Health Insurance

What is Health Insurance?
Insurance is all about protecting against the loss due to happening of an uncertain event. So, Health Insurance is protecting against the financial loss that happens in case something happens to our health (especially when we are hospitalised).

Why getting Health Insurance is important?

1. No matter how healthy we are today, still there is no guarantee that we cannot fall ill in future.
2. Healthcare costs are rising every day.
3. At times getting finances arranged in short time can be devastating.
4. In case of hospitalisation we often search for hospitals that give us good healthcare not the best.
5. Peace of mind without too much worry. We feel much relieved in case we are able to provide best available treatment to our family member.

Health is the most valuable asset that an individual has and it deserves the best. So buy Health Insurance now.

How much Health Insurance is important?
It depends on lot of factors, majority of which are:

1. Age : As we grow old the amount of insurance required increases as the probability of getting ill increases.
2. Individual or Family : Needless to say no of members getting covered will increase amount of insurance required.
3. Medical history : Family with the medical history like diabetes, hypertension, heart problem etc needs to take higher cover.
4. Comfort with the hospital : The type of hospital where one will get to be admitted will be a key factor in determining amount of insurance required.
5. Affordability : As the amount of insurance required increases so does the premium.
6. Coverage required : Here we mean what all you want to get covered in Health policy like OPD cover, no of days for Pre & Post , day care treatment etc...

Which company insurance to buy?
Every company insurance plan in some respect is different from the other w.r.t features like premium, coverage offered by it. Though broadly, we have listed below some common features that will help you to evaluate different policies :

Inpatient treatment :-

Cashless facility: - It means that if you get your treatment done in a network hospital than all your expenses will be directly taken care by insurance company and you need not pay a penny.
No Claim Based Loading of premium - Most of the companies’ nowadays offer plans in which the premium is not affected by your claim status.
Pre & Post Hospitalisation - The expenses incurred before and after hospitalisation form a substantial portion of total treatment expenses. To take care of such expenses, polices cover expenses incurred x days before admission date and y days after discharge date.
No Claim benefit - Insurance policies offer extra cover (as a multiplier of base cover) for every claim free year. For example 10% extra cover on a base cover of 5 lakh provides you bonus cover of 50000 every year. Though there is max limit upto which bonus can be increased.
Restore Benefit - Once your base cover and bonus gets exhausted within a policy year this feature provides you facility wherein the base cover gets restored at no extra cost. Though it comes with a condition that restore sum insured cannot be used by the same person for same treatment for which earlier he/she was hospitalised.
Waiting period - Generally your accidental cover gets activated next day from the policy issuance date and normal hospitalisation starts 30 days after the issuance date. Then there is waiting period of 2 years for certain specified set of diseases/treatment like stone , hernia , cysts , varicose veins, joint replacement (like knee replacement , hip replacement etc).
Exclusions :

Individual or Family Floater, which one should you take?
In our opinion it is better to opt for family floater rather than individual cover for each member. Listed below are the reasons for our opinion :

1. Probability of every member getting hospitalised and exhausting entire cover in one year versus probability of single member getting hospitalised and exhausting high cover is more.
2. It is cheaper to buy a family floater rather than buying individual cover for each member.

However, we will recommend that if any family member has high probability of getting hospitalised due to present health condition or family medical history than one should also consider extra/separate individual cover for himself/herself.