What is Health Insurance?
Health insurance is a contract in which an insurance company agrees to pay for medical expenses if the insured becomes ill or is involved in an accident that causes the insured to be hospitalised. In most cases, insurance companies have partnered with leading hospitals to give cashless treatment to their customers.
If the insurance company does not have a contract with the hospital, the insured is reimbursed for his or her expenses. The government also encourages people to get health insurance by allowing them to deduct it from their taxes.
Importance of Health Insurance
Medical treatment is expensive, especially in the private sector, therefore purchasing health insurance coverage for yourself and your family is essential. Hospitalisation might drain your bank account and throw your finances off. If the individual who brings in the money is now in a hospital bed, it will be even more difficult. All of this may be prevented by paying a little annual premium that will relieve your stress in the event of a medical emergency.
A decent health insurance coverage would often cover doctor consultation fees, medical test costs, ambulance charges, hospitalisation costs, and even post-hospitalisation recovery expenditure to some extent.
Types of Health Insurance
- Individual Health Insurance
- Family Health Insurance
- Senior Citizen Health Insurance Plan
- Surgery and Critical Illness Insurance Plan
- Maternity Health Insurance Plan
- Personal Accident Insurance Plan
- Unit Linked Health Plan
Benefits of having Bajaj Allianz Health Insurance Policy
1. Cashless Treatment
Cashless claims are one of the most major benefits of health insurance. The majority of insurance companies now have a large network of hospitals around the country. If you have a medical emergency and are admitted to one of the network hospitals, you will most likely be able to benefit from cashless hospitalisation.
This facility removes the conventional claim reimbursement procedure, in which you must first pay your hospital bills before being paid by your insurance company. The insurance will pay your medical expenses straight to the hospital if you receive cashless treatment. As a result, you will not be responsible for the hefty treatment expenses. You will be able to utilise the reimbursement claim facility here if you are admitted to a non-network hospital.
2. Cumulative Bonus
The cumulative bonus is compensation that a policyholder receives for staying healthy and not submitting a claim. The cumulative bonus benefit is provided in the year of renewal by increasing the total insured amount but only for a specific year for each claim-free year.
If you renew your health insurance policy without interruption and have not made a claim in the previous year, your Sum Insured (SI) is enhanced by 5% for the first year and 10% for each subsequent claim-free policy renewal. This increase in our SI is restricted to a maximum of 50%. Nearly all health insurance packages have this feature.
3. Medical Checkups
Health checks are also covered by insurance policies. It is said that prevention is better than cure. Some insurers will also give a free health checkup based on your prior NCBs.
You won’t have to worry about paying medical costs if you get your health checked on a regular basis.
Section 80D allows you to claim the amount you paid for health insurance premiums as a tax deduction. You may get health insurance coverage for yourself for Rs. 25,000 each year. If you additionally pay the cost for your parents’ health insurance, you can claim up to Rs. 30,000 in reimbursement.
If you don’t have a healthy life, earning money is pointless. Consider yourself and your family, as well as the value of life. You are aware of the significance and advantages of having a health insurance policy. If you haven’t already, get one.
5. Lifelong Renewability
You only need to renew your health insurance policy annually before it expires to continue receiving the advantages of health insurance for a long period. At the time of renewal, you can add some criteria according to your family size and coverage needs.
Health Insurance Claim Process
A health insurance policy allows you to receive the finest medical treatment without having to worry about the hefty payments that will be due at the time of discharge. As a result, understanding the claim procedure is critical information that the insured individual should have at all times. When filing a claim, an individual can select between two major categories of health insurance claims:
● Cashless Claim Process
When the insured person submits to the hospital his or her health insurance information, he or she begins to get care. The hospital will send the medical costs to the selected health insurance company after discharge. The firm will then conduct an audit of the costs and pay the hospital the balance owed. Because the funds are split between the hospital and the insurance company, this process is painless for the insured.
● Reimbursement Claim Process
The insured person who has been admitted to a certain hospital pays for the whole treatment till discharge in the reimbursement claim procedure.
After the insurer has paid for the treatment and hospitalisation charges, the insurer must file a reimbursement claim with the specific insurance company. The covered person must provide original hospital bills to the health insurance company and file a claim for reimbursement. The insurance company will examine the claim before deciding whether to approve or deny it. The claim will be made to the policyholder once the insurance company has approved it. In the case that a claim is denied, the insurance company will notify the insured person.
Documents Required To Apply For Health Insurance
Previously It was a long process to buy a health insurance policy. Now everything has become online and you just need some documents to apply for health insurance. Here are the details of the required documents.
- Age Proof
- Identity Proof
- Address Proof
- Passport Photograph
- Some plans may require a medical checkup for the elder people of age above 45.
The advantages of purchasing health insurance in 2021 are numerous. Purchase a policy online immediately to protect yourself against financial insecurity, especially if you are psychologically and physically fatigued.
So, don’t wait any longer to make the most of your money by selecting appropriate health insurance coverage that suits you and your family requirement.