Why do Individuals Need Health Insurance Cover?
Health insurance provides
a sense of security to people. It provides protection from risks and unforeseen
circumstances associated with medical emergencies. It suits people in India vey
well, as they are generally known to avoid risk.
Categories of health insurance
Indian Health Insurance is primarily classified into 2 categories:
1.
Cashless Hospitalization
2. Medical Reimbursement
Cashless Hospitalization
Cashless hospitalization is a facility given by an insurance
company (insurer) to the insured (policy holder), wherein the latter is not required
to pay the hospitalization expenses at the time of discharge from the respective
hospital. The payment is made directly by the insurer. However, the prior
approval of the TPA (Third Party Administrator) is necessary to get the
benefits under this option.
Cashless hospitalization can also be of two types:
Planned hospitalization: It is a situation wherein the insured has
prior knowledge of his hospitalization. The duration period may vary from case
to case.
Emergency hospitalization: Over here, the
hospitalization happens all of a sudden as a result of an emergency or
unforeseen circumstance. The hospitalization is not anticipated in advance. Some
of the examples are accident, heart attack etc.
Medical Reimbursement
Medical re-imbursement involves repaying the services
availed during hospitalization and, most importantly, upon the completion of
the treatment. Over here, the insured
pays for the expenses incurred during hospitalization. After getting discharged
from hospital, the policy holder can opt for medical reimbursement. To utilize this
option, the insured has to approach the relevant TPA under which he/she is
covered, fill the requisite form and fulfill all the necessary requirements.
Reasons for not
opting insurance
There are several reasons, which keep people away from health insurance. This is mainly due to
lack of awareness about the insurance services in the markets. Then the several
misgivings about the prevailing insurance policies in the markets also do not
encourage people to go for insurance.
Why Health Insurance is a must?
Never underestimate the significance of Health Insurance. Here
are some reasons for the same:
• It offers financial protection arising out of medical
emergencies
• Perfect solutions to uncertainties and risks which are
prevalent in human life
• Prevention and reduction of unforeseen losses
• Quality healthcare at disposal
• Good way to save money and a foolproof investment option
• Offers financial stability
• A good option to get tax sops in the form of deductions
• Minimizes anxiety and stress due to hospitalization
• Peace of mind is assured
Vitals things to keep
in mind before opting for insurance
The policy coverage:
The policyholder should have clarity on the extent of medical coverage being
offered under the particular health insurance policy before opting for it.
Check for medical
expenses that are not covered: Prior to taking a health insurance policy, the insured should look for the medical
expenses which are not covered under the policy. The deductibles are significant
in any coverage and the expenses incurred during a medical treatment have to be
borne by the individual.
Keeping track of the policy’s
premium due date: A health insurance policy requires the primary insured to
pay premium on a monthly, half-yearly or annual basis. Non-payment of premium
within the stipulated time leads to policy lapse with subsequent break in the
policy coverage of the concerned individual. A break in policy coverage will be
considered as a fresh policy cover.
All said and done, there’s no denying the significance of
having health insurance in place to keep you financially covered if a medical
emergency were to arise.
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