Medical insurance is important to secure a person’s financial future. As medical expenses can cause a huge financial burden, it is essential for individuals to buy health insurance to get cover against high medical bills.
What is a Medical Insurance Plan?
Medical insurance provides the policyholders cover against various medical expenses, such as treatments, hospitalisation, etc. Therefore, a health insurance plan can protect the insured person’s finances.
If an individual doesn’t have health insurance, then he/she might have to pay for the expenses from his/her savings. As medical bills can be very expensive, such expenses can consume all savings. A great way to secure savings is by purchasing a health insurance plan.
What is the Usage of Health Insurance?
- Pre and Post Hospitalisation Expenses
There are various expenses that policyholders might incur before getting a medical treatment and after being discharged from the hospital. These costs are called pre and post hospitalisation expenses. Medical insurance can cover various pre and post hospitalisation expenses.
- Organ Donor Expenses
Medical insurance can also cover organ donation procedures.
- Daycare Procedures
A daycare procedure is a medical treatment that can be finished within 24 hours. There are many health insurance plans that cover daycare procedures.
- Alternative Treatment
A lot of health insurance plans cover alternative treatments like Ayurveda.
- Convalescence Benefit
Under this benefit, the insurer covers the recovery expenses of the insured person. The insurer can cover costs that might arise due to the policyholder’s hospitalisation. For instance, the insurance company will provide replacement for the loss of income of the policyholder due to hospitalisation.
- Daily Hospital Cash
While many health insurance plans don’t provide this benefit, people can buy it as an add-on. Under this benefit, the insurer provides financial help to the policyholder for other medical expenses that aren’t covered in the plan.
- Free Health Check-Up
Policyholders can also avail free health check-ups as many medical insurance plans offer this benefit.
- Attendant Allowance
A medical insurance policy can also provide an attendance allowance to people who accompany the policyholder to a hospital. But this allowance will be provided in case the policyholder is a child.
- Add-Ons
Individuals can buy add-ons by paying an additional premium. Add-ons are additional benefits that can help in enhancing the cover.
Factors to Consider When Selecting a Health Insurance Plan
- Cover
You should compare different health insurance plans based on the cover they provide. By comparing different policies, you’ll know which one meets your requirements.
- Claim Settlement Ratio (CSR)
The CSR refers to the number of claims settled compared to the number of claims raised in a year. It is wise to opt for an insurance company with a high claim settlement ratio.
- Premiums
In order to buy a health insurance policy, you need to pay a premium. Thus, premiums become a very crucial factor to consider when choosing a medical insurance policy. You should compare the benefits offered by different plans. Based on the benefits provided, check the premium of the plans. Thus, you’ll be able to find out the best plan that is affordable.
Buy Health Insurance for Financial Protection
A health insurance plan can protect you from high medical expenses. Therefore, it is wise to purchase a health insurance policy to secure your finances.