Healthcare costs are increasing rapidly, and medical emergencies can arise at any moment. Health insurance provides a financial safety net by covering medical expenses, ensuring that you and your family receive the best medical care without worrying about the costs. In this article, explore the benefits of buying medical insurance, essential factors to consider when purchasing a policy, and crucial points to remember when making a health insurance claim.
How health insurance works in India?
Understanding how health insurance works is essential for individuals seeking financial protection against medical expenses. In India, health insurance plays a crucial role in providing access to quality healthcare while mitigating the financial burden associated with medical treatments.
Health insurance in India is offered by both public and private insurance companies. Individuals pay a premium to the insurance company, which entitles them to medical coverage up to a certain amount. If the individual incurs medical expenses, the insurance company reimburses or covers the expenses directly, subject to the terms and conditions of the policy.
Health insurance policies in India offer a range of benefits, including coverage for hospitalisation, pre- and post-hospitalisation expenses, day-care procedures, and more. Policyholders can choose from various types of health insurance plans, including individual, family floater, and critical illness plans, based on their specific requirements and budget.
Check out the best health insurance plans in India.
How does health insurance renewal work?
In India, health insurance renewal is a straightforward process that typically involves paying the premium before the policy's expiration date. This ensures continued coverage. Insurers may review the policyholder’s health status and claims history, which can influence premium rates. Understanding how medical insurance works in India helps ensure that you choose the right plan for your needs.
How does health insurance claim work?
Filing a health insurance claim in India involves submitting required documents, such as the policy number, treatment bills, and discharge summaries. The insurer then reviews the claim and processes it based on the policy's terms. Understanding how health insurance works in India can facilitate smoother claim experiences and ensure timely reimbursement.
Why is it beneficial to buy medical insurance?
Medical insurance is beneficial in the following ways:
1. Financial protection:
Health insurance provides financial protection against medical emergencies, reducing the burden of medical expenses.
2. Cashless medical treatment:
Health insurance policies enable cashless medical treatment, where the insurance company covers the expenses directly, ensuring hassle-free treatment for the policyholder.
3. Tax benefits:
Premiums paid towards health insurance policies are eligible for a tax deduction under section 80D of the Income Tax Act.
4. Emergency assistance:
Medical insurance provides coverage for emergency medical situations, ensuring prompt treatment and assistance during emergencies or accidents.
5. Preventive care:
Many insurance plans offer coverage for preventive services such as vaccinations, screenings, and wellness visits, promoting early detection and prevention of illnesses.
Things to remember when buying a health insurance policy
When buying a health insurance policy, the following things should be kept in mind:
- Coverage needs: Assess your medical needs and select a policy that adequately covers them, including hospitalisation, medication, and specialist care.
- Network providers: Check the network of hospitals and doctors covered by the insurance plan to ensure convenient access to healthcare services.
- Premiums and deductibles: Compare premium costs and deductible amounts among different policies to find one that offers the best value for your budget.
- Exclusions and limitations: Understand the exclusions and limitations of the policy, including pre-existing conditions, waiting periods, and coverage restrictions.
- Additional benefits: Consider additional benefits such as wellness programs, maternity coverage, or telemedicine services offered by the insurance plan.
- Customer service: Evaluate the insurer's reputation for customer service, including claim processing efficiency and responsiveness to inquiries.
- Policy renewal: Review the terms and conditions for policy renewal, including premium adjustments and coverage changes.
Read more: Best health insurance companies in India.
Important points to claim health insurance
While claiming health insurance, the following important points should be kept in mind:
- Documentation: Gather all necessary documents, including medical bills, prescriptions, and policy details, to support your claim.
- Timely notification: Notify the insurance company promptly after receiving medical treatment or incurring expenses covered by the policy.
- Complete forms: Fill out claim forms accurately and completely, providing all required information to avoid delays in processing.
- Follow procedures: Adhere to the insurer's procedures and requirements for submitting a claim, including any specific steps or timelines.
- Keep records: Maintain copies of all documents submitted and correspondence with the insurer for reference and follow-up.
- Be persistent: Follow up with the insurance company if there are delays or discrepancies in claim processing, advocating for timely resolution.
- Review coverage: Ensure the claimed expenses are covered under your policy, understanding any limitations or exclusions that may apply.
Health insurance plans offered through Bajaj Finance
Multiple online portals offer health insurance policies that are easy to buy and require minimum documentation. One such platform is the Bajaj Finance Insurance Mall. Here you can choose from various insurance plans from leading insurance providers. You can buy them through a 100% digital journey and zero paperwork. You can choose from different types of policies like individual health insurance, family floater, senior citizen health insurance, and more.
Overall, health insurance works by providing financial protection against medical emergencies, covering medical expenses up to a certain amount and providing benefits like cashless medical treatment and tax benefits. When buying a health insurance policy, it is important to consider the coverage and premium amount, network hospitals, and policy exclusions. While claiming health insurance, notification should be made promptly, and necessary documentation should be kept ready.
