, they need to pay for the charges on their own and may file a claim to reimburse.
However, the success of the claim depends on whether the same is included in the policy or not. Treatments, surgeries, or diseases that are not included in the insurance plan will not be approved for claim and their charges won’t be settled by the insurer. This is why it is important to read the fine print of health insurance plans and understand the exclusions properly.
Why do you need Health Insurance?
Did you know the inflation in Medicare is said to be higher than that in food or other commodities?
This sharp surge makes it crucial for individuals to save up for medical emergencies. However, the process takes a lot of time to save up a substantial medical corpus, which may not be adequate in case of a medical emergency. This will also raise a problem in accessing substantial funding during an emergency, as access to funds may take time but a medical emergency won’t wait or slow down.
This is why, having a comprehensive health insurance plan rely on is a must for everyone and the key is to look for a policy that covers multiple illnesses, injuries, and accidents. Typically, the insurance company disburses the money to pay for the illness or surgery regardless of the actual cost. Notably, the insurance policy continues after the payment has been disbursed on specified illnesses.
Flexibility in health insurance policy terms and benefits helps individuals access financial and medical attention in time and seek quality treatment. Hence, picking a plan whose features and inclusions align with one’s needs and requirements is the most suited pick. These features offer financial security to individuals and empower them to make the right decision health-wise, allowing them to manage finances better.
How to Choose a Suitable Health Insurance Plan?
The following steps elaborate on how individuals should choose a health insurance plan and develop a smart approach to cater to their medical emergency requirements.
Step 1 – Check the features offered by leading insurance companies
Step 2 – Compare the sum insured and request a quote
Step 3 – Select an insurance company that offers comprehensive plans at flexible terms
Step 4 – Check the list of network hospitals, their specialties, and their proximity to your home or office
Step 5 – Read the terms and conditions and list of exclusions carefully
Step 6 – Examine the claim process and the claim settlement ratio and look for a company with a high ratio
Step 7 – Find out about the rider benefits and how they can inflate the premium
Step 8 – Find out if you can upgrade your policy and coverage of existing insurance plans
Keeping these points is more crucial than knowing what health insurance means and what types. Hence, follow them carefully to pick a suitable health insurance plan for your needs and empower you to take charge of your health and medical treatments. Getting a health insurance policy will help you develop a safety net for your future, and will allow you to account for all expenses made towards seeking timely treatment and medical aid.