Importance of Health Insurance and Factors to Consider Before Opting for it.
As we know that “Health is wealth”, choosing the right health insurance plan for you and
your family becomes a serious decision. It provides you peace of mind and a sense of
security not only for yourself but for your family too. Moreover, it guarantees that you
can always provide them the best chance of getting well in case anything goes wrong. Let’s discuss the importance of health insurance and factors to consider before opting for it.
Importance of Health Insurance
As we know that health insurance plans are explicitly designed to provide monetary
protection against medical and hospitalization costs due to illness or diseases. You feel
more relaxed. You no longer have to worry about the finances when you are protected under a sound health insurance policy. The following are the few benefits of health insurance.
● Peace of Mind
When you have health insurance, the policy will take care of the medical bills and
medication expenses following any serious illness or diseases. You don’t have to pay
anything from your own pocket unless you applied for any deductibles for the treatment.
● Pre and Post Hospitalization Benefits
The medical health insurance policy covers the expenses incurred from pre-
hospitalization for 30 before the admittance into a hospital and post-hospitalization
costs up to 60 days after discharge from the hospital or any other medical institution.
● Cover Your Entire Family
You can include your entire family in a single health insurance policy under one Sum
Insured amount. You can cover yourself, parents, spouse, children, and grandparents
under a single medical insurance plan.
● Domiciliary Treatment
The best health insurance policy also includes the benefits of domiciliary treatments
which is a home-based treatment done during an illness, disease or injury. This could be
due to the patient’s condition, where he/she can’t be permitted to get admitted to the
hospital or due to the lack of room at the hospital.
Overall, these were some of the significant reasons why you must opt for a health
insurance policy. Despite every plan provides overall coverage to the insured against
medical calamities, which one to opt for leaves everyone in a state of dilemma.
However, considering a few factors before deciding about one can ease this daunting
task. Let’s take a look at them.
Factors to Keep an Eye on Before Choosing a Health Insurance Policy
● Network Hospitals
Health insurance companies connect with hospitals, further hospitals provide cashless
treatment to the insured during an emergency. These hospitals are referred to as
Network Hospitals. Make sure that you choose the health insurance plan which includes
your preferred hospitals in their list. Also, pay attention to the accessibility factor as in
an emergency, every second count.
● Claim Process
It is better for the insured if the plan is simpler and offers faster settlement of the
claims. Thus, these two are ideal factors when it comes to the selection of a policy. Best
customer support is an additional benefit one should always look for.
● Selecting the right insurance amount
While selecting health insurance plans, one should select the amount wisely as it
includes the medical expenses for a year. Take your age into account; the younger you
are, the lower the sum insured you need. One should also take a look at their income
levels to understand the affordable premium. Also, make sure you select a sum insured
which won’t fall short during an emergency and whose premium is not too exorbitant.
This feature plays a vital role in selecting a plan. Lifelong renewability refers that one
can renew their existing health insurance plan without much thinking of the age-limit clause. These plans are preferable in comparison to others as one can avail insurance benefits in old age too when it is most required.
● Maternity benefits
With the rising medical expenses, pregnancy costs have skyrocketed as well. It is
important for women to choose a health insurance plan that provides maternity
benefits. Here, one should look into the waiting period applicable for claiming maternity
expenses and consider the sub-limit. The policy must also include outpatient costs and
check for exclusions related to the policy.
● Family Health Insurance
While opting for health insurance plans, make sure that you keep your family members
and their age in mind. Before buying the insurance, consider their present ailments as
well as the family’s medical history. Additionally, confirm with your family members for
any pre-existing diseases before buying a policy.
● The facility of Pre & Post hospitalization
In general, insurance companies offer the benefit of cashless hospitalization during an
unfortunate incident. You should always check if their plan is offering the facility of
pre/post-hospitalization or not.with this facility, the insurance company will not only
refund for the amount incurred during hospitalization but also pay the bills incurred
before & after hospitalization including bills paid for medical tests, medicines, and visits to the doctor, etc.
Overall, it is never advised to purchase a health insurance plan before thoroughly
checking on it. Keep the above points in your mind, read carefully all the details; buy
one best health insurance as soon as possible.
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