What Is Health Insurance ?
Health insurance is a contract in which insurance firms guarantee protection against treatment costs incurred as a result of disease or an accident.
Cashless facility: the company will pay the network hospital the eligible amount directly.
Benefits of Health Insurance Plans In India
Cashless treatment: Insurance companies have a network of hospitals where payments can be made with just an insurance card. In this case, the network hospital receives payment from your insurance company directly.
Pre-hospitalization and post-hospitalization coverage: Before being admitted to the hospital, the employer pays for all of your expenses. After being discharged from the hospital, the company bears the cost of post-hospitalization. Most policies provide 60 days of coverage; however, this can vary depending on the health policy and plan.
Organ donor expenses: The cost of a kidney transplant or any other type of transplant is typically millions of dollars. Having the best health insurance plan can help you handle that cost more efficiently.
No Claim Bonus: If no claim is submitted during the policy’s term, the insurance company will give you a “no claim bonus,” which will lower your next premium rate.
Free medical exams: Companies offer free medical checkups in their network hospitals after viewing a previous no-claim incentive.
Savings on taxes: An insurance plan qualifies for a tax deduction under section 80D of the IRS code. The government places a premium on protecting your health and your family.
| Kinds of Health Insurance Plans | Suitable For |
|---|---|
| Suitable For | Individual |
| Family Health Insurance | Entire Family- Self, Spouse, Children, and Parents |
| Critical Illness Insurance | Used to cover the expenses of a high-priced treatment. |
| Senior Citizen Health Insurance | Citizens of age 65 and above |
| Top Up Health Insurance | When the old policy's sum covered is depleted, this insurance plan comes in handy. |
| Hospital Daily Cash | Daily hospital expenses |
| Personal Accident Insurance | It can be used if the owner or driver suffers any kind of loss or damage |
| Mediclaim | In-patient expenses |
| Group Health Insurance | For a group of employees |
| Disease-Specific (M-Care, Corona Kavach, etc.) | Suitable for those who have experienced or are at risk of experiencing a pandemic. |
| ULIPs | Insurance and investing have a two-fold benefit. |
What are the criteria to consider when selecting the best health insurance plan?
The Age Criteria: One of the criteria to consider while selecting an insurance plan is the age limit. More specifically, some health insurance plans have an age restriction of up to 60 years, while others have a restriction of 25 to 50 years and some have no restriction at all. Family floater insurance premiums are based on the age of the oldest family member, giving the policyholder a variety of options.
The Right Price and Coverage Combination: When choosing a plan, a person should always look for one that provides adequate coverage without sacrificing additional advantages or a low premium. And always look into the reasons for low premiums; one could be a low premium with wide coverage, while another could be a low premium at the cost of insurance coverage, resulting in you paying more at the time of claim.
The Waiting Period Clause : Before purchasing a plan, you should examine the waiting period, which can range from 24 to 48 months depending on your insurance provider. If you have a pre-existing sickness like diabetes, thyroid, blood pressure, or a specific ailment like arthritis, cataract, etc., your claim will not be approved during the waiting period, so compare and choose the one that has the shortest waiting period and provides claim during an emergency.
Benefits of Cashless Hospitalization : In cashless hospitalization, the insurer has a network of hospitals where you don’t have to worry about arranging money or requesting reimbursement. You get the procedure, and your insurer covers the cost. Check to see whether your plan includes a cashless option and if a network hospital is close by.
Pre and Post-Hospitalization Coverage: While most health insurance policies cover expenses incurred while in the hospital, you should compare and select one that also covers costs incurred before and following the hospitalization, such as ambulance fees, prescriptions, medical tests, and doctor fees.
Maternity Expenses Coverage: It’s crucial to remember that maternity coverage usually has a two- to a four-year waiting time before you can claim it. Check to see if your health insurance plan covers the delivery cost and your baby’s medical bills.
Co-Payment Clause: A co-payment clause is one in which you pay a portion of your claim and your insurance company handles the rest. Most businesses will include a co-payment provision if you have a pre-existing sickness and have reached a specific age restriction. Purchase a plan that does not include this restriction.
Claim Process: All we need is a simple settlement in a moment of need. Most individuals overlook this factor when purchasing a plan. Before making a decision, research, read customer reviews, or choose a health insurance provider with a reputation for quick claim settlement.
Top 10 health insurance companies in India September – 2022
Although there is an endless list of insurance providers, choosing one really comes down to personal preference because each company is unique. Nevertheless, the following is a list of the best health insurance companies in India as determined by studies conducted in September 2022:
| Health Insurance Companies | Network Hospital | Claim Ratio |
| Bajaj Allianz General Insurance Company | 6000+ | 85% |
| Tata AIG Health Insurance | 3000+ | 78% |
| Star Health Insurance | 9000+ | 63% |
| Reliance Health Insurance | 7000+ | 14% |
| Niva Bupa | 4500+ | 54% |
| Aditya Birla Group | 6000+ | 59% |
| Digit Health Insurance | 5400+ | 11% |
| Care Health Insurance | 7000+ | 55% |
| TATA AIG | 3000+ | 78% |
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Frequently Asked Questions (FAQs)
Does health insurance cover injuries that occur due to car accidents?
No, despite the fact that many companies advertise that their health insurance policies include accidental coverage, if you carefully read their terms and conditions, you’ll discover that these policies have exclusions that won’t be helpful in the long run. For this reason, it’s best to have personal accident insurance in addition to a health insurance plan to get the most benefit from both.
Do you have coverage for the coronavirus (COVID-19) under your health insurance plan?
Yes, the costs associated with coronavirus treatment are covered by your basic health insurance plan. Additionally, there are specific coronavirus plans available, such as corona kavach and corona rakshak. In-patient hospitalization, pre-, and post-hospitalization expenses, home hospitalization on a doctor’s recommendation, ambulance expenses, ICU room rent, etc. are all covered by your health insurance plan if you buy it before testing positive for corona.
On the other hand, if you choose to purchase health insurance after testing positive for the virus, no insurance provider will cover the cost of your treatment.
On a health insurance policy, what is a pre-existing condition?
A pre-existing disease or condition exists at the time the coverage is purchased. Diabetes, thyroid disease, hypertension, asthma, heart disease, depression, and other disorders are among them.
The pre-existing disease is typically not covered by health insurance since persons with such illnesses must undergo numerous tests and procedures, which can put a financial strain on the insurance provider. Pre-existing diseases may be covered in some instances, though this varies per insurance.
Before purchasing insurance, make sure to review the list of pre-existing disease inclusions and exclusions, as well as the terms and conditions.