Your health is one of the most important aspects of your life, and it is in your best interest to obtain health insurance that will cover you in case of an illness. The health insurance policy is one such financial product that can provide financial protection in the event of your or your family member’s medical emergency. Medical insurance is an essential investment in today’s world due to the increasing costs of healthcare and the increasing cost of medical treatments.
How does health insurance work?
Health insurance covers medical expenses and treatments that you might incur in the course of your life. A health insurance policy is a contract between a person insured and an insurance company, wherein the insured pays a premium and the insurance company provides medical coverage for the insured.
A health insurance policy offers you peace of mind during times of crisis and gives you access to quality healthcare.
Here are some features and coverages of health insurance that you may not have known existed
- Insurance coverage for pre- and post-hospitalization costs
- Expenses related to hospitalization, room rent, and boarding
- Fees for doctor’s consultations
- Fees for ambulance services
- In more than 6000 hospitals, there is a cashless claim facility available
We offer a range of customizable health insurance plans to meet the needs of individuals, families, senior citizens, pregnant women, and critical illness patients.
The different types of health insurance
What are the different types of health insurance policies and what are their benefits? You can choose which type of health insurance policy best suits you by reviewing the various types available in the market.
Health insurance for individuals
Health insurance policies of this type cover a single individual and provide coverage for hospitalizations, medical expenses, and treatments. A person must be at least 18 years old to qualify for the insurance. You can choose from some insured options between USA 40K and USA 50K, and you can renew your policy throughout your life. Individual health insurance premiums are determined by the insured person’s age, medical condition, and medical history.
Family Floater Plan with Health Guard
This family floater health insurance policy provides coverage for the entire family. With these plans for families, the SI (Sum Insured) options range from USA 40K to USA 50K. You can extend the term of your policy for a period of up to three years. In a family floater policy, premiums are determined by the ages, health conditions, and medical histories of the policyholders.
Insurance for critical illnesses
Cancer, heart attacks, strokes, kidney failure, and other critical illnesses are covered by critical illness insurance. If you are diagnosed with a critical illness, you will receive a lump sum payout, which can be used to cover medical expenses and loss of income.
Health insurance plan Silver
Specifically designed for the elderly, this insurance plan provides a wide range of benefits. There is a lifelong renewal option available for this insurance plan, which has an entry age of 46 years to 70 years. The medical treatment you need in your old age is covered by this plan, providing the financial security you need when you reach your later years.
Policy with Extra Care Plus
This is an additional cover you can take out over and above your existing insurance. You can take out this top-up plan if you exhaust your SI during treatment. While these are just a few of the plans that have been discussed here, there are many more plans available on our website. In all plans, there are a fixed set of features, inclusions, and exclusions. In order to avoid any confusion while filing the claim, it is best to thoroughly review the policy wording.
Now that you may know what health insurance is and the different types of plans offered, let us look at the benefits one can gain from health insurance.
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What is the benefit of health insurance?
Benefits of Bajaj Allianz’s health insurance plan are as follows:
Coverage of financial risks
Your health insurance policy helps you manage your medical expenses and reduce your financial burden by providing coverage for medical expenses and treatments. At very reasonable premium rates, we offer maximum coverage with our health insurance policies.
Care that is of high quality
Our health insurance offers you access to quality medical care and treatment, so that you can receive the best care possible.
Health insurance with peace of mind
You and your family are protected against the financial implications of medical emergencies with this policy.
Settlement of claims without hassle
Our claims settlement team is available 24/7. A dedicated Health Administration Team (HAT) helps us settle claims faster and more efficiently.
Benefits of Taxes
A health insurance premium can be tax deductible under Income Tax Act Section 80D.
Tax laws can change at any time, affecting tax benefits. Health insurance can also be purchased and renewed online, which saves time and paperwork. As part of our app, Insurance Wallet, you also get the benefit of health CDC, which allows you to register a claim for medical care
How Does Long-Term Health Insurance Work?
There is another type of health insurance that you should know about. This policy differs from others not because of the scope of coverage but because of the tenure. Have you ever wondered what like is like?We’re here to help.
Health insurance policies in India are offered for a maximum of one year. There is, however, an option to get a health insurance policy that lasts for a longer period of time. By extending the term of your insurance plan for up to 3 years, you can enjoy coverage for a longer period of time and avoid the hassle of renewing your policy every year.
A long-term policy might also save you some money on your premium. Additionally, each year you are claim-free entitles you to a cumulative bonus. Health insurance policies usually cover expenses incurred 60 days before and 90 days after hospitalization, respectively.
What is the Process of Buying Health Insurance?
Hopefully, you now have a clear understanding of what health insurance is, its features, benefits, and other aspects. Now let’s take a look at how health insurance works.
It is based on the principle of risk sharing that health insurance works. The insurance company expects you to pay regular premiums when you purchase health insurance. You agree to pay your medical expenses and treatments in exchange for the insurance company’s coverage.
Your insurance plan’s network hospitals can provide you with medical care or treatment when you need it.Upon receiving the hospital’s bills, the insurance company will verify them and approve the claim.
A successful claim will be settled directly with the hospital by the insurance company, so you will not have to pay anything out of pocket. In the event that your claim is rejected, you will be responsible for paying the medical expenses.
Final thoughts
Hopefully, this article helped you understand what health insurance is and why you need it.To stay covered in the event of a medical emergency, we recommend you get yourself and your family members a suitable policy after thorough research.