Medical insurance is an agreement where insurance companies agree to take a guarantee of compensation for expenses of medical care in case the insured falls to ills or meets with an accident that leads to hospitalization. Normally, insurance companies have a connection with the hospitals, so they can provide cashless treatments to the insured person. That’s why medical insurance is important.
The government also promotes medical insurance by providing a deduction from the income tax. Purchasing medical insurance for your family and yourself is important because medical care is expensive, especially in the private sector hospital. And hospitalization that leads to a burn hole in your pocket and derails your finances. So, that’s why medical insurance is important.
Have you ever thought about it? That the person in your family who brings money is now in a hospital bed at that time it’s so tough to manage every finance. All this can be avoided if you have medical insurance. So, that’s why medical insurance is important. Usually, The sum assured for the medical insurance plan doesn’t exceed 5 lakh rupees. Here, in this article, we were going to know some benefits of having medical insurance.
7 Benefits of having Medical Insurance.
A good medical insurance policy would normally cover expenses that are made towards doctor consultation fees, charges of the ambulance, costs of hospitalization, medical tests charges, and even post-hospitalization recovery expenses to a certain extent. Now, let’s know the 7 benefits of having medical insurance.
- Medical checkup: Medical insurance policy provides options for medical checkups. A free medical checkup is also provided by some insurers based on your no-claim bonus (NCBs).
- NCB (No claim bonus): NCB is nothing but a bonus element that is only paid to the insured if the insured does not file a claim for any services or treatments in the previous year.
- Cashless treatment: being an insured person, you can get cashless treatments as your insurance company would work with connections within various networks of hospitals.
- Post and pre-hospitalization cost coverage: medical insurance policy can also cover post and pre-hospitalization charges up to the period of 60 days, depending on the buying medical insurance plans.
- Prices of transportation: medical insurance policy also covers the amount that is paid to ambulances towards the insured transportation.
- Rent of a room: your medical insurance policy may also cover the rent of room expenses depending on the premium that is paid by the insured.
- Tax advantages: medical insurance premium paid also covers the tax-deductible.
Remember, the benefits or advantages of medical insurance can vary from one insurance company to another so be careful with these insurance companies. Now, as we read above the benefits and advantages of medical insurance. Now, let’s know about the types of medical insurance that you should know about.
Types of medical insurance
Medical insurance covers hospitalization expenses, treatment expenses that are due to an accident, and other specific diseases. Usually, it comes with the pre-decided sum assured. Medical insurance policies premium is formulated the proposer’s age, location, gender, and the duration that is opted of the insurance preferred plan. Remember, medical insurance doesn’t offer any add-on coverage.
Medical insurance plans are processed in the form of reimbursement as well as cashless treatment. Insurance plans can be purchased on an individual as well as for family floater-based. A family floater policy plan, covers self, dependent children, spouse, and the dependent parents.
There is no flexibility in medical insurance when it comes to coverage. The features of medical insurance vary from insurance provider to insurance provider. Usually, different medical insurance providers provide different-different medical insurance coverage. As we got the importance of medical insurance above. Now, let’s discuss the types of medical insurance you need to know.
- Family medical insurance
Under this family medical insurance policy, an individual can include all the family members he or she has against various diseases under a single cover. Family medical insurance plans offer you a fixed sum assured for the family members, which can be availed by all the family members or any one of the individuals from the family member.
- Individual medical insurance
Individual medical insurance is only for the individual person not for the whole family. This medical insurance policy covers the medical expenses and hospitalization expenses of individuals who have taken the policy. Under this policy, the premium is determined as per the age of the insured.
- Personal accident medical insurance
This policy covers all the expenses of medical care such as hospitalization expenses in the event of an accident. And the premium amount is depending on the amount of cover taken by the insured.
Senior Citizen medical insurance plan
Senior citizen medical insurance plan is designed especially for senior citizens or individuals over 60 years of age that offer protection from health issues during old age.
- Surgery or critical illness insurance policy
Surgery or critical illness insurance policy is suitable for the insurer that requires treatment on a critical illness such as paralysis, heart attack, cancer, and kidney failure, etc. As we know, the medical treatments of all these treatments are very high, the premium applicable to all these types of policies is also high. Critical illness may be or may not be provided in the medical insurance. So, do clear it with your agent or insurance company.
- Maternity medical insurance plan.
Maternity medical insurance policy covers costs, including postnatal and pre-care, child delivery expenses of newborn babies. It also covers the newborn up to a certain period of time mentioned in the policy plan. Even ambulance costs will also be covered.
Unit linked medical insurance
Unit linked medical insurance policy provides a unique combination of insurance and savings both at the same time. This insurance policy helps you in building a corpus that can be availed to meet these expenses which are not c
It’s not easy to get the right medical insurance policy you need. As we know, all insurance companies provide similar medical insurance policies but not the same. Hence, here are some of the important points you should consider at the time of finding the right medical insurance you need, that suits all the conditions. So, let’s get started. Firstly, you should know the sum assured by the insurance you chose.
After that, the minimum entry age and renewability clause that you should know about before having a plan. Then. the room rent capping, inclusion, and exclusion, and last but not least no claim bonus or other benefits. Do read 2 to 3 times your insurance papers before getting it started. Be Careful, from the fraudsters. Do not choose those companies whom no one knows about, always choose the popular companies.
After choosing the right medical insurance they will ask you for some documents such as an age proof document, an identity proof, an address proof and some plans that require a medical check-up, and lastly a passport size photo of the insured one.
As we know, no one knows what is going to happen in the future. Any disastrous moments can come anytime in your life to ruin your life. Maybe the person who brings money can get hospitalized. So, to not get stuck with those unexpected moments, medical insurance is important. At that moment, we realized why medical insurance is important. Nowadays in this covid situation, we get to know the importance of medical insurance. I hope you get all the information you need to know. All the best.
Looking for medical assistance? Go through this article that has all the information about medical assistance you need to know.