Health insurance ensures the financial aid for the future medical expenses of the insured and their family. It includes the hospitalization costs and also the expenses spent after the treatment of some sickness. The insurance firm pays the coverage amount of the insurance to the insured. The insured person has to pay a premium amount to avail of the opportunity. Though health insurance does not offer support for all kinds of sickness or medical expenses, it is proven helpful.
Health Insurance Plans
Health insurance is available in various forms. However, we are discussing health insurance plans.
1. Individual Insurance Plans
It is a solitary health insurance policy. As a result, the insurance company simply pays for an individual’s medical bills. These plans normally cover all of the expenditures associated with hospitalization, both before and after admission, payments for different medical tests and laboratory fees.
2. Family Floater Insurance Plans
Family floater insurance plans promise to cover the medical costs of the whole family. One can take this plan instead of taking different insurance plans for each member of the family.
3. Preventive Insurance
A preventative health insurance plan pays for regular health examinations that is necessary to avoid severe illnesses such as cancer. Annual medical examinations may be required to assess the potential symptoms.
4. Hospital Daily Cash Benefit
After 24-48 hours of hospitalization, it provides fixed advantages. The coverage goes beyond what a medical insurance plan provides. This plan pays for things that aren’t generally covered by health insurance. During your hospital stay, you will get a daily stipend.
Health Insurance Benefits
Health insurance policies offer a wide range of health benefits to the insured, depending on the plan. The following are some of the benefits of buying health insurance.
- Hospitalization Expenses – A health insurance policy will cover the medical costs associated with a stay in a hospital for more than 24 hours. Room rent, doctor’s expenses, prescription costs, diagnostic test costs, and so on are all included.
- Pre- and Post-Hospitalization Fees – This covers any medical expenses you may have incurred before being admitted to the hospital, as well as any subsequent treatment costs. The expenses for pre-hospitalization and post-hospitalization are reimbursed for a set number of days as defined in the policy agreement.
- ICU Cost – A health insurance plan may also cover the cost of receiving treatment in an ICU.
- Medical Checkups – The health insurance firms offer free preventive health checkups to the insured persons at some regular intervals based on their respective terms and conditions, as well as policy.
Health Insurance Premium
You must spend a set amount of money in the form of premiums each year to obtain financial security under a health insurance plan. This is known as the medical insurance premium. Before finalizing a plan, the premium is an important factor to consider.
To determine the premium amount, always use the premium calculator found on the insurance company’s website or insurance web aggregators. It allows you to evaluate different plans and determine whether you can afford to purchase the plan. The cost of medical insurance plans is determined by the type of policy selected.
What is Covered in a Health Insurance Plan?
In India, the majority of health insurance firms cover medical expenses as part of an insurance plan:
- It also covers the costs of receiving medical treatment at home on the advice of a physician.
- Daycare therapies that do not necessitate hospitalization for longer than 24 hours are covered.
- As stated in your policy document, it covers eye surgery, dialysis, and other typical childcare surgeries.
- While the amount of coverage varies by insurer, most medical insurance policies include emergency ambulance costs.
- Expenses incurred during hospitalization for the treatment of an illness or accident are reimbursed if the stay is longer than 24 hours.
- Several health insurance plans in India cover medical expenses related to the treatment of mental illnesses such as depression.
- After the waiting period has passed, you can file a claim for the costs of treatment for any pre-existing disease or condition.
What is not Covered in a Health Insurance Plan?
A health insurance plan does not cover the following medical bills and scenarios:
- AIDS and other diseases of a similar sort are examples of terminal illnesses.
- Expenses for dental or eye surgery.
- Bed rest, hospitalization, and rehabilitation, as well as common ailments, are all factors to consider.
- Pre-existing disease coverage is subject to a 2- to a 4-year waiting period.
- Claims originating from injuries sustained while participating in adventure sports.
- Treatment/diagnostic testing, as well as follow-up procedures
- Unless they are caused by an accident, claims submitted within the first 30 days after acquiring a health insurance plan are not covered.