What is Health Insurance?

It is an agreement under which insurance firms consensually concur to undertake the guarantee of compensation subject to medical costs incurred, while a policyholder is hospitalized due to falling ill or getting injured due to an accident. In the absence of any tie-up, the insurer reimburses the medical expenses. The government also encourages it by rendering the tax deductions.

Benefits of Health Insurance

• Financial Stability
• Peace of Mind
• Timely and Good Quality Medical Treatment
• Tax Benefits

Why Health Insurance Policy is necessary?

There are many reasons why buying a health insurance plan is not only a good idea but is also necessary. The benefits of these plans exceed the cost of the corresponding premiums and exemptions. Currently, life expectancy has increased significantly due to advances in medicine.

According to the World Health Organization (WHO), total health expenditure in India in 2018 was around 1.58 trillion Indian rupees which is 1.28% of country’s GDP. India is also a country where medical expenses increase by 10 to 15% every year. In addition to rising medical costs, more and more people are affected in connection with the lifestyle in our country,In financing their treatment, however, many people are under financial stress.This means loans, mortgages and the sale of goods to sustain a person’s life. Here, the health insurance policy can be truly life-saving as the cost of hospitalization, surgical treatment, treatment, medication, etc. has increased.Here are some of the key reasons why health insurance policy is important:

• In the modern world, the odds of cancer and other diseases are great.
• The medical expenses have increased significantly in recent years.
• Health insurance policy will cover most of the costs associated with the treatment and reduce the financial burden.
• Cash benefits offered by all insurers can help reduce your personal expenses. The patient can focus on recovery and peace of mind knowing that the finances are covered.
• The financial burden is not with the family of the insured.
• Health insurance companies offer additional services, eg. emergency assistance, ambulance, health insurance, hospital money, etc.
• Medical treatments are a tax burden for the family.
• Uninsured people may receive less health care due to lack of money.
• They are more at risk because they do not have access to regular health consultations.
• Protects the family during unforeseen and unpredictable financial situations.

What is Covered in Health Insurance?

1. In-patient hospitalization: Medical expenses related to hospitalization for illness or accident of more than 24 hours.
2. Pre-hospitalization: Medical expenses incurred the days before admission due to illness.
3. Post-hospitalization: Medical expenses incurred after a certain period after discharge from the hospital.
4. Day-Care procedures: Medical costs of treatment that do not require hospitalization within 24 hours due to technological advances.
5. Home treatment: Covers the cost of home treatment requiring hospitalization.
6.Emergency ambulance service: Costs related to the use of the ambulance and AIR ambulance service to get to the hospital.
7. Ayush benefit: Treatment with Ayurveda, Unani, Sidha, and Homeopathy.

What is Not Covered in Health Insurance?

1. Pre-existing conditions: Pre-existing conditions are illnesses that you may already have when you apply for insurance. Existing diseases are probably not included in the health insurance policy. However, health insurers have already begun to cover existing diseases after a waiting period of two to four years.
2.Cosmetic surgery: Cosmetic surgery is one of the most common exceptions of health insurance. However, plastic or cosmetic surgery after an accident is covered by several health insurance policies. Joint replacement and dental care are generally excluded from the health insurance policy.
3. Suicide attempt: An insured person is not insured if he or she is intentionally injured. As a result, injuries caused by suicide attempts are not covered by any health insurance policy.
4. Therapies: Health insurance plans do not include therapies such as acupuncture, naturopathy, magnetotherapy, and alternative therapies.