What is a Health Insurance Policy

What is a Health Insurance Policy?

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A health insurance policy is the most popular among all types of insurance policy which is available. the health insurance policy offers coverage for the policyholder in case if he needs medical treatment. the health insurance company will provide protection from any health-related problem and the insurance company will pay all the bill for your medical treatments.

A health insurance policy is a legal contract between the insurance company provider and the policyholder. the health insurance company provide the policyholder coverage from any health-related treatment. in order to get the health-related problem from an insurance company, the policyholder should pay a premium every month or year to the insurance company provider.

Health insurance will provide the medical expenses of the policyholder. the health insurance also provides the medical expenses of the policyholder family if he buys the right family health insurance. the health insurance will make sure that you get all medical expenses from the insurance company. a health insurance policy provide coverage for the surgical expenses, day to daycare expenses and critical expenses, etc.

Importance of Health Insurance policy

Every family can not afford the big medical treatment for themselves then need something in that emergency who can provide his all medical expenses. the health insurance policy will provide you with all emergency medical treatment with paying your bills from the insurance company provider.

Suppose in your family member you are the only earning family member and something happens to you and your family has to arrange money for you but they are unable to arrange money if your medical treatment needs more money so in that condition, the health insurance policy will come to save you and the health insurance company will pay all your bills. health insurance is very important for people who are not able to afford a big amount of money for a short period of time.

The importance of a health insurance policy is that your family member will be safe from any future injuries. if anything happens to your family the health insurance company will come to this position and rescue your family member by paying all your hospital expenses. the health insurance policy not only covers single men but also covers all family members.

Types of Health Insurance Plans

The health insurance policy comes with various types that types are mentioned below:

1) Individual Health Insurance Plans

The individual health insurance plan will cover only the policyholder medical treatment, not the whole family. the individual health insurance policy is cheaper than the family health insurance and you have to pay a low premium. individual health insurance plans offer insurance protections such as reimbursement, cashless hospitalizations, compensation for expenses incurred on pre and post-hospital expenses. individual health insurance plan comes with add-ons that you can use to enhance your health insurance.

2) Family Health Insurance Plans

The family health insurance plans cover the whole family and anything happen to your family member then the insurance company will pay all your hospital expenses and medical treatment. the family health insurance plans are costlier than the individual health insurance plan as it covers the whole family, the family health insurance policy offer coverage such as cashless hospitalization, reimbursement, hospital expenses, etc.

3) Senior Citizen Health Insurance Plans

As per name suggest the senior citizen health insurance plans is for the senior citizen whos age is above 60 years. the senior citizen insurance plan is costlier because it covers the old man so the medical expenses of the old man is higher than the young man. the senior citizen has to go every week or every month to the hospital that’s why the senior citizen health insurance policy is a little costlier.

4) Critical illness Insurance Plans

Critical illness health insurance plans offer coverage for those who have the critical illness such as kidney failure, heart attack, paralysis, cancer, etc. critical illness insurance plans will pay the bill of the critically ill people they will pay the fixed amount of money, in that case, if more money required then you have to pay by your wallet.

5) Maternity Health Insurance Plans

Maternity health insurance plans offer coverage for the females when they are pregnant and it covers all the process of the females of pre bone of child and after born of the child. some health insurance policies also include the vaccination of the newborn child expenses. this health insurance will cover the females from the step of pregnant to the born of the child. this is only for the females not for the males.

6) Personal Accident Insurance Cover

The personal accident insurance plans will cover the expenses of your injuries and death in the accident. in the case of an accident, all of your injuries bills in the hospital will be paid by your health insurance provider. in case of death in the accident the health insurance company will provide compensation to your family.

7) Group Health Insurance Plans

The group health insurance plans are mostly used by the company in order to protect their employees from any damages. if you know about the Tata Consultancy Services (TCS) they provide their employees the family health insurance it is not only provide protection for the employers but also it provider insurance for the whole family of that employer. so buying group health insurance plans wil offer you discount and if you increase the number of memebrs then you will be getting ore discount.

What is the Need for Buying Health Insurance?

The health insurance will protect your entire family from any future accident or damage or injuries. the health insurance company will pay for all your family medical treatment in the hospital. the health insurance company offers a cashless claim which can be used for paying the bills of the hospital and in this you will not pay any bill from your pocket.

  • A Health Insurance policy will protect your family from any future accidents or injuries.
  • Health insurance will cover all your hospital expenses and the bill is paid by your health insurance provider.
  • A health insurance policy can pay for medication, ambulance and doctor fees, etc.
  • it helps you to get from any situational health condition of your family.
  • it provides money at that time when your pocket is empty and you can’t afford the bill of hospital expenses.
  • You can buy a maternity health insurance policy in order to protect your newborn baby and your wife.
  • The cost of some major surgeries like open-heart surgery, kidney transplant are so high that you cant afford and the health insurance company will pay all the expenses.
  • Health insurance will make your life more freely and joyfully from any stress like the accident of one of the family members, etc.

Key Benefits of Health Insurance Plans

The health insurance plans come with the very benefits the health insurance policy plans benefits are mentioned below:

1) Cashless Medical Treatment

The key benefit of the health insurance policy is the in any urgent cash needed health problem you can use your health insurance policy so you can pay all your expenses by your health insurance policy. cashless medical treatment will provide all your medical treatment without paying you have to single rupees from your pocket the insurance company will pay all the hospitals bills.

2) Coverage of Pre and Post Hospitalization Expenses

The beauty of the health insurance policy that it will take care of all of your pre and post-hospitalization and you don’t have to pay any single rupees for that. suppose you get to the hospital by booking a taxi and return on a taxi then your health insurance provider will pay bills of that also so you don’t have to pay any bills for that.

3) Ambulance fee

The health insurance policy will cover your ambulance expenses under his coverage and pay your ambulance fee.

4) No Claim Bonus (NCB)

if you do not raise any single claim within your health insurance policy period hen your health insurance company will give you the reward that is called No Claim Bonus (NCB). the no claim bonus will help you to get a discount at the time of renewal of your health insurance. if you raise any claim withing your policy period then you lose your NCB. if you again in 2nd year you do not raise any single claim then your discount will increase.

5) Medical Check-up Facility

if you go for the medical check-up then also your health insurance policy will pay the checkup bills of the hospital you just have to raise a claim for paying your hospital expenses.

6) Co-Payment

In the co-payment health insurance, some money is paid by the policyholder and some money is paid by your health insurance provider. it totally depends on you if you want to buy the co-payment health insurance then you have to share your bills from the insurance policy company.

7) Tax benefits of Heath Insurance

By taking one health insurance policy you can pay the money to the insurance provider instead of paying money to the tax so it will help you to get the health insurance policy benefits.

Health Insurance Policy Inclusions

The coverage offer by the health insurance policy are mentioned below:

  • Pre Existing illness or disease.
  • Ambulance Charges.
  • Pre and post-hospitalization.
  • Maternity or newborn.
  • Inpatient hospitalization expenses.
  • During injuries require you to stay in hospital at the night.
  • Health check-ups.
  • Treatment availed at home.
  • Daycare procedures.

Health Insurance Exclusions

it is not possible to cover all thing under a single insurance policy so the health insurance policy exclusions are:

  • Coverage for critical illness and pre-existing disease to a waiting period of 1 to 4 years.
  • Clear exclusion of expenses incurred for newborn/maternity unless the maternity rider had been added to your health insurance policy.
  • Injuries caused by war/Terrorism/suicide attempt.
  • Cosmetic, plastic surgery. sex change, replacement of hormones and more.
  • Dental or eye surgery.
  • Treatment/ diagonesed test.
  • Bed rest, hospitalization, rehabilitation, common illness, mentally disturbed, etc.
  • Treatment abroad.
  • Unless accident emergency no coverage or reimbursed happens you have to wait for 30 days tp get settle your claim.
  • AIDS, terminal injuries or any other disease similar in nature.
  • Non-Allopathic treatment.

Factors Consider Before Buying Health Insurance Policy

Before buying a health insurance policy you should consider some factors in order to buy the best and a suitable insurance policy for you and your family.

1) Claim Settlement Ratio

Before buying a health insurance policy from any health insurance policy provider you have to check the insurance company claim settlement raion by seeing the claim settlement raion you can check the company reputation and which can help you to understand how many days you can get your claim. the claim settlement ratio helps you to understand the company reputation and its brand.

2) Scope of Coverage

Before buying any health insurance you should check the coverages that it offers if the insurance company offered less coverage then you have to pay money from your pocket in order to get your desire coverage by adding add-ons to your health insurance policy plans. so you have to check the scope of coverage it offers by seeing you can able to understand in this price what thing cover and if you pay little high money then it can cover more things.

3) Renewability

Renewability means your health insurance policy renewal it is important to check with your health insurance company providing you with the renewal of your insurance and you have to also check the renewal cost if they offering ay money at the renewal time of you are getting your insurance policy at that cost that you buy.

4) Cashless Hospital Network

Before buying health insurance you should check the insurance policy offering you cashless hospital network coverage or not. if they are offering then good if not offering then go fo another health insurance policy. the cashless hospital provides you with the hospital expenses that is fully paid by your insurance policy company you don’t have to pay a single amount of money from your pocket.

Frequently Asked Questions?

1) Why i have to purchase health Insurance?

In order to get all the benefits that health insurance offered under his coverage like cashless hospital expense, medical treatment and etc.

2) How much does Health Insurance policy Cost?

it depends on your health insurance policy type.

3) How many days require to claim settle?

it depend on your insurance provider but generally withing 30 Days.

4) Why Should i Raise a Claim?

In order to get your expenses paid by your health insurance company.

5) What do you Mean By No Claim Bonus in Health Insurance?

No Claim Bonus (NCB) is the reward that your insurance policy will give it you if you do not raise any single claim within your policy period.

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