A health insurance policy is a legal agreement that covers medical bills for sickness or injuries. It reimburses you for medical fees or compensates the healthcare provider directly on your behalf.
In their coverage, the best health insurance in India includes the costs of hospitalization, childcare operations, medical care at home (domiciliary hospitalization), ambulance charges, and so on. A decent health insurance policy can also help you save money on taxes. You can claim tax benefits for your health insurance premiums under section 80D of the Income Tax Act of 1961.
Why Do I Need a Health Insurance coverage plan?
A medical insurance plan is critical. It comes with-
● It gives complete coverage against rising healthcare costs.
● To get quality treatment, purchase a medical insurance policy that best suits your needs and be prepared for unanticipated events.
● A comprehensive health or medical insurance plan keeps your savings intact and your anxieties at bay.
The Affordable Health Insurance Agency was established with small business owners in mind. They offer low prices on health insurance and can design a plan unique to your needs.
Important characteristics of health insurance
Options for payment
● Direct Payment/Cashless Facility: This facility eliminates the need for the individual to pay the hospital because the Insurer pays directly to the hospital. The policyholder and all persons included in the insurance can seek care at hospitals approved by the Insurer under the cashless plan.
● Reimbursement after the hospital stay: After remaining in the hospital for the treatment, the patient can seek reimbursement from the Insurer for the treatment covered under the policy.
There are three types of best health insurance plans in India.
1. Health Insurance Plan with Indemnity- This health insurance plan pays for your medical expenses up to the sum insured in cashless and reimbursement modes. This is the most basic health insurance plan that everyone should have.
2. Supplemental Health Insurance Plan- As the name implies, a top-up health insurance plan supplements your existing health insurance. A top-up plan is ideal if you already have health insurance or corporate health coverage and want to expand your coverage at a moderate cost.
3. Health Insurance with a Fixed Benefit- While indemnity-based health insurance and top-up plans pay medical expenditures on an as-needed basis, a lump sum benefit-based health insurance plan pays you all at once. It is useful for meeting unending medical bills resulting from serious illnesses such as stroke, cancer, paralysis, multiple sclerosis, etc.
Health insurance coverage plans cover Medical and surgical expenditures incurred by the Insurer. The policyholder must either pay such charges out of pocket and be repaid later by the Insurer, or the Insurer settles the bill directly with the network hospital.
Price and duration
● Policy pricing range: Insurance companies provide health insurance policies ranging from a sum insured of Rs 5,000 for micro-insurance policies to a sum insured of Rs 5 million or more. Health insurance coverage is often available in amounts ranging from Rs 100,000 to Rs 500,000.
● Health insurance policies supplied by non-life insurance companies typically have a one-year term. Life insurance firms provide plans that last for several years.
Conclusion
Controlling the rapid rise in healthcare expenditures while expanding healthcare coverage to all—the key goals of healthcare reform—will necessitate considerable improvements in the performance of our healthcare system. This performance obligation is especially significant because some reasons driving rising healthcare costs, such as population aging, are outside the healthcare system.