What is medical insurance?
We all need financial stability and good health. However, there’s uncertainty about future health conditions and rising medical costs. Hence there’s the need for medical insurance plans to protect you from the financial strain a medical emergency could bring. Health insurance or medical insurance is a type of insurance. It covers your medical and surgical expenses arising out of an illness.
Before moving further, you may know that Medfin accepts all insurances. So, if you are planning to get surgery done through Medfin, you need not worry about the bills.
Let us move further with our remaining questions and answers.
What are the types of medical insurance?
- Individual health insurance: Using an individual health insurance policy, one can get cover for himself/herself, spouse, children as well as parents. These policies cover all sorts of medical expenses, such as hospitalization, hospital room rent and day-care procedures. Under this plan, each of the members has their own sum insured amount.
- Family floater health insurance: This plan covers your family members but under a single policy. These plans are way more affordable because there’s sharing of the amount insured.
- Senior citizens health insurance: Applicable for people above 60 years of age, this plan is for the senior citizens. That’s why there are more chances that the policies will offer additional cover, like domiciliary hospitalization and also some psychiatric benefits. However, the senior citizens health insurance may be more expensive when compared to regular insurance policies.
- Critical illness Insurance: This type is for expensive and difficult-to-manage health issues like cancer, kidney failure, cardiac diseases and stroke.
- Group health insurance: A group manager can take this kind of plan for a large number of individuals. For example, an employer can buy group insurance for all his/her employees. It is affordable but only meant for basic health issues.
Why do you need medical insurance?
- Savings: Medical health insurance saves you from losing your savings. The insurer takes care of all expenses including hospitalization, medicines/drugs and more. It is a trustworthy way to ensure good health and financial stability.
- Security of family’s health: With the family floater plan, you can protect your health and the health of your family members including your parents. This type of health insurance covers all sorts of medical treatments.
- High medical costs: With medical insurance, you can afford treatment at some of the best hospitals. These hospitals have a tie-up with insurers. Medfin gives you access to best-in-class hospitals and medical facilities. Here you get to enjoy the benefits of insurance coverage.
What are the benefits of health insurance?
People want to know what is the primary purpose of medical expense insurance. So here are some of the benefits you receive with medical insurance India.
- Financial security: There are rising medical costs and surging lifestyle-related diseases. Such insurance plans can save you from these unavoidable expenses.
- Domiciliary treatment: You may receive treatment for certain diseases at home under medical supervision by some health insurance companies. However, there may be some limitations on the number of days and the amount.
- Free health check-ups: As a policyholder, you may be eligible for free preventive health check-ups as well.
- Tax benefits: People often question – is medical insurance tax deductible? The answer is that you can avail several tax benefits for medical expenses. One example is tax benefits on expenses. The tax benefits are on preventive health check-ups of parents who are more than 60 years in age.
- Coverage against critical illness: Critical illness cover is provided because a basic health insurance cover would not be enough to treat life-threatening diseases. Critical illness cover is helpful as it serves as an add-on or rider option. It helps you receive lumpsum for diseases such as heart stroke, cancer, bone marrow transplant and kidney failure.
- Easy cashless claims: All health insurance providers tie up with hospitals, so you get to enjoy cashless claims. This also eases the process of getting emergency medical care.
How does medical insurance work?
Many do not know how to claim medical insurance or how to obtain medical insurance. So, here’s some info for you.
The process begins as you apply to buy a plan. You will be provided with some premium quotes, that will be based upon your age, sum insured needed, your medical background and the type of plan that you selected. You may also be asked to carry out some medical tests. It is after this that the insurance provider decides whether or not to provide you with the required cover.
Post this, the terms and conditions are finalized. And you are given the policy. Now, every policy comes with some waiting periods. The initial waiting period is just for a few weeks or one month. During this time period, you’ll be unable to make any non-emergency claims.
After the waiting period, if you require some surgery, that too in a network hospital, then you can contact your insurance provider to help you settle the payments. You will only have to pay the additional expenses that are not covered after the discharge. A voluntary co-pay amount, if any, may have to be paid.
There can be another case, wherein you are getting treatment in a non-network hospital. In this case, you may make all payments and file for a reimbursement claim. No matter what way you choose, you’ll be free from the need to fret about making payments.
With Medfin, you get free customized advice and information from experts. You just need to fill out the form and upload the required documents. Having knowledge about your insurance plan that you have, along with its terms and benefits, will help you make claims about its relevant aspects.
The major expenses covered in the insurance usually include charges related to OT, ambulance, hospital stay, doctor visiting, surgeon as well as medicines and medical tests. You also get to enjoy several offers and discounts with Medfin.
We at Medfin , the Surgery expert team, offer you access to the latest and most advanced treatment for elective surgeries at the most affordable costs. Our Personal Medfin assistants answer all your concerns related to surgery and ensure that your needs are met in your entire medical journey.
To consult an expert Medfin surgeon near you, please call us on 7026200200. You can also WhatsApp us on 9986828963 (click here to initiate a whatsapp chat).
Read our blog on: Health Literacy in India