A unique kind of insurance, covering various mode of treatment like the surgical, medical expenses, doctor appointments, emergency room visits, normal room visits and other kind of medications are known as the Health Insurance.
Health Insurance is the need of the hour. Cost of essential treatment has been increasing over the years. One disease can wipe out your savings, so the health insurance is the ultimate key. Most of the people living in India belong to the middle class and hence cannot afford very expensive rates.
Health Insurance is the major plan for protecting your interest and promotes the welfare of the family. Some of the positive aspects of the health insurance are as follows:
Peace of Mind: A good health insurance offers you a complete peace of mind. You need not worry about the cost of medical expenses.
Pre-hospitalization: A unique facility, in which health insurance covers charges, which a patient incurs 30 days before being admitted to hospital. In certain cases, it can be increased to 60 days as well.
Tax Benefits: A perfect health plan play a major role in getting good tax benefits under Section 80D and 80DD. It is a boon to the middle class in India.
Coverage of Critical Illness: Most of the health insurance offers coverage against critical illness like Heat attack, Cancer, Paralysis, Kidney Stone, Tuberculosis, Bypass surgery, Oran transplant like liver, kidney, lungs, pancreas, heart and others.
Cashless Facility: Core advantage of health insurance, where in one gets admitted to network hospital. You can avail various benefits and the health insurance company, will work closely with hospital and pay bill on your behalf.
Very flexible Payment Options: There are various flexible payment options available like payment by credit/debit card, cheque payment, Electronic Fund Transfer (EFT), to make the payment.
Portability of Insurance: A unique facility in which policyholder, can shift health insurance of one company to another company with various benefits.
Emergency Hospitalization: When you are admitted to hospital, for emergency reasons, the 30 day waiting period will not come into picture.
Some of the factors affecting health insurance premiums are as follows:
Age: Major factor affecting the health insurance facility is the age. As you get older, premium cost will be higher, as you will be exposed to various diseases.
Intake of Injurious Substances: Most of the insurance companies in India increase premium of people smoking and chewing tobacco as well.
Gender: Women are prone to more diseases than men and hence premium rates would increase. They would visit doctor, take the prescriptions for various diseases.
Location: Area you stay also decides, amount of premium to be paid. People in hilly, coastal regions and regions with unstable climates encouraged insurance companies to charge higher premium rates.
Pre-Existing Diseases: Some of the pre-existing diseases like Diabetes, Polio, Asthma, Thyroid, Hypertension, Thalassemia, Pulmonary diseases, Anxiety, Arthritis, Autism, Breast Cancer, Cerebral Palsy, cholesterol and host of other diseases are not covered by health insurance in India.
Very Expensive: Health Insurance in India is very expensive and outside the reach of the common man.
Do not Cover All Expenses: Most of the health insurance in India does not cover all medical expenses. Pre-natal, Delivery expenses, Nervous disorder, AIDS (Acquired Immune Deficiency Syndrome) Eye-checkups, Suicide related hospitalizations, Mental diseases, Drug addictions, congenial illness, Alcohol related diseases and others.
No Need For Insurance: In some situations, no requirement for the family to take health insurance. All of them are in good health and hence taking insurance does not pay any dividends.
Complex Products: People in India purchase health insurance products, without any knowledge. Some of health products are not useful to the policyholder, and hence company will earn profit at cost of policyholder in India.
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