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.
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.
- 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.
- 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.
- 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.
- 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.