Health Insurance

What is Health Insurance?

Health Insurance is medical coverage that helps you meet your medical expenses by offering financial assistance. Due to the high cost of hospitalization.

Different Types of Health Insurance Policies

Before buying any health insurance plan, you should know about which types of health insurance policies are available in the country. Basically, there are four types of health insurance plans. Such as critical illness health insurance policy, individual health insurance policy, family floater health insurance policy, senior citizen health insurance policy. You can gather clear ideas about health insurance policies if you read this write-up thoroughly.

1. Critical illness health insurance policy: This policy is affordable to struggle very high cost of treating diseases like cancer, heart attack, and so on. This health insurance plan pays a huge amount at one time when the medical insurance policyholder is diagnosed with any of the illnesses.
2. Individual health insurance policy: It compensates for the medical expenses only for an individual person in India. If you do not belong to any family, this health insurance policy is perfect for you.
3. Family floater health insurance policy: Family floater the health insurance policy covers an entire family with a fixed coverage which is shared for all the mentioned members.
4. Senior citizen health insurance policy: It is particularly designed for elderly people between the age group of 65 to 80 years and it covers a wide range of medical expenses.

Advantages of Buying Health Insurance Early:

Most people think of buying health insurance policies later in life. This concept is totally wrong. The more delay you make in buying health plans, the fewer advantages you have access to. You can get covered with a much lower premium if you take health cover earlier in life. Here are some considerable reasons why you should buy health insurance before you turn 30.

• Always Be Prepared For Emergencies: Buying a mediclaim policy early can help you ease your financial problems. With the best health insurance policy, you feel more at peace. Moreover, you are prepared for any sort of medical emergencies. You no longer have to dig into your life-long savings when you already have a health plan. You lead a stress-free life too!
• The Early Bird Gets The Best Deals: Health insurance companies may not offer you the same benefits in your later life as compared to your late 20’s. If you wait longer to get a medical policy, you might have to pay a higher premium. On the contrary, if you go for health insurance early, you can get a premium with a lower rate.
• Helps You Plan Your Future Finances Better: Early health policy not only offers you the best medical coverage but also helps you plan your future finances better. You can save more taxes if you consider buying health policies earlier. In India, Under Section 80C of the Income Tax Act, every year you can save up to Rs. 25,000 on the policy premium.
• Get a Policy Early To Enjoy the Benefits Later: Most health insurance companies in India follow through a certain waiting period. Any medical emergency which occurs during time is not claimable. Get your health insurance early so you can complete this necessary waiting period without much hassle. Furthermore, you can enjoy the full benefit of your early health insurance later in life when you really need it.

How to Choose the Best Health Insurance Company?

The features and benefits of health insurance providers vary. No insurance company can provide coverage for every individual. It differs from one person to the next, depending on their needs and health goals. Mr. X, for example, believes that a health insurance provider should have a strong hospital network. And Mr. Y believes that while choosing a health insurance provider, the range of health insurance plans should be prioritized.

Consider the following factors to determine which health insurance provider is best for you:

• Types of Health Insurance Plans: One of the most important factors to consider when comparing health insurance companies are the availability of various health plans. While some health insurers simply offer basic health insurance plans such as individual health insurance, family floater health insurance, and specialty health plans for children, women, senior citizens, and so on, others offer a wide range of health insurance options. Choose an insurance company that provides a policy that meets your needs.
• Network of Cashless Hospitals: Every insurance company has a handful of hospitals with which it has a cashless treatment agreement. When choosing a health insurance company, it's critical to consider the strength of the insurer's cashless network hospital. The more reliable the network, the easier it will be to file a cashless claim in the hospital.

• Claim Settlement Ratio: It will show you how many health claims an insurer settles compared to the total number of claims received over the course of a fiscal year. A claim settlement ratio of 80-90 percent is regarded as satisfactory.
• Customer Support Service: Also, make sure the insurer's customer support service is available and of good quality. It is recommended that you choose a health insurance company that can provide you with round-the-clock customer service to resolve your problems.
• Claim Procedure: Your health insurance company must quickly resolve your claim. The entire process can become confusing and time-consuming, especially when you are in a hurry. As a result, choosing a health insurance company that requires minimal TPA intervention and paperwork is recommended.
• Insurer Reviews and Ratings: You may now look up consumer reviews and ratings for your insurer. On GIBL.IN, you can read reviews of various health insurance companies in India. Take a look at their feedback before making a selection. It's always a wise choice to do some research first.