How to meet finances during medical emergencies

Health is the most precious gift that god’s showers on people. A good health helps you stay mentally strong and physical competitive to perform your duties and responsibilities at the par. Work hard, earn lots of money and live a lavish lifestyle with family is what most of the people aim in life. A slight health issue at times like viral fever or cold leaves you mentally deteriorated. Although good health can be procured through fitness levels and balanced diet unfortunate incidences like sudden accident or any critical illnesses never come knocking at your door. These are unexpected incidences for which you need to be prepared psychologically and most importantly financially.

However, with growing medical costs, operational & surgical costs, and complex treatment managing finances for this criticality with regular source of income seems almost impossible. Therefore, the best way to secure finances in place for you and your family would be purchasing suitable health insurance policy.

Today, markets are flooded with loads of health insurance policies offered by dozens of general insurance companies who believe in offering tailored solutions for customers.  However, since the market is widening the scale it is important you have sufficient understanding about the health cover products that you hold, to avoid any hassles and complication during the claim:

The article guides you through some of the points to remember while purchasing health policy:

Pre-Existing

Pre-Existing illnesses are those that exist before you purchase the policy. Most insurers will not cover such illnesses atleast 2-4 years to the first policy. So, after 2-4 years of continuous policy cover, the insurance company will consider covering these diseases.

Waiting Period

All health insurance policies come with a waiting of usually 30 days. Check with your insurance provider about this and ensure that you have sufficient corpus to meet your health needs if at all any incident is occurred during this time. The critical illness cover from a life insurer usually specifies a waiting period of 90 days. During the waiting period, you will not be covered.

Minimum Hospitalization

In order to claim hospitalization benefits, the insured person should have been hospitalized for a minimum of around 24 hours. Such condition doesn’t apply for hospitalization due to accident.

Cashless Claim

When you avail cashless claim you don’t have to pay any cash while getting admitted to a network hospital with which the insurer has a tie-up with. The bills can be settled by a third party administrator on behalf of insurance company. All you need is to provide policy details and move out relaxed from hospital. In non-network hospital, you need to settle the bills first and then get reimbursed by the insurance company. An intimation of hospitalization to the Third party administrator within 24 hours of hospitalization has to be provided while availing cashless hospitalization facility.

Exclusion

There are standard exclusions across all health insurance policies. Cost of dental treatment, venereal disease, AIDS, congenital diseases, intentional self-injury, etc. usually fall under standard exclusions.

Grace Period

A grace period of 15 days is allowed in health insurance policies for the premiums to be received for a certain period of time after the premium payment date.

Critical Illnesses Cover

This cover usually looks after the illnesses mentioned in the policy document. Surgical cash benefit covers specified surgeries. Therefore, it’s important to read the policy document and familiarize yourself with the illnesses and surgeries that are covered.

Health insurance policies offer you financial shelter during the rainy days of health crisis. It is important to understand various parameters associated with the policy to make an efficient claim. Finally, online is the best place where you can compare health policies in terms of premium costs, benefits and features, discounts & offers, flexible payment modes and hassle free claim procedure.