Health Insurance

A. Health insurance is financial security against medical problems and treatments. It ensures the policyholder/s receive the best medical care without any financial burden. Not only does health insurance provide protection against high medical costs such as hospitalization, daycare procedures, ambulance, room rent and more, it even provides return on investment in some cases, in the form of bonus and additional sum insured.

A. Purchasing health insurance is easy – apply for a plan online or get in touch with a health insurance agent. What is difficult, is selecting the right kind of insurance and good policy. Your insurance agent or the insurance company would be able to help you with the selection.

A. Health insurance works on the simple principle where an insurance company bears the financial risk associated with a health-related event in return for an annual premium for its policyholders.

A. Individual health insurance: individual health insurance plans are single-person plans that provide coverage to individuals only. The premium for individual plans is determined by the age, the medical history, claims history, pre-existing diseases, and sum insured. Family floater plans: family floater plans provide coverage for the entire family – self, spouse, children and parents. Certain family plans include extended families such as grandparents and other family members. The premium for family plans is determined by the age and medical conditions of the oldest members. Group health insurance: group health insurance plans are often offered to employees by employers. Here, the premium is paid by the employer, but the coverage supports the employee. Such plans are preferred by businesses and organizations. Critical illness health insurance: critical illness plans are dedicated to covering illnesses such as cancer, cardiac ailments, and kidney failure, among other specified health conditions. Senior citizen health insurance: these plans are designed especially for senior citizens (age 65 years and more). The premium of senior citizen health insurance is generally higher than others as it is determined by age, health conditions, and medical history. Specific illness health insurance: these insurance plans are designed to provide coverage for specific illnesses only, such as diabetes, and cardiac issues, among others.

A. Health insurance plan is a financial security, a financial cushion that helps to safeguard a person from health-related expenses, whether planned or sudden. Health insurance policy is a must to meet the rising medical care expenses.

A. Yes, a health insurance policyholder can cancel the policy at any time. However, typically, the insurer does not return the premium already paid. In some cases, the insurance company might return the premium.

A. When a person buys a health insurance plan, insurance companies have a waiting period clause in the health insurance policy. The waiting period can range from a few days to a few years. This means that the policyholder cannot make any claims before the waiting period is over.

A. Yes, health insurance plans offer coverage for outpatient expenses. These are expenses that are incurred by the policyholder who is not hospitalized but requires medical treatment. Depending on the clauses in the health insurance policy, the plan might cover outpatient expenses.

A. A health insurance policyholder can make a claim when they are hospitalized due to an illness. Critical illness plans do not require the policyholder to be hospitalized to make a claim. The policyholder can make a claim upon the diagnosis of the critical illness.

A. The cost of the health insurance plan premium depends on many factors such as the sum insured, the age of the policyholder, the clauses, the coverage and other factors. It is best to check the cost of different health insurance plans individually.

A. Sum insured is the total amount of coverage that a health insurance policy would provide to the policyholder. Typically, the sum insured for health insurance plans range from anywhere between Rs 50,000 to 2 to 3 crores.

A. Different health insurance plans might offer different riders and benefits. Some of the most common ones are no-claim bonus benefit, add-on insurance benefit, critical illness rider, and more.

A. The earlier one buys health insurance plans, the better the benefits. Ideally, everyone - adults, children, and senior citizens should have a health insurance plan at all times. The moment one starts earning a salary, one must buy a health insurance plan.

A. Personal accident insurance plans are designed to offer coverage to individuals in case of accidents and hospitalization. PErsonal accident insurance policies cover the expenses of treatments.

A. Critical illnesses are mostly expensive ailments. The cost and the incidence of critical illnesses is rising in India and hence it is wise to buy a critical illness plan in order to meet the high expenses and to avail the best treatments.

A. The insurance marketplace offers many health insurance plan options. In order to buy a plan, one must first assess their medical care needs, budget, and other lifestyle factors and then choose a plan from online insurance marketplaces.

A. Whether an individual health plan is better than having a family floater plan depends on the individuals needs and conditions. If an individual has a family - spouse and children, it is advisable to go for a family floater plan.

A. A pre-policy medical check-up depends on the insurance company. Many insurers require a medical check up while many don't.

A. Typically, the minimum duration of a health insurance policy is at least one year. The maximum duration of a health plan is typically two to three years after which it can be renewed and continued.