Health Insurance

  • Home
  • health insurance
image

What Is Health Insurance?

health insurance policy provides coverage against medical expenses incurred due to accidents, illness or injury. During the policy period, if an insured gets hospitalized, the expenses for medical, surgical, prescription drug, doctors, nursing incurred for treatment purposes are borne by the insurance company. Health insurance can reimburse the insured for hospitalization expenses incurred from illness or injury, or pay the hospital directly.

Why Health Insurance?

An unforeseen medical emergency or health crisis ranks high among top causes of stress and financial burden faced by households in our country.

One only needs to take a quick look at the inflation in medical costs to be convinced about buying health insurance. Rising healthcare costs combined with rising incidences of medical issues caused by modern lifestyles, make it doubly important to ensure one is adequately covered by medical insurance. Any chronic illness or health condition can leave a trail of financial liability, depleting all the savings and income of the household.

investing in a good health plan to secure you and your family against the tough times of medical emergencies, will ensure you are able to cope with the health issue at hand, without additionally being worried about the financial burden, giving yourself a much better focus on a speedy recovery. With a good health insurance cover, you can also get treated at the hospital of your choice with the best possible medical care without compromise.

image

What are the different types of Health insurance policies?

Mediclaim or Indemnity policy

This is most sold policy in India. This policy covers the hospitalization expenses along with day care treatment expenses

You can buy these policies for your family and the Sum Insured opted will float across all family members

Super Top up Policy

A super top-up plan comes handy when you’ve exhausted your existing Mediclaim / base policy sum Insured and the hospitalization expenses are much higher than what a base policy can cover. This policy will trigger over and above your base policy consumption or as decided by you while buying this policy.

Benefit Policies

Benefit policy pay a pre-defined sum insured as a lump sum money when a claim is initiated due to pre-defined conditions under the policy like specified critical illness, no of day of hospitalization etc. Even if you have made a claim using the indemnity policy for the same treatment, you could still make a claim with the benefit policy.

Individual Sum Insured OR Family Sum Insured?

Individual Health Insurance

The individual health insurance policy is designed to provide you greater flexibility with the sum assured and is applicable to every member of your family covered under the plan

Each member of the family can choose different sum insured based on their needs. However, the premium for this plan is determined by individual's age.

Family Floater Insurance

As compared to individual plans, family floater Mediclaim plans help in saving a lot of money with its umbrella cover. Family Floater plans are best suited for a family that is young & small as it focuses on bringing your entire family under one single cover.

The chosen sum assured is applicable to all family members covered under the plan, collectively. If one member makes a claim, the other members can claim to the extent of remaining Sum Insured.

What does a health policy cover?

A health insurance generally covers the following:

Room, Boarding expenses, Nursing expenses, Fees of surgeon, anesthetist, physician, consultants, specialists Anesthesia, blood, oxygen, operation theatre charges, surgical appliances, medicines, drugs, diagnostic materials, X-ray, Dialysis, chemotherapy, Radio therapy, cost of pacemaker, Artificial limbs, cost or organs and similar expenses. Day Care Treatments, Pre & Post Hospitalization, Ambulance Charges, Aayush Treatments that need hospitalization

What is not covered in a health policy?

Pre-existing diseases Infertility and pregnancy related complications Expenses arising out of skin treatment, HIV or AIDS, use or misuse of intoxicated drinks and drugs War, strikes or nuclear weapons induced treatments Cosmetic Surgeries Diagnostic Charges It is always advisable to read policy's full terms and conditions as they may differ policy to policy.

How much sum insured is good

A health insurance floater policy of Rs 5 lakh was considered adequate till recently. However, rising healthcare costs are pushing individuals to opt for higher covers. Some insurers are now offering Rs upto Rs 2crs Sum Insured

Any tax benefit

Health insurance plan can also help you maximize tax benefits under Section 80D of the Insurance Act.

Buying the perfect health insurance plan for you and your family can be quite a complicated task. More over technical jargons used by insurance companies make it even more difficult for us to understand the terms and its benefits and importance. We have tried to put together a series of basic questions as well as some very critical doubts that will be in everybody's mind and have tried to answer these questions as well. Hope you will find answers to most of your queries right here on Policynation.com.

image

Frequently Asked Questions (FAQs) on Health Insurance

  • What is health insurance?

    The term 'Health Insurance' refers to a scheme whereby all medical expenses incurred by an individual is subject to reimbursement. A health insurance policy is a contract between an insurer and an individual / group in which the insurer agrees to provide a specified amount of reimbursement at a particular "premium" paid periodically subject to terms and conditions specified in the insurance policy.

  • How much does health insurance cost?
  • What are the different types of health insurance?
  • What is the right time to buy health policy?
  • What are the various riders and benefits available in a health insurance policy?
  • Is medical checkup necessary before buying a policy?
  • Is the cost of a medical checkup part of every policy?
  • Why should I buy critical illness cover?
  • What are the minimum and maximum policy durations?
  • Can my friend buy a health insurance policy if he/she is not an Indian National but living in India?
  • Do health insurance policies cover diagnostic charges like X- ray, ultrasound or MRI?
  • What is cashless hospitalization?
  • What happens to the policy after the claim is filed?
  • Do insurance policies cover outpatient expenses also?
  • What is age range for buying a health insurance?
  • Is Ayurvedic treatment covered in health insurance?
  • What are pre-existing diseases or conditions?
  • What are the tax benefits available on health insurance?
  • What is grace period?
  • If my policy is not renewed in time before expiry date, will I be denied for renewal?
  • Can I cancel my health insurance? If yes, will I get my premium back?
  • What is the maximum number of claims allowed over a year?

Why Policy Nation?

5 Reasons to buy from PolicyNation

Accessible

5 mins to buy a policy. Instant accessibility to multiple Insurer through our platform. Payments are made directly to the Insurer

Affordable

Absolute clarity on features of the policies. Don't spend extra on features that you don't need.

Personal Assistance

A change of address, change in policy details, formalities at the time of car being sold, adding new member in your health policy, confused with optimum sum Insured for your life and health policies. So many products, so many companies, the list goes on.

You need someone to listen to you and give you assistance whenever required.

100% Document Back Up

Maintain a backup of all your documents pertaining to your any insurance policy. Scan your Car's Registration Certificate and save it for future reference and also set up your renewal reminder alerts for, so that you can renew on time & avoid policy expiry. You can also take print outs of the scanned documents, whenever you need them.

100% Support During claims

10000+ Network of hospitals
6000+ Garage Network

Whether it is a health claim or motor insurance claim, insurers would need a set of documents to process the claims.

You need someone to advise you on the claims settlement process and assist you with the documents work. You want your claims to be personally handled.

Payment Options
Member of
Licensed by

Request Call Back