Do you find Health Insurance complicated? Don’t worry, we’re here to help!
Confused about getting Health Insurance? Don’t be. Here are a few frequently asked questions about Health Insurance. We hope this will help you understand things better.
Why is Health Insurance important?
Affordable medical care – that pretty much sums it up! Healthcare costs are on the rise in India and most of us find it difficult to pay up. With Health Insurance by your side, you can get the best medical care and treatment in case of serious ailments or injury, without having to worry about the expenditure.
Check This: Benefits Of Buying Health Insurance Early
How does it work?
There are two ways to claim your Health Insurance policy.
Reimbursement Claim – You can share your hospital bills with your insurance company after your treatment. They’ll reimburse the amount based on the actuals.
Cashless Claim – If you hold a policy, you or your dependents who are covered under the policy, can undergo treatment without having to pay for it. Your insurance company will make the payment on your behalf.
How do you get Health Insurance?
Most employees are provided with Health Insurance by their employer. This is called group insurance. You can also directly purchase individual Health Insurance from any insurance company. Additionally, you can opt for Family Floater Plans that provide coverage for multiple family members under one policy.
What are the different plans available?
Top-up Plans – You already have Health Insurance provided by your employer but you want protection for situations that are not covered by your employer’s insurance plan. In this case, you can opt for a top-up plan.
Hospitalisation Plan – This is an indemnity plan which covers you for treatment and hospitalisation costs. For an individual policy, the insured sum is applied on a per member basis while in the family floater policy, the insured sum is applied on a floater basis.
Critical Illness Plans – Ever thought about what you and your family would do if you were unable to go to work due to any serious illness? How will you pay for the treatment? This is when a Critical Illness cover will come to your rescue. This plan will give you a lump sum amount when you’re diagnosed with any of the covered critical illnesses.
Additional Reading: 7 Types of Health Insurance Plans
Will my company’s Health Insurance do?
Here are a few things you should know about a group insurance cover. Read and then decide.
- Group insurance does not apply to your specific needs and conditions, whereas an individual policy lets you choose what you want to cover.
- Some companies do not offer group insurance.
- Group insurance is not available while you’re in-between jobs.
- There is a specific sum assured under this type of policy. So, once you make a claim, the insured sum available decreases.
- A group insurance policy may not cover all your family members.
Additional Reading: Group Health Insurance vs Individual Health Insurance
I have already been diagnosed with a medical condition. Do I still get Health Insurance?
Yes, you can still get Health Insurance. However, your insurer is likely to impose a few conditions on your policy, depending on how much risk your application poses to them. Here is what could happen to your application:
- A waiting period may be imposed on your policy. Your policy will be valid only after this period.
- The insurer may agree to cover you for those medical conditions which are not caused by your pre-existing condition.
- You may be asked to pay a higher premium.
- Your application could be denied.
Now that you know everything you need to know about Health Insurance, don’t you think it’s time to invest in your health?
Health plans have evolved over time to provide different variants that have been customized to suit all pockets and cover most medical contingencies. Thanks for sharing a great article.
Hi Sam Wilson,
Thanks for stopping by. Have a nice day!