Saturday, February 4, 2023

Health insurance to whom? How?


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Health insurance to whom? How? 

Health insurance


A friend in his forties had a sudden heart attack. He was beaten and rushed to a private hospital.

Hospital stay for four to five days.

X-rays, ECGs, angiograms, treatments and bills were long.

The money he had to pay the child’s school fees was turned into his wife’s jewelry and somehow managed to manage the expenses and came out.

When I told him about medical insurance a few months ago, he said, ‘Why don’t you like me, sir?’

It is a superstition that taking medical insurance will cure any illness.

Vehicles have increased. As a result, accidents have increased. From epidemics to cancer, various diseases enter our bodies with unspoken names and rob us of life.

These are all problems that our previous generation did not have.

It is not good that only the beliefs about life do not change when the lifestyle changes. So, avoid hesitation and confusion. Let’s know about health insurance.


Life Insurance and Medical Insurance


The insurance industry in India has been under government control for a long time. As a result of globalization and the implementation of new economic policies, IRDAI (The Insurance regulatory and development authority of India) allowed private companies in the health insurance sector.

Life insurance was the only insurance for individuals apart from auto insurance, professional insurance, when LIC was the largest insurance company.

This situation changed when private companies entered the insurance industry. Insurance companies came forward to provide life insurance as well as medical insurance.

If a person pays the premium amount for certain years at specified monthly intervals and the sum assured is added to the total amount paid towards the end of the policy; Life insurance is also known as life insurance which pays a large sum assured if the insured dies before the policy expires.

Medical insurance is different from this. Most health insurance policies do not offer refund of premium amount if the policy expires.

However, if the insured suffers from any illness and is hospitalized during the policy period, the sum assured will be paid to him in full.

This is commonly ka medical insurance. Moreover, most of the medical insurances are only for the inpatients in hospitals.

If you are treated as an outpatient and then return immediately, there is often no insurance coverage for the treatment of those illnesses.

Individual and Floater Medical Insurance


Medical health insurance is of two types, individual and floater. Individual health insurance is only available to the person in whose name the insurance is taken.

Floater Medical Insurance is for a family.

In which the policyholder and his family members are entitled to benefit from the policy.

Additional benefits


Some medical insurances also provide coverage for delivery, newborn coverage, pre-hospitalization expenses, post-discharge care expenses (nursing fees, doctor fees, physiotherapy etc.)

Schemes like Daily cash are very attractive. But it is better to take insurance after reading the terms carefully and understanding them well.

Policy for pre-existing diseases


It was all those times that if you have any illness you will not get an insurance policy.

Now there are special medical insurances for people with certain diseases.

Some private insurance companies offer insurance facilities for various types of chronic diseases including diabetes, liver, kidney, heart and other chronic diseases.

But these have a waiting period of two to four years.

That is, they will not become operational for a maximum of four years from the date of taking the policy.

Take this policy if you can predict the possibility of illness in advance. For example, people with pre-diabetes can take out a special diabetes policy. People who have recovered from jaundice can take a special liver policy.


Senior Citizen Policies


Old age is the hunting ground of diseases. Aging is an open door to all sorts of ailments, from common colds to life-threatening cancers. Hence, taking health insurance in old age is the need of the hour.

Now many companies are offering special health insurance for senior citizens above 65 years of age.

Some of these also have a waiting period.


Pregnancy insurance


Pregnancy insurance covers from the day of conception till delivery, childbirth and newborn coverage.

This includes medical expenses incurred during each trimester, medical expenses for normal delivery or caesarean delivery, hospital bed rent, newborn care expenses.

Daily hospital expenses


Certain diseases require daily or frequent visits to the hospital.

For example, dialysis patients and those undergoing physiotherapy.

Daily Cash policies are a special plan for such patients.

As per this policy the insurance company will bear the cost of getting those treatments for the specified days in case of any damage.


Critical illness plans


Under this insurance plan, when one takes a policy, a lump sum sum is paid in case of serious illness like heart disease, cancer, stroke during the term of the policy.

It is worth noting that this amount is many times more than what is provided in general medical insurance.


Schemes for specific diseases


Medical insurance is not only available for critical illnesses like heart attack and cancer.

Now medical insurance has also come for serious seasonal diseases like dengue, malaria and swine flu which appear in their respective seasons.

These plans provide coverage only for that particular disease. They provide coverage for everything including tests, hospital fees, doctor’s fees, medical expenses to diagnose that particular disease.

Floater plans to cover the entire family are also currently in place.


Accident insurance


Accident policy is different from medical insurance. This insurance covers minor and major accidents that occur during travel, work at workplace etc.

Also, the entire sum insured is provided in case of loss of life in that accident.


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