Health insurance is an insurance policy that covers the medical costs incurred in an emergency. It is a contractual arrangement between the insurance company and an individual in which the former provides financial coverage for medical expenses on payment of premiums.
A health insurance policy is available for resident Indian individuals aged 18 years and above. Minor children can also be covered as dependents under family floater health insurance plans. There are also senior citizen health insurance plans for the elderly. It's vital to keep in mind that inflation might cause health care costs to rise over time. Therefore, when selecting a health insurance plan, it is crucial to take inflation into account. To determine how much the expense of healthcare will probably rise in the future, use an inflation calculator. This will assist you in selecting a plan that would offer you sufficient coverage at an affordable price. So, there’s no particular age limit for health insurance plans as individuals of all ages can buy the policy. You can lookout for EMI options also, can calculate your EMI through emi calculator.
Health insurance policies offer a wide range of medical coverage which includes the following –
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The common exclusions include the following –
Health insurance plans are available online and offline. You have to fill out the proposal form with your personal and medical details either online or offline. Provide all the required details in the form, submit supporting documents, such as proof of identity or income, and pay the premium. After you submit the form, it will be reviewed. If the insurance company approves the coverage, the policy would be issued.
An E-card is an electronic card that serves as a digital identification of insurance and proof of coverage. It is to be presented at the hospital to make your health insurance claim, as it contains essential information such as your name and the policy number.
Health Insurance claims can be made in two ways:
1. Cashless claims: Cashless claims allow you to get treatment at one of the network hospitals of the insurance company without bearing the treatment costs. On admission to the network hospital, you can show your e-card or health card and get cashless treatments. You would have to fill out the pre-authorisation claim form for cashless approval.
2. Reimbursement claims: If you get treated at a non-network hospital, your claim will be settled on a reimbursement basis. In such cases, you have to pay for the medical expenses yourself when you are getting the treatment. After you are discharged, you can file a reimbursement claim for the expenses incurred. Just inform the insurer, upload relevant documents and bills, and get the reimbursement payment from the insurance company.
Health insurance plans are effective coverage options that come to your aid in a medical emergency. They give financial assistance and can help you with affordable medical costs and avail of quality treatments. However, given below are some points that you should remember when buying health insurance plans –
So, understand the meaning of health insurance and how it works. Assess your coverage needs and buy a health plan for your family’s medical emergencies. Get financial assistance in medical eventualities to avoid financial strain and also to get high-quality medical treatments without worrying about their costs.