When most people think of health insurance, they think of it as a necessary evil. They see it as taking a large chunk out of their paycheck. They don't realise that health insurance is a blessing in disguise. It provides peace of mind when an unexpected illness or injury arises. It protects your family from the financial burden of paying for medical care that can quickly escalate into the tens or even hundreds or thousands of rupees. Health insurance also offers security during tough times when you may not be able to work because of a disability. It helps ensure that you won't have to worry about spending on treatment for any medical condition which may arise in the future. You'll have time to care for yourself rather than focusing on how you will pay for all those expensive treatments. Therefore, invest in health insurance!
Why Should Most Young Adults Have Health Insurance?
Though you may feel invincible now, accidents and illness can happen at any age. If you don't have health insurance and something unfortunate happens, you could be left with a huge medical bill that you may find difficult to pay. Having health insurance can help protect you from financial ruin if you have an accident or get sick. It also gives you peace of mind knowing that your family is covered too. The cost of healthcare has been increasing each year, so it's important, now more than ever, to consider getting medical coverage before it's too late. Make sure you explore all your options so you're fully informed about the costs and benefits of different plans available to you.
Benefits Offered by Health Insurance
A health insurance plan can provide you with the peace of mind that comes with knowing you and your family are covered in case of an unexpected illness or injury. It can also save you from incurring out-of-pocket costs for preventive care, doctor visits, prescriptions, and more. Here are some of the benefits health insurance provides:
A Wide Range of Plans
You have got various health insurance options to choose from. However, with so many different plans, it can be hard to know the right one for you. But with a little research, you can find the perfect plan for your needs. First, ask yourself about the coverage you want and how much you want to spend on that coverage, and look into whether or not your employer offers this type of coverage. The best way to ensure you have all the information is to go online and see all that by yourself.
Safeguarding Your Finances
If you have ever found yourself in a position where you could not work due to an illness or injury, then you know how expensive medical bills can be. A health insurance plan is a great way to safeguarding your finances in case of an unexpected health issue. The coverage pays for routine and emergency care costs, such as lab tests and surgeries. People with these plans can see specialists without incurring out-of-pocket expenses. Those getting injured while at work may also be eligible for compensation through their employer's group health plan if the accident wasn't intentional on their part.
Family Coverage
- One health insurance plan can provide coverage for the entire family. Family health insurance plan is especially beneficial if one family member has a chronic illness or condition that requires regular treatment. Having one plan also helps keep costs down, as multiple plans can be expensive. Plus, it can be easier to manage than multiple plans.
Read more - All You Need to Know About Family Health Insurance
What is Covered Under a Standard Health Insurance Plan?
Most health insurance plans in India cover hospitalisation, medical expenses, and surgical expenses. Some plans also cover outpatient care, preventive care, and alternative treatments. You should check with your insurer to see what your plan covers. Here's what is covered in a standard health insurance plan:
- Medical Expenses Reimbursement: Your health insurance plan covers a part of your medical expenses. Some plans cover 100% of the total medical expenses, while others may cover 50%. But, this is where it becomes tricky. The government does not regulate all health insurance companies, and they offer different rates and benefits. You need to find out which one offers you the best coverage for your needs.
- Cashless Treatment: The hospital will provide cashless treatment under the given policy of your insurer, depending on how much you have opted for. Some policies will only provide cashless treatment up to a certain limit and will not provide any after that limit is crossed.
- Pre-hospitalisation and Post-hospitalisation Expenses: These are covered as well. They both refer to expenses incurred before or after being admitted to a hospital due to illness, injury, etc. Pre-hospitalisation expenses include costs incurred before entering the hospital, such as ambulance charges or travel fares. And post-hospitalisation expenditure refers to the expenses incurred following discharge, such as medicines prescribed by the doctor post-discharge.
- Lab Services: Whether or not a lab service provider insures you, lab services would be fully reimbursed through your health insurance plan. Hospitals tend to charge exorbitantly for these tests, but with the help of a good health insurance company, these costs can be reduced substantially.
- Maternity and Infant Care: Maternity care (prenatal care) is also covered by most health insurance providers. Infant care usually covers the cost of vaccinations, prenatal and postnatal check-ups, neonatal intensive care unit (NICU) treatments like incubators and nursing support equipment like phototherapy lamps, among other things.
What is Not Covered Under a Standard Health Insurance Plan?
A few things are not typically covered in a health insurance plan. These include dental and vision care, cosmetic treatment, self-inflicted injury, etc. But as we speak, there can be exceptions to the rule. For example, some of these can get covered if they are important for someone's survival.
What are Some Popular Health Insurance Plans in India?
Based on their health insurance claim settlement ratio, here are some of the most popular health insurance plans in India:
- IFFCO Tokio General Insurance
- Care Health Insurance
- Magma HDI Health Insurance
- The Oriental Insurance Company
- New India General Insurance
- Bajaj Allianz General Insurance
Read more- Top 10 Health Insurance Companies in India
Who Can Buy a Health Insurance Policy?
Most employed people can buy a health insurance policy through their employer. If you're self-employed, you can also buy a policy on your own. And if you're unemployed, there are still options for you to get covered. Some states have programs that offer health insurance to low-income residents, and there are also private options available. No matter your situation, there's likely a way for you to get covered. It's important to figure out what is best for you and your family.
Read more - How to Find the Best Health Insurance Plan for Your Family?
Conclusion
Though it may not seem like it initially, a health insurance plan can be a blessing. It can help you cover unexpected medical costs, protect you from financial ruin, and give you peace of mind. If you're currently without a health insurance plan, be sure to research your options and find one that's right for you.
