IMPORTANCE OF HEALTH INSURANCE

  • The importance of health insurance is, we don’t want to be recovering from illness as well as recovering from the financial losses of suffering from that illness and that’s why Health Insurance plays a very important role. However, there is a lot of permutation combination as well that is very important that you spend enough time to understand the type of product you require it’s not an easy product to understand.  
  • It has quite a few terms and conditions so please spend some time to clarify for yourself the terms and conditions. The things that are covered, and the things that are are not covered, have a good clarity of that, read the documents it allows you to be more strongly prepared to take a decision.
  • This is a requirement for every single family because when you do fall sick you don’t know how much it would cost you to recover from the illness, health insurance allows you to buy time by using the money that the insurance company would pay the doctors and the hospital to help you recover back.
also tells about Importance of health insurance

Let’s imagine if you save some amount with the perspective of today’s medical bill, but do you think the price of the same will be the same bill after some years, so the answer is no you have to prepared with the medical inflation.

Think that the hospital bill five years ago and today’s hospital bill, the amount will not be the same because there is General inflation in the economy that inflation even in the medical bills. So it’s not only important that you should have Health Insurance but also you review the amount of Health Insurance companies giving you on the terms and conditions of theory company. 

Top 10 things that you should check before buying a Health Insurance 

Top 10 things that you should check before buying a Health Insurance

1-Cashless treatment 

  • This insurance is specifically useful for those who might not have a lot of excess cash available with them in a savings account in FD(Fixed deposits) is or whatever is comparatively less than ideal cash or saving.
  •  They can go for cashless treatment, so it can be beneficial to the majority of people because there is a vast number of people who don’t have fixed deposits, also tells about Importance of health insurance. 

2-Network hospitals

  • Whenever you take out an insurance policy, they mention the network hospitals which are affiliated with the policy.
  • SO assume that you are staying in a specific place and the hospital was discovered in the network is at least 10 km away from you so you have aware of the network of the hospitals, are you getting the plan that includes the hospitals that are near you and it should be in specifies range another vise it is not valid and you didn’t claim the amount.

3-Coverage of pre and posts hospitalization 

  • Prehospital list May include blood tests and certain doctors consultation fees etc. sometimes even these are covered in the policies, so check if your policy has covered it all or not.
  • Post-hospitalization expenses can include therapy expenses of medical treatment like if there will be an accident and for post-hospitalization, you have to take Physiotherapy treatment to check whether your policy covers such therapy treatments or not 
  • Because all should be mentioned in the policy, so you are clear with all the things otherwise it will disturb you when you have to claim the amount during your medical procedure. 

4-Claim settlement ratio 

  • As it is telling the higher the better, so ratio should be higher, if I say that the claim settlement ratio is 95% it means that out of 100 the 95 claims were given
  •  It means that the policy you have chosen has a high claim settlement ratio. So it will be beneficial for you when you want to claim your amount then there will be more chance that it will be claimed, from here you know about Importance of health insurance .

5-More than hospitalization

  • So if it were talking about a scenario where your grandparents Hospitalise it may happen that after they are discharged from the hospital they might have to take up something like a daycare facility. 
  • So you have to check that, are such expenses covered in your policy or not they can also be checked in typical facilities at daycare facilities. And also check for Maternity facilities all these can also be covered in a policy check if your policy has all these or not.

6- Restoration benefit 

  • It is a very nice feature so assume a case where you have separate policies for the husband, wife, and their two children, and if we talk about another case where there is an umbrella or there is a cover for a family plan where all are covered under a single policy.
  • This policy has a Restoration benefit means what letter that let’s say that Mr a in the will fall sick and is hospitalized and he consumes the limit of 5 lakh which is the insured limit. Now, what does the Insurance Company do that they will restore that amount now let assume his wife is also required to be hospitalized after few days again she can use the cover or amount that will be assured. but if their children are also required to be hospitalized after few days there again would get a 5 lakh amount that is in the policy.
  • But here is a twist that if the same person gets hospitalized then the amount will not be covered ok. whenever you are applying for the policy you should check whether this is there in your policy or not.

7-Co-pay clause

  • Some companies will say, you should pay a specific percentage and we will pay a specific percentage for the amount for your medical expenses But if you ask my opinion I will suggest you don’t go out for such Policies. 
  •  Don’t fall for them go with where they will pay the full amount And you can go for other options because there is a variety of other policies. 

8-An insurance cap 

  • So you might have a full amount assured for the medical expenses but the policy state that for Maternity Benefit only 50000 is the highest amount that will be covered ok so be careful and read the small causes for checking out the insurance cap, so that you can get the maximum benefit, for the money you are giving.

9-Waiting period

  •  If you are taking Health Insurance and there will be a waiting period of about 30 days if you take out the policy today. tomorrow if you get infected by Corona then you will not be covered in the health insurance policy. so be sure whenever you’re buying a new insurance product there is a waiting period or not. it should check by you when you are applying for the policy.

10-No claim bonus

  •  Assume that if you pay for your premiums and thankfully you are not hospitalized don’t feel bad about that you lost money or it is gone. when next year whenever you want to renew your policy ID the insurance company will say that this year you have to pay a lesser premium and that lesser premium is nothing but your no claim bonus to ensure that you check all these points before buying any Health Insurance. 
  • So you might be confused that id there any place or website where I can find all the policies, so get the knowledge about the different companies that are providing insurance so don’t get confused there is a different website that is providing information about it.
  • It also tells about Importance of health insurance , in our life . so check all these points before you are buying an health insurance .

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