Health Insurance Info Hyderabad

Health Insurance Info Hyderabad

What is Health Insurance?

Health insurance is a type of insurance coverage that pays for medical, surgical, and sometimes dental expenses incurred by the insured. Health insurance can reimburse the insured for expenses incurred from illness or injury, or pay the care provider directly. Health insurance offers a way to reduce such costs to more reasonable, affordable amounts. The way it typically works is that the consumer (you) pays an up front premium to a health insurance company and that payment allows you to share “risk” with lots of other people (enrollees) who are making similar payments.The main purpose of medical insurance is to receive the best medical care without any strain on your finances. Health insurance plans offer protection against high medical costs. It covers hospitalization expenses, day care procedures, domiciliary expenses, and ambulance charges, besides many others.

Why is health insurance is important?
Having Health insurance is important for several reasons. Uninsured people receive less medical care and less timely care, they have worse health outcomes, and lack of insurance is a fiscal burden for them and their families. Moreover, the benefits of expanding coverage outweigh the costs for added services.

Why do we need Insurance?
Insurance Companies invest the funds securely, so it can grow, and pay out when there’s a claim. Insurance helps you to own anhome, because mortgage lenders need to know your home is protected… It covers your day-to-day costs and larger expenses like your mortgage while you focus on your healthy and recovery.

Types of Health Insurance Plans in India:

1.Individual Health Insurance.
2.Family Floater Health Insurance.
3.Senior Citizen Health Insurance.
4.Critical Illness Health Insurance.
5.Maternity Health Insurance.
6.Group Health Insurance.
7.Preventive Healthcare.
8.Personal Accident Insurance.

  1. Individual health Insurance: As the name suggests, Individual health plans are made for individual policyholders. The premiums might be low under such plans, but there are a variety of factors that contribute to the price of a policy. Previous medical conditions, age, location, etc. are a few of the parameters that influence the premium.

2.Family Floater Health Insurance: Instead of buying separate policies for every member, a family floater plan covers the entire family under one plan. Typically, parents and children (up to 2 children) can be covered under this plan. Some insurers even provide coverage for up to 15 family members. Under such plans, the sum insured is shared by all the included family members. Even though family floater plans have a higher premium than individual plans, the price is still cheaper when compared to the expenses involved in buying a different policy for each member.

3.Senior Citizen Health Insurance: Designed to cater to the needs of the senior citizens, such plans are only for the ones who are 60 years old and above. Senior citizen plans usually come with discounts. Though only a few insurers provide such policies, they might ask for a medical check-up before selling the plan. Also, these policies may cost a lot higher than the health covers for younger consumers as senior citizens are more prone to diseases and illnesses.

4.Critical Illness Health Insurance: Critical illness plans cover life-threatening illnesses. Cancer, heart attack, organ transplant, kidney failure, etc., are a few of the illnesses covered under such policies. A critical illness cover is especially useful if the insured has a history of certain critical illnesses in the family.

5.Maternity Health Insurance: Maternity plans are designed to cover women who are expecting a child. It covers the expenses incurred in the pre-natal stage, delivery, and post-natal stage. Both the mother and the newborn are covered under such plans. Maternity plans can also be bought as a rider to an existing basic policy.

  1. Group/Employee Health Insurance: Such plans are usually offered by employers and are designed to include and exclude members as they join and leave the company. Group health policies are generally low in premiums due to the reduced risks involved. Such plans also allow leniency in terms of covering pre-existing illnesses among other things.

7.Preventive Healthcare: A preventive healthcare policy covers the expenses incurred during treatments/measures taken to prevent a certain disease, illness, or cancer. Annual check-ups and screening tests are few of the services that are covered under preventive healthcare.
8.Personal Accident Insurance: Personal accident plans specifically cover the expenses related to unforeseen accidents. Such policies provide compensation in cases of disablement, death, injury, or impairment caused by road, rail, water, or air accidents.

Documents Required for Purchasing Health Insurance in India:

The following are the documents you will require to purchase health insurance in India:

  1. Age proof: When purchasing a health insurance policy, you will be required to submit the age proof of all individuals who are going to be covered by the plan. The following documents are acceptable as proof of age:
    a.Birth certificate
    b.Passport
    c.10th or 12th class marks card
    d.Voter’s ID
    e.PAN card
    f.Aadhaar card
    g.Driving license

Proof of identity: The following documents can be submitted as ID proof when applying for a health insurance plan:
a.Aadhaar card
b.PAN card
c.Voter’s ID
d.Passport
e.Driving license

Passport-sized photographs
Certain health insurance companies will require applicants to undergo medical examinations in order to qualify for coverage. Also, insurers can also request other documents apart from the ones mentioned above.

Advantages
Rising costs of healthcare as well as the evident need for adequate healthcare today makes health insurance a definite must. When it comes to critical illnesses, the strain that it can put on a family’s wellbeing is undeniable, leaving people to turn to their life savings for aid.

This however, does not ascertain a concrete solution due to inflation, meaning savings are rarely sufficient to meet such healthcare expenses.

In a typical average Indian household, the male head of the family is usually the only earning member with about 3-4 dependants. Often times, if the primary breadwinner’s ability to work is compromised due to a major illness, the rest of the family remains in dire straits. It would not be possible for them to sustain their lifestyle, repay debts or even afford the high costs of treatment.

Health Insurance is important because
1.Lifestyle related ailments are common these days
2.Healthcare is becoming increasingly expensive
3.It is difficult for a family to quickly arrange for huge amounts of money required for treatment
4.Most of the savings of a family are in the form of fixed assets, which cannot be liquidated quickly

Disadvantages

One of the main disadvantages of having health insurance is the cost. Health insurance can be very costly even for those that have a health insurance plan through their employers. Costs may be so high that many end up struggling to make payments. This can be quite challenging for those who have low incomes or are self-employed. Health care coverage for families may cause an added financial burden.

Pre-Existing Exclusion

Another disadvantage would involve people who have a pre-existing illness. They have to undergo a waiting period which is typically four years. Insurers typically require you need to wait for four years for any pre-existing illness to be covered. This becomes a major obstacle for older individuals with pre-existing medical conditions. This is particularly so because pre-existing illnesses doesn’t only include illnesses you may have received treatment for in the recent past. It includes illnesses for which there were signs or symptoms in the 48 months prior to the payment of the first premium.

List Of Health Insurance Companies In India:

  1. Apollo Munich Health Insurance Company Limited
  2. Star Health and Allied Insurance Co Ltd
  3. Future Generali India Insurance Company Ltd
  4. Bajaj Allianz General Insurance Co Ltd
  5. ManipalCigna Health Insurance Company Limited
  6. National Insurance Co Ltd
  7. Iffco Tokio General Insurance Co Ltd
  8. The New India Assurance Co Ltd
  9. The Oriental Insurance Co.Ltd
  10. Reliance General Insurance Co Ltd
  11. United India Insurance Co Ltd
  12. Royal Sundaram Alliance Insurance Co Ltd
  13. Tata AIG General Insurance Co Ltd
  14. Cholamandalam MS General Insurance Co Ltd
  15. HDFC ERGO General Insurance Co td
  16. Universal Sompo General Insurance Co Ltd
  17. Bharti AXA General Insurance Co Ltd
  18. SBI General Insurance Company Ltd
  19. Raheja QBE General Insurance Co Ltd
  20. MAX Bupa Health Insurance Company Ltd
  21. Religare Health Insurance Co Ltd
  22. Liberty General Insurance
  23. Export Credit Guarantee Corporation of India Ltd. (ECGC)
  24. Agriculture Insurance Co. of India Ltd
  25. Shriram General Insurance Company
  26. Magma HDI General Insurance Company Limited
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