Healthcare insurance is a financial product that can take care of the finances during a medical emergency. Purchasing one is in everyone’s best interest to cover health-related issues. In fact, it should be a part of financial planning and must be purchased early at a young age to stay safe and secure.
It is a crucial investment in the present, where medical costs are rising, and healthcare has become expensive. This guest post will cover the basics of healthcare insurance and briefly explain its working and benefits.
What is Healthcare Insurance?
Healthcare insurance is a policy that provides financial coverage for medical expenses and treatments. It is a contract between the insurance company and the policyholder. The insured pays a premium and the healthcare insurance company covers the medical expenses incurred by the insured.
The covered expenses can be hospitalisation costs, doctor consultations, or medicine costs, as the policy specifies. Having the best health insurance policy gives peace of mind in times of crisis and ensures one has access to quality healthcare services.
How Does Healthcare Insurance Work?
Healthcare plans provide financial assistance to the policyholder if they incur a covered medical expense. The policyholder pays a premium regularly in return. Insurers cover the medical costs up to the sum insured limit, the maximum claim amount.
It is essential to note that no policy covers every medical expenditure. An insurance provider covers hospitalisation expenses, daycare procedures, organ donor expenses, ambulance charges, maternity expenses, AYUSH treatments, etc. However, the coverage varies for all mediclaim policies and differs from one policy to another.
Further, health insurance plans also come with certain add-on covers that policyholders can buy to increase their coverage. For instance, hospital daily cash, reduction in PED waiting period, OPD cover, etc., are some common add-on covers.
The premium also depends on several factors, such as the age of the insured, medical history, residence city, sum insured, coverage, deductibles, add-on covers, etc. Balancing all the factors is crucial, and it is essential to ensure the policy covers the standard procedures.
Thus, individuals can file a claim and enjoy healthcare insurance benefits if a covered illness arises during the insurance period.
5 Benefits you Didn’t Know About Your Healthcare Insurance
Here are some important advantages of health insurance in India that one should be aware of:
1. Pre and Post-hospitalisation Cover
Medical insurance benefits extend beyond hospitalisation. It also includes diagnosis fees and prescribed test costs. Meanwhile, post-hospitalisation coverage offers financial support for expenses after treatment, especially for expensive medications.
Healthcare insurance policies typically include a 30-day pre-treatment cover and a 60-day post-treatment cover.
2. Pre-Existing Illnesses
Some people, especially senior citizens, may already be dealing with health conditions like asthma, cancer, or heart difficulties. A useful feature of healthcare insurance is that it covers such conditions.
Securing a healthcare insurance plan with pre-existing conditions and forthcoming treatments is essential. This guarantees that the policyholder would not have to cover the expenses for these treatments.
3. Room and ICU Charges
A comprehensive healthcare insurance policy includes coverage for room rent and ICU expenses. Room rent covers the cost of staying in the hospital during treatment. Patients may remain in a regular ward, ICU, or even an ICCU, depending on the illness.
However, each plan has a limit on how much room rent the insurer will cover. The policyholder must pay the extra amount themselves if the rent exceeds the specified limit.
4. Cashless Benefit In-Network Hospital
Insurance policies offer a cashless claim settlement feature to simplify the treatment process. The option allows policyholders to avail themselves of required medical care at a network hospital without paying directly to the hospital.
Policyholders must inform their insurer 48 hours before planned admission or within 72 hours in case of emergency admission for cashless treatment. The insurer will handle all the billing directly with the network hospital once the necessary paperwork is completed.
5. Domiciliary Cover
Healthcare insurance offers a valuable benefit called a domiciliary cover. It allows policyholders to receive treatment at home. It can be necessary when there are no nearby medical facilities, or the illness makes it difficult to move around.
The domiciliary cover is especially helpful for elderly individuals. Its main purpose is to ensure unwell people receive the treatment they need, even when hospitalisation or travelling to a medical facility is challenging.
Healthcare insurance is a wise investment for unforeseen expenses. It offers a range of benefits and goes beyond just covering hospitalisation expenses. Reliable and best health insurance can provide essential financial security and peace of mind during medical emergencies and simplify the treatment process.
Consider exploring Niva Bupa, the best health insurance company in India. It offers comprehensive insurance coverage to facilitate timely and cashless treatment for individuals, families, and senior citizens.