A health insurance policy: what is it?
Health is among the most vital aspects of your existence, and it is beneficial to be covered by insurance plans that protect you should you have any health issues. The health insurance is a financial product that will take control of your finances in the event that you or family members in your household suffer from an emergency medical situation. Health insurance is a vital purchase in this day and age in which medical expenses are rising and healthcare has become costly.
What exactly is health Insurance?
Insurance for health is form of insurance which provides insurance for medical costs and treatments. It is an agreement between the insured and the insurance company in which the insured pays an amount of money to secure the assurance of the insurance company that it will pay the medical expenses of the insured person or persons. A health insurance policy will give you security in situations of stress and offers you with high-quality health services. If you’re now aware of the basics of what health insuranceis and what it covers, take a look at the benefits and coverages offered by the health insurance provided by Allianz.
- Protection for hospitalisations both pre- and post-hospitalisation costs
- In-hospital coverage including room rent and boarding costs
- Consultation fees for doctors
- Charges for ambulance services
- Cashless claim service is available at more than 6000 hospitals in the network
Numerous health insurance plans that can be customized can be arranged to meet various needs including for family members, individuals and seniors pregnant women, patients with critical illnesses and more.
Types in Health Insurance
Are you curious about what the various kinds of insurance plans for health are, and how each medical insurance coverage like? Here’s a quick description of the different kinds of health insurance policies offered on marketplace, all having the benefits and features it comes with to allow you to pick the one that suits you best.
Individual Health Insurance
This kind of health insurance policy protects one person, and offers insurance for medical bills, hospitalisation and treatment. It is available to those aged 18 years or over. It has the option of sum insured ranging between INR 1.5 lakhs up to INR 50 lakhs. It also includes a lifetime renewal option. The price of the individual insurance plan is determined by the age, health condition and medical background of the insured.
Health Guard Family Floater Plan
The health insurance plan for families protects the entire family in one policy. This policy’s SI (Sum Insured) options vary between INR 1.5 lakhs up to 50 lakhs in the plans designed for families. The policy term options provide extended protection for a maximum of three years. The cost of the Family floater insurance plan is determined by the health condition, age as well as the medical histories of family members who are covered by the policy.
Critical Illness Insurance
Critical illness insurance can be described as a kind in health insurance policies that provides coverage for certain critical illnesses like heart attacks, cancer or strokes, as well as kidney failure. The policy pays an amount in lump sum upon being diagnosed with the illness that can be used to pay for medical expenses and income loss.
Silver Health Insurance plan
This plan of insurance is made to meet the needs of people who are elderly. The minimum age to join this plan is 46 to 70 years old with an option to renew it for life. This plan will provide the financial security you require to live into your old age by ensuring you are covered for health care you require as you age. *
Extra Care Plus Policy
It’s an additional insurance plan that you can avail, in addition to your current insurance. This is a supplement plan that could prove useful should you use up your SI in the course of treatment. * Although these are just a small selection of plans we have described in this article, there are other plans and top-up cover that you can look up through our web site. All plans come with a list of features, inclusions and exclusions. It is highly recommended to read through the policy’s language to avoid confusion when making the claim.
You now be aware of the definition of health insurance and the various kinds of plans that are available Let’s examine the benefits that one could reap by having health insurance.
Benefits of Health Insurance
These are the advantages that come with the plan for health insurance that is offered through Allianz:
Financial Coverage
Health insurance offers financial protection for medical costs and treatments. It will help you control your expenses and ease the financial burden. Health insurance policies from us provide the most comprehensive coverage for a reasonable cost.
Quality Medical Care
Through our health insurance, you are able to access high-quality medical treatment and care to ensure you get the highest quality medical treatment.
of Peace of Mind
Insurance for health gives you peace of mind knowing that your family and you are secure from cost of medical emergencies.
Claim settlement that is hassle-free and no cost
We provide 24 hour assistance with claims settlement. We also have our own inside Health Administration Team (HAT) to speed up and improve efficiency of claim settlement.
Tax Benefits
The cost of health insurance is tax-deductible benefit in accordance with Section 80D under the Income Tax Act.
Take note that tax benefits are subject to change in tax law. Additionally, you can purchase renewal and purchase medical insurance online, which could reduce time and headaches associated with large documentation.
What is long-term health insurance?
There is a different type of health insurance that is worth knowing about. But, what distinguishes this insurance policy from other kinds is not the amount of coverage, but rather the duration. Are you pondering what this policy islike? Let us assist you. The shortest time frame for medical insurance coverage for health insurance in India will be one year. But, there’s the option of getting an insurance plan for longer than one year. It is possible to extend the term of your insurance policy for up to three years and provide the protection you need for a long period and takes away the hassle of annual policy renewal. It is possible to earn savings on your premiums by choosing an insurance plan that is long-term. It is also possible to take advantage of the cumulative bonus that accrues for every year that is not a claim-free one. Many health insurance policies offer coverage for hospitalization and post-hospitalization costs that have been incurred within 60 days prior to hospitalization, or 90 days following hospitalization, respectively.
What is Health Insurance Work?
At this point, you should be aware of the definition of health insurance as well as its benefits and benefits, in addition to different aspects. Let’s look at how health insurance functions. Health insurance operates by utilizing the concept of risk-sharing. When you buy health insurance, it is required to pay premiums regularly with the company that you have insurance. In exchange the insurance company agrees to pay for medical expenses as well as treatments in the amount of the assured. If you require medical treatment or medical treatment, you may go to any of the hospitals in the network that are part of the health plan you have purchased. The hospital will forward the medical bills for payment to insurance companies, who will examine the bills and accept the claim. When the request is accepted insurers will settle the charges in direct contact with the hospital and you will not be required to pay anything from your the pocket. Should the request be not approved the patient will be required to cover medical expenses yourself.
Why Should You Get Health Insurance Right Now?
Just knowing the definition of health insurance but it’s not enough. One must understand its importance and significance in our current world. The requirement to have health insurance is not obligatory in India in accordance with the law, however it is an essential requirement to be able to access a hassle-free medical care and managing your medical costs. Here are a few reasons you should get health insurance today:
Rising Healthcare Costs
Health insurance plans help you with your finances in the event that you or family members undergo medical treatments. The cost of medical procedures and medications are rising rapidly which means that even basic treatment is impossible for most people. Health insurance offers financial protection for medical bills and treatments that will help you control the cost of your treatment and lessen the financial burden.
Saves Your Money
Without coverage for medical costs can cause a major cost to your savings. Health insurance can provide financial protection for medical expenses. This will secure your savings and investments. This is why the health insurance is the most effective tool to reduce your expenses out of pocket and help you keep money in savings.
Totalization Cashless
You might have heard of the phrase “cashless health insurance’ and be thinking about about health insurance with no cash. It is a benefit of health insurance in which hospital bills are paid directly by the insurance company. This option is available by visiting hospitals in the network. * With a wide range of hospitals in network across the country, we make sure that regardless of where you reside you and your family members get the highest quality medical treatment without the need to cover the cost of medical bill.
How do you choose the Best Health Insurance Plan?
Selecting the best plan for health insurance plan is difficult, especially given the wide variety of options on the market. Here are some things to take into consideration when choosing the best medical insurance policy:
Coverage:
The protection offered by health insurance plans is an important aspect to think about. You should ensure that it provides complete insurance for medical expenses and treatments, as well as the costs for hospitalizations and other pre-hospitalization treatments.
Hospitals in the network:
Find out if your health insurance plan you are considering has connections with the network of hospitals within your local area. This will make sure that you have quick access to top-quality medical services and treatment.
Premium:
The cost for a Health insurance policy is a crucial aspect to take into consideration. You must ensure that the price is reasonable and within your budget.
Claim Settlement Ratio:
Find the ratio of claim settlement for the insurance company before deciding on an insurance policy for health. A high ratio of claim settlement suggests that the insurance company has an excellent track record in paying claims in a timely and easy claim settlement.
Exclusions:
Review the exclusions on your Health insurance plan to know what isn’t covered by the policy. Make sure you’re aware of any exclusions prior to signing up for the plan.
Co-payments or Deductibles:
The deductibles and co-payments are the amount that you have to pay out of your pocket prior to the time that the insurance company begins to cover medical costs. Make sure you know the co-payments and deductibles of your health insurance plan prior to choosing the plan.
Which plan should you buy for one that is a Mediclaim Plan or a Critical Illness Insurance Plan?
Both Mediclaim and critical illness insurance plans provide the financial protection needed to cover medical expenses, they’re created to address different requirements. These are the main differences between them:
Coverage:
Mediclaim Plans cover hospitalization fees as well as medical costs and treatments. Critical illnesses insurance plans cover critical illnesses, such as heart attack, cancer stroke, stroke, and kidney failure. *
Payout:
Mediclaim plans cover the actual cost of expenses, whereas the insurance for critical illnesses pays out a lump sum on diagnosis of the serious disease.
Premium:
The cost for critical illness insurance plans tends to be higher than Mediclaim plans because the insurance is only for certain critical illnesses.
Exclusions:
The exclusions for both plans differ and it is important to know what isn’t included in each plan prior to making a decision about them.
Be aware that health insurance and Mediclaim cannot be utilized in conjunction. It is essential to research each one and comprehend the distinction between health insurance and Mediclaim to ensure that you don’t make a rash purchase in a hurry.
What is the Claim Process for Healthcare Insurance?
Health insurance claims are able to be recorded either in person or online. If you want to register your claim offline you can contact our toll-free number 1800-209-5858. Our executive will help you through the entire process of registering a claim. To register online it is possible to follow these steps:
Claimless cash
If you want to make a claim that is not cashless it is necessary to contact the hospital network with your insurance details. The hospital will check your details and forward the pre-authorization form to your insurance company. The form is inspected by the insurance provider, and it will send the details of the policy and coverage to the hospital when the claim is accepted. The insurer may also send a query note seeking more information of the institution.
Demands for reimbursement
If you don’t visit a hospital that is part of a network the next step is to file a claim for reimbursement. In this scenario you must collect all the necessary documents from the hospital, and then send them for the insurance provider. Insurance companies will review the documents and decide whether to approve or deny the claim. If it determines that certain documents are not present, it will notify you, and start the process of claiming once you have submitted all remaining documents. You may also choose to enroll in several health insurance policy and claim the benefits in several plans of health insurance.
Conclusion
This article hopefully given you a better understanding of the meaning of health insurance and the importance of it. We suggest that you purchase yourself as well as your family members good policy that is based on extensive research and compare to be protected in the event of a medical emergency.
