Health Insurance & Why is it Important? How to Choose Best Health insurance Policy?

What is health insurance and why is it important?

Health insurance is a type of policy that ensures that the person who has taken the insurance is given coverage for all health-related issues and problems. It is also considered in case of accidents, illness, minor or major injuries also. For this, the person has to pay a certain amount every month or annually, which is considered a premium. And then all the expenses of that person related to health will be taken care of through that policy.

Is there a need to take a health insurance policy?

The answer to this question is yes, it is very necessary. There are times when we are faced with some challenges or unforeseen difficulties. Health is one thing that you can never take enough precautions for. It is something that needs the most amount of care but there are not enough measures that one can take to ensure that he or she will be healthy forever or at least for the most amount of time. There are certain injuries or accidents that we cannot do much about. There are a lot of factors that can affect a person’s health even if they take proper care of their health. A health insurance policy then comes into the picture. Because we cannot control certain factors that affect our health but we can definitely control how much money we spend on the treatment. A health insurance policy ensures that we do not spend too much every time we get sick.

How can a health insurance policy be really beneficial?

  • All the expenses for everything related to health are covered by the insurance policy. You do not have to worry too much about the cost of treatment.
  • Certain policies also include coverage for mental illness. The treatments and therapy for these can be very expensive but the insurance policy makes it easier.
  • Ambulance charges are also covered in a standard health insurance policy. So if someone is met with an accident and they require an ambulance, the charges will be covered by the insurance. There are people who prefer taking their own transport because of the charges and risk of losing their lives. This can be avoided.
  • If there is no claim in a year, the premium charges may be reduced or discounts may be available to the person who has taken the policy.

There are many more benefits of a health insurance policy. These are the ones that cover almost everything.

How to get a health insurance policy?

There are different companies that provide you with health insurance. If you are working in a company, your expenses will probably be covered and you do not have to get insurance on your own. But if you are self-employed, not yet working, or anything else, you can search for companies that offer a policy and there are multiple agents who will tell you everything you need to know about a health insurance policy.

What are the different types of health insurance policies to choose from?

  • Individual Health Insurance: This is a policy that covers treatment costs for one person. This can be taken by anyone. Only the individual who has taken the policy will be given coverage. If someone takes this for their whole family, then every family member will get an individual sum insured.
  • Family floater health insurance: As the name suggests, this is taken for a whole family. In this policy, every member does not get an individual sum insured. The entire amount can be used for the treatment of one person or it can be distributed among the members. Senior citizens cannot be included in this plan.
  • Senior citizen health insurance: This policy is specifically for senior citizens, people above 60 years of age. All of the expenses related to the health of a senior citizen will be covered in this policy. From injury to illness, it will all be covered.
  • Group health insurance: These are mainly for companies. These companies extend this type of policy to their employees. The premium is paid by the employer itself. This policy will cover the cost of treatment of all employees of that particular firm. But this can be availed only if you are working at the company.
  • Health insurance with maternity insurance: this is a good option for women as this policy covers all expenses incurred before and after the birth of the child for three months. Pregnancy can be very expensive which is why this insurance policy is a good option.
  • Critical illness: This policy covers the cost of treatment for life-threatening diseases or illnesses. These treatments can be very costly but this policy makes it easier for patients to get proper treatment.

Is health insurance the same as life insurance?

A lot of people get confused between life insurance and health insurance. These two are not the same. A health insurance policy covers all expenses related to the health of the policyholder. On the other hand, a life insurance policy is something that gives financial protection to the family of the policyholder in case of his or her untimely death. That is one major difference between both insurance policies. Health insurance works at the time of an injury, illness, or anything related to health. However, a life insurance policy starts its work after the death of the policyholder.

Features of a health insurance policy

  • Cashless hospitalization: It is a blessing right now. With a health insurance policy, you do not have to pay at the time of your treatment. It will be paid directly through the sum.
  • Direct claim settlement: You can ask for a settlement of claim directly. Third-party involvement is not required if you decide to do that.
  • Low premium rates: One thing that makes people hesitant to get a health insurance policy is the premium amount. But one of the main features is that the premium amount is low which is a good thing.
  • No upper age limit: Anyone above the age of 18 can take this policy for themselves.

Is there anything that is not covered under a health insurance policy?

There are some treatments that are not covered under a health insurance policy. A person should be aware of these before getting insurance.

  • Any illness, diagnosis, accident, or injury that the policyholder is faced with within the thirty days of the beginning of the policy will not be covered.
  • Any medical expenses due to IVF.
  • Medical expenses incurred due to alcohol or drug abuse will not be covered in this.
  • Any hospitalization due to riot, war, etc.

How to choose which health insurance policy will be the best for you?

  • Premium amount: This is one of the most important things to look for when you think about a health insurance policy. You can decide which policy suits you the best according to the amount of premium you would have to pay and for how long.
  • Coverage: You should check which policy provides maximum coverage before taking insurance. It is very important to check whether your requirements will be met or not.
  • Least exclusion: As mentioned earlier, there are some things that are not covered in a health insurance policy. You need to check which policy excludes the least amount of treatments.
  • Less waiting period: Before taking a policy, check which policy gives you the least waiting time for pre-existing diseases. In some policies, the waiting time is very long which is not fair to the policyholder. Always look for a policy that does not have a long waiting period for the claim.
  • Payment: There are different methods of payment these days. There is an option of EMI as well. Always check which policy makes payment easier for you.
  • Other benefits: There are policies that will provide you other additional benefits as well, such as ambulance charge cover, less waiting period, protection against coronavirus also now. A policy that offers more additional benefits will be a better choice.

Keep all of these points in mind and check for the policy that gives you the most amount of benefits. You want a health insurance policy that gives you the most coverage so that you do not end up spending too much and get proper treatments as well.

The most important part is that a health insurance policy is very essential for everyone as it helps you pay for all the expenses incurred due to your health and it helps you get good treatment. It is something that everyone should consider. There are countless benefits of a health insurance policy. Even a basic, standard health insurance policy gives you so many benefits and a lot of coverage. If you choose to get insurance of your choice, it will be more beneficial. It is a very good investment and you do not have to worry about the premium amount as well as you can choose a policy accordingly. Even if you spend some amount on the premium, you do not have to spend any amount on your health for a lifetime which makes it a great deal.

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