Know Your Health Insurance

With an increase in health issues, the need to have strong financial stability to face any medical emergency has increased by leaps and bounds. Health insurance is your best friend when you are hit by any medical emergency. By providing you with the financial coverage, it trims downs the burden on you and your family’s shoulders.

Though buying health insurance online is a matter of need and not a matter of choice, a major part of the Indian population is still ignorant regarding the same.

The reason is that, there is less awareness and knowledge amongst the masses. So, know your health insurance better with us.

  • It helps deal with sudden shock: Medical emergencies are always unpredictable. Apart from deep emotional, mental and physical shock, they bring financial insolvency along with them. The figures in the hospital bills touch the sky and are difficult to pay off in one go. Hence you need health insurance as it lessens the burden.
  • Buying health insurance online will help you save: Yes, buying health insurance online is affordable, convenient and quick compared to buying it form any agent. You can easily save 5-10% of your premium rates.
  • If in a particular year, you haven’t raised any claim then you are eligible to avail no claim bonus.
  • Every health insurance plan comes with limited help. The remaining expenses would be paid by you. So, compare the health insurance plans online to know which plans offer the maximum coverage at the same premium rate.

Facts About Health Insurance

  • If you are a male then you are going to pay more premiums compared to your female counterpart.
  • If you are suffering from any underlying issue, chances are high that you are going to make most of your health insurance. However, some of the ailments are not included by default by the insurance providers.
  • Availing treatment from hospitals and doctors not under the panel of your health insurance provider will lead to the claim rejection. So, it is better to cross check whether the medical service provider is under the panel of your health provider.
  • You can cover your entire family under the same health insurance plan. So, there is no need to buy separate plans for each member. With this, the probability of using your health insurance is high.
  • If you have health insurance than you are free from the burden of paying ambulance transportation charges.

Risks Of Buying Health Insurance

Though buying health insurance is a beneficial deal in most of the cases, there are some risks involved in it as well.

  • It comes with a whole set of limits and sub-limits: Usually, your health insurance comes with a whole set of limits and sub-limits to raise a claim. In some cases, they are so widespread that it deprives you of availing help in case of medical emergency. So, even if you are paying your health insurance premium on time, there is no guarantee that it will help you out when you need it, as not all the treatment is covered in it. For instance, you have to bear the cost of any beautification service like Botox treatment or mole removal. Though you would be visiting a certified dermatologist and undergoing a needle and laser treatment, your health insurance provider is not going to pay for you – not even a partial payment.
  • It is helpful only if you are hospitalized: Your health insurance is going to help you only if you have such a severe medical condition which leads to hospital admission. Your OPD charges and a visit to the nearby doctor for regular consultation are not going to be paid by your health insurance provider.
  • It is going to co-pay you only: Buying health insurance doesn’t mean that all the expenses would be paid by the insurance provider. It will only pay for your medical expenses up to a certain level. If your expenses exceed beyond a certain level, then you have to bear it.
  • It is costly if you are already suffering from any medical condition: Do you have cancer or diabetics? If yes, then you are going to pay a high premium for your health insurance compared to your healthy counterparts. This is one of the major drawbacks – it costs more to those who need it the most.
  • It is usually highly cumbersome: The process of getting health insurance is usually cumbersome as you have to get various tests done to ensure that there are no underlying medical issues with you. As the health insurance policy for healthy individuals is different from those suffering from any health issue, you need to get a medical check-up done, to validate your health condition. It is both time-consuming and cumbersome.

Leave a Reply