Over the last few years, one of the major goals of health policy has been to achieve universal health coverage. A Health insurance policy is a financial safeguard that offers medical coverage to the insured individual during medical emergencies. A health insurance policy, also known as medical insurance policy, is a financial safeguard that covers all medical expenses for illness or injuries and reimburses bills, and pays the medical care provider on behalf of the patient or insured individual. Healthcare insurance policies equip the patients to get the best healthcare treatment without worrying about the costs incurred during the treatment.
Rapid technological advancements in the healthcare sector have led to huge medical bills and deadlines for payments. This in return has resulted in financial burden, stress, and panic among the public. Healthcare insurance plan is a viable solution to deal with rapidly rising costs of medical tests and procedures. A normal health insurance plan covers costs related to treatment, surgeries, hospitalization, pre and post-hospitalization expenses, and free health check-ups. Buying health insurance policies is vital for individuals and their families as medical care has become expensive, particularly in the private sector. One of the major factors that have boosted the adoption of healthcare insurance is the emergence of COVID-19 pandemic as people have realized that medical exigencies are unpredictable and can cause financial burdens that are too hard to deal with. Health insurance policies, apart from reducing healthcare costs, also improve access to good medical facilities and hospitals.
Healthcare insurance is available in two major forms: individual and group. Individual healthcare insurance policy covers only the policyholder, while in a group insurance plan, the coverage is shared within a set of related people under certain conditions. Group coverage is usually provided by an organization or and association while individual healthcare insurance is purchased by a person for himself and his family.
Types of Healthcare Insurance Policies
Over the years, medical insurance companies have been offering best healthcare insurance schemes that help consumers to disburden their pockets for paying heavy bills. A wide range of healthcare insurance plans is available that act as protection against medical emergencies that could otherwise wipe out all the savings. Some of the commonly used healthcare insurance policies are:
Family Floater Healthcare Insurance Policy– Family floater healthcare insurance policy covers all family members under a single plan. The sum insured under the selected plan is applied to all family members in the policy.
Senior Citizen Healthcare Insurance Policy– Senior citizen healthcare insurance policy is a type of health insurance plan for individuals above 60 years that covers all medical expenses. It offers preventive health check-up facilities, pre-existing diseases, critical illnesses, and cashless hospitalization at network hospitals.
Critical Illness Health Insurance Policy- This plan covers specific life-threatening diseases that require prolonged treatment.
Top Up Health Insurance Policy– A top-up health insurance policy provides additional medical coverage for individuals with existing healthcare insurance policies.
Personal Accident Insurance– The personal accident insurance policies protect the policyholder and family members incurred from an accident leading to death, bodily injuries, permanent partial disabilities, and total disabilities.
Reasons Why Healthcare Insurance is Vital
Fight lifestyle Diseases: Lifestyle diseases such as diabetes and obesity are on a significant rise across the globe due to sedentary lifestyles, stress, pollution, unhealthy eating habits, high consumption of alcohol, and gadget addiction, among others. The severity of these diseases can cause a financial burden that can be challenging to cope with.
Opting for medical insurance plans that cover medical checkups which can detect these disorders early can help manage medical expenses.
Safeguard Families: Certain policies of healthcare insurance allow families to be secured under the same plan. With suitable healthcare cover, it becomes easy to provide coverage for aging parents and ensure they get the best medical treatment.
Countering Inadequate Insurance Coverage: Opting for insurance policies that provide comprehensive coverage even for medical treatments that are advancing rapidly is important.
Effectively Deal with Medical Inflation: With rapid advancements in medical technology and increase in prevalence of disease, it has become important to understand the extent of medical expenses.
By purchasing a premium health insurance policy, individuals can beat the burden of medical inflation while simultaneously opting for quality treatments.
Protect Your Savings: One hospitalization is capable of draining entire life savings. But opting for a suitable health insurance policy helps in managing the healthcare expenses without dipping into the savings.
Benefits of Healthcare Insurance
Various customized healthcare insurance plans are available in the market that is chosen by the policyholders as per personal needs and requirement. Some of the key benefits offered by majority of healthcare insurance companies are listed below:
Cashless Claim Benefits: Many insurance providers offer cashless treatment which eliminates the reimbursement scenario. In this case, the insured person doesn’t have to pay single money in case of surgery or longer hospitalization. The entire bill is cleared by the insurance companies directly.
Pre and Post Hospitalization Expenses: Many insurance policies include both pre and post-hospitalization charges. The policy usually covers up to 60 days before admission to the hospital and 90 days post-discharge. Some of the policies also cover daycare expenses that are required for the treatment.
Ambulance Charges: Healthcare insurance providers cover the costs of ambulance services for policy holder’s necessary transportation to the nearest healthcare center.
Medical Checkups: Healthcare insurance policies usually cover expenses of routine and periodic health checkups. Many insurance providers also provide free and no queue checkups to their consumers.
Income Tax Deductions: Healthcare plans also provide suitable tax benefits. Policy holders can get tax exemptions on premium insurance policies.
Reimbursement on Radiology and Lab Tests: Healthcare insurance also offers reimbursement for laboratory and radiology tests. It covers the costs for all diagnostic tests including MRIs, X-rays, CT scans, blood tests, and urine tests among others.
Healthcare Insurance Renewal
All healthcare insurance plans come with a policy tenure and are valid only for a specified time, depending on the insurance provider. Renewing the healthcare insurance is extremely important as an individual gets continued coverage and can also make necessary changes, and add-ons to existing healthcare policy. Every insurance provider offers a specific renewal period in which the policyholder can renew their policy term.