24 Jun 2019
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In today’s age of rapid medical inflation, health insurance or medical insurance plays a vital role in securing quality health care. Whether you need to seek treatment for a major disease or an accidental injury, a health insurance policy will provide compensation for all the healthcare costs incurred. If you want to buy the right health insurance plan and avail its benefits to the fullest, it is crucial to understand the finer details of health insurance. While most of us have a general idea about what a health insurance policy is, only a few understand its types, features, benefits and other details. Finserv MARKETS brings to you a health insurance guide to help you understand the finer nuances of health insurance.

What is Health Insurance?

Health insurance is a type of insurance policy that offers compensation for healthcare expenses incurred by the insured due to an illness or injury. A health insurance plan is usually valid for a period of one year from the date of purchase and it can be renewed every year. As of today, healthcare costs have become exorbitant, which is why health insurance is the most convenient way to secure quality healthcare within your budget. Just the feeling of assurance that all your healthcare expenses will be covered no matter what, will help you lead a peaceful life.

Types of Health Insurance

  • Individual Health Insurance

An individual health insurance policy offers medical coverage to an individual.

  • Family Health Insurance

Family Health Insurance policy also known as a family floater plan provides coverage to an entire family including the spouse, children and elderly parents. Some health insurance providers also cover parents-in-law.

  • Senior Citizen Health Insurance

A senior citizen health insurance policy offers medical coverage to individuals who are more than 60 years of age.

  • Critical Illness Insurance

A critical illness health insurance policy only covers the treatment of certain critical illnesses like cancer, kidney failure, heart ailments etc.

  • Maternity Insurance

A maternity health insurance policy covers the medical costs incurred during pregnancy and childbirth. Some health insurance plans cover both the mothers as well as the new-born babies.

Important Health Insurance Terminology

  • Pre-Existing Illnesses

Pre-existing illness refers to the illness or disease that an individual was diagnosed as having before purchasing a health insurance plan. Most health insurers do not cover pre-existing diseases and if they do, they will have a waiting period before you can start making claims. On the other hand, some health insurance providers may cover pre-existing illnesses if you continue with them for four years or more.

  • Network Hospitals

All health insurers who offer the cashless facility have tie-ups with certain hospitals that provide cashless services to the insured. These hospitals are termed as network hospitals. It’s best to opt for a health insurance provider that has tie-ups with a large number of network hospitals.

  • Waiting Period

Waiting period refers to the time period after which you can make a health insurance claim. However, certain exceptions such as emergency hospitalization due to an accident are covered during the waiting period. The tenure of the waiting period may vary from insurer to insurer but for general health insurance policies, it is mostly 30 days.

  • Inclusions

Inclusions are the costs that are covered under your health insurance plans. They are usually mentioned in the policy documents.

  • Exclusions

The conditions or costs that are not covered under your health insurance plans are termed as exclusions. Some of the most common exclusions include treatment of AIDS, dental treatment, self-injury, etc. The exclusions are mentioned in the policy documents.

Features and Benefits of Health Insurance Plans

  • Cashless Hospitalization

Cashless hospitalization is a convenient health insurance feature that lets you seek treatment from any network hospital without the need to pay anything from your pocket. If you have a cashless health insurance policy, the insurer pays the treatment expenses to the hospital on your behalf. All you have to do is present your policy documents to the hospital authorities and get the treatment done without the need to may any payments. However, if you seek treatment from a non-network hospital, you will not be able to avail this facility. Health Insurance policy available on Finserv MARKETS offers cashless claims facility.

  • Online Policy Renewal

On the completion of the policy year, you can renew your health insurance plan online. Most of the health insurance providers offer online health insurance renewal facility. Online renewal is a simple and quick process and can be completed within a matter of minutes.

  • Day Care Treatment

Most health insurance providers don’t accept any claims until you have spent at least 24 hours at the hospital. However, some plans do cover day care treatments and do not ask you to stay at the hospital for any minimum number of hours. It is preferable to opt for a health insurance policy that covers day care treatments as many medical procedures do not require hospitalization.

  • Pre And Post Hospitalization Cover

A health insurance policy covers both pre and post-hospitalization expenses. Most policies cover expenses incurred during 30 days of pre-hospitalization and 60 days of post-hospitalization.

  • Grace Period

The grace period refers to the time period offered by the insurance providers after the due date of your insurance expiry. The grace period is a reasonable window to pay the health insurance premium and keep the policy valid and retain the no claim bonus benefit. Most health insurers offer grace period up to 15 days.

  • Portability Feature

The portability feature allows you to switch to a better health insurance plan from another insurer without losing out on the benefits of your current plan. If you are not satisfied with the benefits offered by your current health insurance provider, you can port to a better health insurance plan at the time of renewal. However, remember to initiate the process of portability at least 45 days prior to the expiration date of your current plan.

  • Claim Settlement

Every health insurance provider has a unique process to settle claims. When you buy a health insurance policy, make it a point to get yourself familiar with the claim settlement process. Be aware of the documents that are needed in order to file a claim, so that there’s no confusion later.

If you want to buy the best mediclaim policy, make sure that your policy offers all of the above features and benefits. Health insurance plans available on Finserv MARKETS offers all of the features and benefits listed above and much more. By buying a health insurance policy with us you can enjoy exclusive benefits such as cashless treatment at 6000+ hospitals, quick claim settlement, Ayurvedic/Homeopathic coverage and much more. All you need to do is fill in a few details online and the perfect health insurance policy is just a few clicks away. To buy or know more about Health Insurance visit Finserv MARKETS now!

 

Finserv MARKETS, a subsidiary of Bajaj Finserv, is a one-stop digital marketplace that has been created for consumers on the go. It offers 500+ financial and lifestyle products, all at one place. At Finserv MARKETS, we understand that every individual is different. And that’s why we have invested in creating a proposition – Offers You Value. A value proposition that ensures you get offers which are tailor made for you. We also offer an amazing product range and unique set of online offers across Loans, Insurance, Investment, Payments and an exclusive EMI store. Be it in helping you achieve your financial life goals or offering you the latest gadgets, we strive to offer what you are looking for. From simple and fast loan application processes to seamless and hassle-free claim-settlements, from no cost EMIs to 4 hours product delivery, we work towards fulfilling all your personal and financial needs. What’s more! Now enjoy the same benefits in just one click with our Finserv MARKETS App”.