Health insurance

An old quote rightly states that health is wealth. Maintaining your physical well-being is the most priceless asset of all. Sometimes, there may be instances that severely affect your health. It can be a period of unmeasured stress, overwhelm, cluelessness and anxiety. The burden of the unanticipated financial stress of a medical emergency is often the biggest cause of these issues. Providers have devised specialised health insurance plans to help you manage the monetary consequences. This blog will take you through all the essential details about these plans and why you should get one. We will also look at the popular providers and compare their plans.  

What is health insurance? 

You may have heard of “insurance” as a popular way of managing costs in emergency instances. Over the years, people have devised insurance plans for various commodities and life instances. Out of all these, health insurance is the most widely accepted and used form of cost coverage plan. Health insurance is a legal agreement between a provider and a company that covers all medical expenses incurred from an accident or illness.

It helps manage your costs in one of two ways: you will either be reimbursed for your medical bills, or your respective healthcare provider will be paid directly through your insurance plan. The way your insurance works will depend on your care provider’s discretion. Insurance and healthcare providers work collaboratively to help patients feel secure and financially liberated when seeking medical assistance.

A well-equipped health insurance plan allows you to get the best quality treatment without having money-related stress.  

Benefits of health insurance

The ever-increasing costs of medical procedures and equipment are a concern for all. However, expenses shouldn’t come from people’s access to good quality healthcare. Buying a comprehensive health insurance plan makes you eligible for the following benefits.

• It includes many medical-related costs, which can cover charges of pre and post-hospitalisation, ambulance, diagnostic tests, medicines, home treatment, etc. 
• You are protected against all types of medicinal threats, big or small. 
• Providing a “cashless” facility under insurance allows you to get treatment without the hurry of paying in emergencies. 
• Avail of complementary health check-ups as a bonus.  
• In addition to hospital-related expenses, you can also claim the charges of alternative health treatments such as Ayurveda, Homeopathy, Yoga, etc. 
• Certain insurance plans also offer special maternity expenses provisions, especially for young and expecting couples.    
• You can have a seamless and hassle-free claim registration process through an efficient procedure.

Why should health insurance be the first financial product people buy?

One thing certain about life is the level of uncertainty one may face. Particularly after the onset of the Covid-19 pandemic, people have started prioritising their physical well-being and taking preventive measures to deal with it. If you are still trying to figure out what you can do to keep your health in check, consider investing in a suitable insurance facility. Having your health plans insured is a good financial investment for the following reasons. 

• You are safeguarded against rising medical procedures/equipment prices through secured payment plans. 
• Spare your savings from heavy transactions by having a third-party pay for your medical expenses. 
• Reap the benefits of tax exemption through a legally regulated insurance scheme. 
• Get the reassurance of having necessary monetary support through every situation and attain the right peace of mind. 
• Protect yourself against the rising challenges of lifestyle disorders by having your well-being insured.
• Have optimum and secure financial planning by having your expenses sorted out for the rest of your life. 

These reasons combine to make health insurance plans a wise monetary purchase for everyone. If you need guidance on when and how to get insurance, reach out to our Credvisors and get professionally experienced inputs. 

Critical illnesses and other aspects covered under health insurance 

By now, we know that health insurance looks after day-to-day medical emergencies. However, some health issues can be more severe than others. Because of their gravely severe nature, they may only sometimes be included under your average plans. Special provisions for critical illnesses and pre-existing chronic conditions are set to address this issue. Let us understand these issues in more detail to give you an idea of what they entail. 

Critical illness policies are tailored to look after long-term and life-threatening diseases. Under this facility, the policyholder is offered a lump sum to manage the disease. The recipient can utilise the sum in any part of their treatment. Broadly, the following illnesses are considered under this provision.

• Cancer 
• Heart attack
• Organ transplant 
• Paralysis 
• Coronary bypass
• Stroke   

In instances of pre-existing diseases, you must have been diagnosed with a chronic illness 48 months before the date your insurance is registered. When you apply for PED claims, there is a “waiting period” during which no other claims are accepted. This phase can last anywhere from a few days to even years. 

Comparison of health insurance facilities across leading providers 

To give you an idea about the existing insurance plans in the market, we have tabulated the ten leading providers and compared their plans based on the facilities offered. 

If you want to make an informed choice on which plan is the most suitable for you, consult with our Credvisors. They can tailor plans as per preference to provide you with a convenient and affordable insurance policy.

Things to remember when picking a health insurance plan 

With endless options for health insurance plans, it can feel challenging to choose the right one for yourself. There is no one-size-fits-all answer for which is the most suitable plan. Every person’s definition of best may vary, depending upon the requirement. To make an inclusive and informed choice, you can assess the following criteria and calculate which plan offers the most convenient options.

• Inclusions/exclusions: Stay mindful of all the facilities included or excluded in your individual plan. Check if the available features align with your preferred treatment plans. 

• Age criteria: Applying for health insurance at a younger age gives you better facilities and a premium amount. Even if you buy plans for a family member, their age bracket determines plenty of their plan’s facilities. 

• Co-payment clause: A co-payment refers to the policyholder’s agreement to pay a percentage of medical expenses from their own pocket. Ensure you are clear about your policy’s co-payment clause before signing.

• Claim process: Ask your provider how they manage their claim settlement and ensure they have a convenient and hassle-free process. 

• Renewability: Make sure to enquire about the renewability conditions with your existing provider to get maximum benefits with each passing term.  

• Claim settlement ratio: Health insurance CSR refers to the number of settled claims against the total claims available in a year. A high ratio is highly indicative of the company’s efficiency and speed. 

• Network hospitals: Assess if your plan has a good outreach and a high affiliation standard with your preferred hospitals. 

With that, we conclude our discussion about health insurance plans and their necessary details. If you want to know details or buy a plan for you or your family, get professional guidance from our certified Credvisors. We will be more than happy to help you make informed and fulfilling financial decisions.