Health Insurance – Savoir In Times of Medical Emergencies
Understanding Health Insurance
A health insurance policy can be defined as an agreement between an insurance provider and an individual. In this agreement, the insurance company agrees to compensate the insured for medical and surgical expenses incurred during a policy tenure.
These medical expenses can be incurred if the insured falls ill or meets an accident that leads to hospitalization of the insured. Many people during the COVID-19 pandemic, opted for corona health insurance to protect their families.
This goes to show the benefits of health insurance in India in very brief light. Today, we’ll delve deeper into this topic and understand why health insurance is important. We’ll also look at how one can find the best medical policy in India.
Why Do We Need Health Insurance?
When the question of why insurance is important arises, then the attention of everyone is brought to the problem of rising healthcare expenses. On top of that, the access of people to good quality healthcare services is also declining. Because of all this, getting good quality medical treatments can be very financially draining for an individual.
This is why if one wants to protect himself or herself and the entire family against financial constraints when seeking medical treatment, then he or she should buy health insurance emergency services. Some other reasons why one must consider purchasing health insurance emergency services are:
- To protect the savings of the individual
- To deal with medical inflation
- Accommodate lifestyle changes
- Properly secure the health of family members
- Access to good and timely medical treatments
Key Features of Emergency Health Insurance
Now that you know the answer to the question of ‘why do we need insurance’ the next step is to look at some of the features of the best emergency health insurance coverage. These key features are mentioned below.
- Sub-Limits on Room Rent: Some emergency only health insurance policies with a feature of sub-limits on room rent. This sub-limit means that there is only a maximum amount of financial coverage that would be provided to the insured for room rent. Usually, this limit is up to 1% of the total sum insured for general room rent, and for ICU expenses, this sub-limit is up to 2%. You should opt for a health insurance plan without any sub-limits
- Pre-Existing Diseases: When anybody asks ‘why insurance is necessary,’ then the first answer is that it provides pre-existing disease coverage. This disease coverage is important so that you don’t have to shoulder the continuing financial burden of your medical charges anymore. There are several medical health insurance policies that come with pre-existing disease cover. However, in most cases, there is also a waiting period. You should make sure that you get a policy with either no waiting period or the least amount of waiting period possible.
- Co-Payment: Co-payment is a feature in which the policyholder and the insurance provider share the cost of the claim. This is one of the features that make people raise questions like ‘should I take health insurance?’ or ‘how important is health insurance?In all of these cases, one must remember that this feature is not present in every emergency care without a health insurance policy. You do have the option to select a health insurance policy without any co-payment. However, if you are still confused, then you can go through some emergency services health insurance reviews to get a better idea of the policy that you want to buy.
- Network Hospitals: Insurance providers often have tie-ups with several hospitals. These tie-ups are done to ensure that policyholders can get cashless medical services at these hospitals without any hassle. This is an excellent feature that anybody can take advantage of whenever it is required. This is why you must make sure that the insurance provider you select has a wide network of hospitals and some of those hospitals are close to your location.
- Claim Process: The smoother the claim process is, the better it is for an insured or policyholder. This is why you must get a health insurance policy that comes with a smooth claim process. Ideally, there should be complete transparency between the policyholder and the insurance provider when it comes to processing claim requests.
- Total Sum Insured: Selecting the sum insured amount is a decision that should not be taken lightly. You must choose wisely in regards to the amount of sum you want to insure in a health insurance policy. This means that the sum insured amount you select should be affordable and at the same time, it should also be sufficient to provide protection to all the insured individuals.
- Coverage Benefits: Another important factor that one must consider when purchasing a health insurance policy is the kind of coverage benefit that he or she is getting. Different health insurance policies provide different coverage features. Hence, you must select a health insurance policy that provides the coverage benefits that are necessary for you. Some coverage benefits that you should look for are domiciliary expenses, pre-hospitalization, road ambulance, post-hospitalization, and in-patient hospitalization charges.
- Lifetime Renewability: The chances of getting sick and requiring medical treatment get higher with time. This is why you should get a health insurance policy that comes with a lifetime renewability feature. This will make sure that you have the protection that you need even in your old age.
- Exclusions: Exclusions can be defined as conditions under which one cannot make a claim request for the health insurance policy. These exclusions play a very important role in determining whether your claim request will be approved or not.
Because of this, you must carefully go through the list of exclusions before purchasing any health insurance policy. Most health insurance policies have exclusions like self-harm and treatment required due to participation in adventure sports.
If you carefully consider all these key features, then you will be able to arrive at the best health insurance policy for you and your family without any hassle!