Health Insurance- it’s important!
Ramyeshwar,34, is a software analyst and his wife Sudha, 28 is a homemaker; they have a 4-year-old son and are expecting a baby. Last year, Ramyeshwar had suffered a medical condition that cost him dear. To avoid such crisis in future, they needed an immediate solution for any medical eventuality, and he approached his friendAjay for guidance. When both settle for a break after a morning workout, Ajay renders his piece of advice on health insurance.
“Ramyeshwar, I am very happy that you’ve asked the most important question of your life. No financial planning is complete without health insurance. Remember that health insurance covers unforeseen and unexpected medical expenses that arise from health threatening medical conditions like sickness, injury, disease and accident. It covers you and your whole family in one go.” Ramyeshwarwas glad to know about health coverand asked for more information. Ajay continued listing out the features in detail:
All in one : A health insurance policy is an all-embracing package that covers not only primary medical expenses due to hospitalization but also costs associated with it, like ambulance charges and daily hospital cash allowance. Additionally, medical insurance also includes pre-hospitalization and post-hospitalization expenses like consultation fees, diagnostic fees, medicines and physiotherapy charges.
Medical insurance also includes day-care insurance cover : day-care is a kind of medical treatment that includes hospitalization for less than 24 hours. Many policies today cover domiciliary treatment, i.e., when the treatment is taken at home and the bills are submitted from the hospital or clinic for reimbursement. Many insurance policies do factor in preventive care like master health check up, counselling or preventive diagnostic tests.
Covers family too : The best attribute of health insurance plans is their group or family variant, and all the above benefits are included too. For a single sum insured, the health cover extends to all the members of your family. It is flexible to manage and at the same time, affordable. And the good news is that some policies do cover maternity benefits; it has a sub-limit within a plan.
Special plans like Critical Illness Plans : It is not only important that your medical expensesare covered, you also need to take care of other family expenses; there might be a loss of income due to hospitalisation. This is where a critical insurance policy fits in. It covers certain life threatening diseases like heart attack, kidney failure and cancer. A one-time lump sum payment is given to the insured if the diagnosis proves the declared medical condition. This cover comes either as a standalone plan or as a rider attached to an ordinary health policy.
Ease and flexibility : Under a health policy, claim settlement becomes hassle free with the aid of TPAs (Third Party Administrators). The TPAs provide cashless facility and specialize in claims processing and reimbursements by interfacing between the policyholders and their hospitals.
Ramyeshwar breathed a sigh of relief and feltrelieved of his burden. He thanked Ajay and immediately set out to buy health insurance for his family.