How Health Insurance protects you from Health and Financial Risks

A sudden illness is everyone’s peril. No one knows when he or she will fall sick and if the illness is serious, there will be considerable medical costs involved in getting cured.

Health insurance provides cover against such medical eventualities. The concept is simple to understand: if you have a health insurance cover, then the insurance company will reimburse the cost of your treatment, hospitalization, etc., up to the limits specified in your policy.

Health insurance is indispensable for everyone

Over the years, medical costs have skyrocketed. Treatments for major illnesses like heart problems, cancer, diabetes, etc. cost a fortune now, and can easily set you back by several lakhs of rupees. Needless to say, this becomes a severe strain on your finances. In fact, it is not uncommon to hear incidents where people have been forced to spend the last rupee from their savings to pay their medical and hospital bills.

A health insurance provides you a safety net from such an instance occurring and is one of the most important types of insurance which everyone should have. It is indispensable for people from every part of the society, especially those from the poor and middle class. You too should buy a health insurance cover for yourself, as well as your near and dear ones to get a complete peace of mind.

Risks of having no or inadequate Health insurance

Apart from the financial risks of having to incur the high cost of treatment from your savings or borrowing at high interest rates, there are certain emotional risks for not having a health insurance plan in place. When a near and dear one is in the need for urgent medical attention, then money will be the last thing that you would want to worry about. Apart from that, if you have to approach someone you know for a loan at that time, it will reflect a bad image on your money management skills. Having a health insurance will save you from all these problems.

Health insurance benefits:

Depending on the insurer and the features of the policy that you have purchased, a health insurance may cover the following:

  • Inpatient Hospitalization expenses (which include the cost of hospitalization for more than a day),
  • Day Care expenses for medical procedures that can be completed within a day,
  • Domiciliary Hospitalization expenses,
  • Pre & Post hospitalization expenses,
  • Expenses for donor and recipient in organ transplant surgeries
  • Doctor’s fees,
  • Ambulance charges,
  • Cost of medicines,
  • Free medical check-up, etc.

Health Insurance offers Cashless Facility

The cashless hospitalization facility is one of the major health insurance benefits that you should look out for. This is an important feature which helps you in many ways. Consider a situation: what if someone falls sick in the middle of the night, or there is an accident which happens suddenly? It is important that the sick and injured is hospitalized at the earliest in such cases. If there is not enough cash available at home at that point of time, then should you worry about arranging the money, or hospitalize the patient immediately?

This is where the cashless facility comes in extremely handy. Under this facility, the patient can be hospitalized without having to pay anything upfront. When the bill is raised by the hospital, the insurance company takes care of it and pays it off fully or partially depending upon the extent of health insurance cover the policy provides. In times of emergency, this facility proves to be extremely convenient and provides a lot of mental peace.

Another indirect benefit that comes from taking up an insurance policy is that most of the insurance companies insist on routine medical tests for anyone who seeks an insurance cover beyond a particular monetary limit. These medical tests often help in getting diseases detected at an early stage, and have helped save many lives.

One word of caution here: not every health policy covers every type of illness. So, before you purchase a health insurance cover, carefully go through the exclusions. This will help you to avoid negative surprises later.

How to buy health insurance in India?

In India, many general insurance companies provide different types of health insurance policies to suit the needs of various categories of people. The insurance premium also varies widely depending on how much health insurance cover you need, your age, your existing or past medical status and the benefits that you want to include in the policy.

The problem is that, due to a large number of policies available in the market today, deciding on the best one for yourself might prove to be very confusing. This is where the insurance web aggregators like comparepolicy.com prove to be very handy. You can access the information about the health insurance policies being offered by all the major insurance companies, and compare their features at a click of a button on their website.

If you need any help in choosing the best policy for yourself or your near and dear ones, then you can seek the help of the insurance experts in their team who will come up with their recommendations based on your profile, age, coverage needs and the policy benefits that you required. They will even help you to purchase the policy online seamlessly, without having to fill up a single form or write a check.

Comparepolicy.com makes the complicated process of buying a health insurance very easy and every transaction that you do through them is completely transparent, secure and is kept strictly confidential.

Go ahead and buy a health insurance cover for your family and yourself if you already do not have any. The premium that you will have to pay will be small as compared to the safety and mental peace that you will receive in return.

Harjot Singh Narula

Harjot Narula is founder and CEO of ComparePolicy.com, an IRDAI approved insurance web aggregator focussed on selling online insurance for companies. Harjot has more than a decade of experience in software development and has also spent 5 years in US working for the mortgage and risk management industry.

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