Health Insurance

What is health insurance?

Health insurance is an agreement between the insurance company and the insured customer where the insurance company agrees to settle the claim in case of hospitalization due to an accident or illness in return for a considerable amount to be paid which is known as Premium. The agreement is valid only for a period of the mentioned policy term after which the policy has to be renewed.

Is health insurance important?

Health insurance is one of the most important financial planning tools available in the market. Without a health insurance you might be forced to dig out your savings and liquidate your assets in case of hospitalization. There are few people who take out personal loans to settle their hospital bills as there was no health insurance policy for them.

Is hospitalization always necessary to get a claim?

Health insurance is mainly taken in case of hospitalization due to an illness or accident. There is a provision in health insurance policy to get the claim without hospitalization; this provision is known as the domiciliary treatment where the insured customer can get treated for his/her illness or disease from one’s home. In health insurance there is provision for OPD also known as Out Patient expense which doesn’t require hospitalization. Hence, hospitalization is not necessary to get a claim in health insurance.

Is there an age limit up to which the policy would be renewed?

Yes. In general there would be the minimum and maximum age limit for every type of health insurance policy. The maximum limit in general would be 60 or 65 years in most of the health insurance policies available in the market. There are several health insurance policies in the market which are known as “Senior citizen health insurance” which provide health insurance coverage to senior citizens. It is advisable to check with our agent before taking the health insurance policy.

In patient Treatment:

In patient treatment is when a person goes to a hospital for any disease or illness related treatment and get admitted there for more than 24 hours. The treatment could be for any kind of illness or disease which is covered under the health insurance policy. The inpatient treatment includes the cost of operation or surgery, doctors fees, medical equipment used for treatment, attendant’s fees etc. The Group health insurance as well as the Individual health insurance or Family health insurance covers the inpatient treatment costs up to the sum insured mentioned in the policy copy.

Maternity Benefit:

One of the main reasons to opt for Group Health insurance is the Maternity benefit available under it. While the Individual or Family health insurance policies have a waiting period of at least 9 months, a group health insurance policy provides maternity cover from day 1. All the individual health insurance plans have a waiting period which ranges from 9 months to 3 years before claiming for maternity. Few insurance companies offer the maternity cover as an add-on while the other insurance companies provide the maternity cover in built in the basic individual health insurance policy.