Health Insurance Guide For Beginners

Health insurance is critical in today’s time but given the number of insurance companies and policies that are available in the market today, it has become increasingly tough to pick the right one. Hence, the health insurance for beginners guide makes it easier for you to buy a health insurance policy. This article will discuss everything you need to know as a beginner – why you need a health insurance policy, the inclusions, exclusions, and the two main types of health insurance policies.

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Why Do You Need Health Insurance?

Health insurance is critical in today’s time especially due to our sedentary and fast-paced lifestyle, improper diet, and pollution increasing at an alarming rate. With rising healthcare costs, you wouldn’t want your medical expenses to burn through your savings.

 

Thus, it is essential to opt for health insurance at an early age so as to enjoy affordable premiums and early completion of waiting periods. Some of the reasons that make health insurance a must-have are:

 

  • Health plans help you avail the cashless facility during times such as medical emergencies, sudden hospitalisation, etc.

  • Enables you to protect your hard-earned savings from soaring medical costs

  • Allows you to put your health first and get the best treatment with insurance

Inclusions of Health Insurance Plans

You can go through the below pointers to understand the aspects covered under health insurance:

 

  • Pre and post-hospitalisation expenses

  • In-patient hospitalisation

  • Daycare treatment

  • Alternative treatment such as AYUSH

  • Ambulance cover

  • Organ donor cover

  • Sum insured restoration benefit

Exclusions of Health Insurance Plans

The below-mentioned factors aren’t covered by your insurance provider:

 

  • Cosmetic treatment

  • OPD expenses unless the policy includes Out-Patient Treatment

  • HIV/AIDS

  • Self-inflicted injuries

  • Any health-related ailments in the first 30 to 90 days of policy inception

  • Pre-existing diseases

Basic Health Insurance Terms That You Must Know

Let’s understand some common health insurance terms that you should know while opting for a plan:

 

  • Premium Amount: It is the amount of money you need to pay to purchase a health insurance policy. Every year, you also need to pay the premium amount to renew the plan and continue the coverage.

  • Out-of-Pocket Expenses: These are expenses that are not covered under your health insurance policy. Therefore, you need to bear the cost from your own pocket.

  • Deductible: It is the amount that you need to pay for health care services before your health insurance company starts covering the cost. For example, consider that the medical expenses to be paid are ₹2,500 and your deductible is ₹500. So, you must pay ₹500 from your own pocket before your insurance company pays the balance amount of ₹2,000.

  • Copay: Copay is the fixed and predetermined amount that you pay to avail health care services under your policy.

  • Network Hospital: Insurance providers tie up with numerous hospitals across the country to offer cashless facility to policyholders. This chain of hospitals associated with the insurer is called a network hospital.

  • Waiting Period: The waiting period in health insurance is a duration during which you cannot claim the benefits of your policy. This period can differ from one insurer to another.

  • Pre-Existing Disease: Any ailment that you have before purchasing health insurance is termed as a pre-existing disease. Coverage for such illnesses usually come with a waiting period of 3 to 4 years depending on the insurer and the ailment.

  • Sub-Limits: Health insurance plans come with a sub-limit that outlines the amount the insurer shall pay for certain treatments. Thus, it is essential to check if your policy has any such sub-limits or terms and conditions.

Types of Health Insurance Policies

There are broadly two types of health insurance plans available, indemnity and defined benefit plans.

1. Indemnity Plan

Indemnity insurance plans are health policies that pay for hospitalisation expenses of the policyholder up to the sum insured. Some common types of plans are:

 

2. Definite Benefit Plan

Such plans provide coverage to the policyholder for a pre-determined benefit. Definite benefit plans include:

 

Bottom Line

With this, you must now be aware of everything there is to health insurance which will help you pick the right plan. If you find yourself confused about which policy to opt for, make sure to talk to an insurance agent to clarify your doubts.

 

It’s also crucial to understand the inclusions, exclusions, terms and conditions mentioned in your policy. You can choose to buy a health insurance plan online once you’ve got all your queries answered and clarified. To get the best health insurance policy, head over to Bajaj Markets now and browse through our plans.

Best Health Insurance Plans Available at Bajaj Markets

FAQs on A Beginner’s Guide to Health Insurance

  • ✔️Do health plans offer tax benefits?

    Yes. You can claim the premiums paid towards your health plan under Section 80D of the Income Tax Act, 1961. To understand the tax benefits available under health insurance in detail, you can head over to Bajaj Markets.

  • ✔️When is the best time to opt for health insurance?

    It is recommended to get health insurance at a younger age to enjoy affordable premiums and complete the waiting period early.

  • ✔️Can I purchase individual health insurance plans at Bajaj Markets?

    Yes. You can buy individual health insurance to secure your medical expenses at Bajaj Markets.

  • ✔️How can I buy health insurance online at Bajaj Markets?

    You can follow the steps given below to purchase health insurance online at Bajaj Markets:

    • Go to the ‘Health Insurance’ section on Bajaj Markets

    • Select the type of health insurance you want to purchase

    • Input the necessary information in the application form

    • Review the policy details and add riders to the plan

    • Pay the premium online

    • You shall receive the health insurance policy document on your registered email ID

  • ✔️Is it safe to get insurance online at Bajaj Markets?

    Yes. You can rest assured that your payment and personal details are secure with Bajaj Markets while buying insurance online. However, it is advised to check if you are on the official website before completing any transactions.