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Health Insurance

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With rising healthcare costs, it is likely that one will have to go through an expensive medical procedure at least once in their lifetime. As a result, purchasing health insurance is a practical way to mitigate expensive medical bills.Health Insurance features include coverage of hospitalisation expenses,Pre & Post hospitalisation expense and the cost of treatment & surgeries.

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Health Insurance : Medicare or medical costs are rising year on year. As a matter of fact, inflation in medicare is higher than inflation in food and other articles. While inflation in food and clothing is in single digits, medicare costs usually escalate in double digits. One disease can drain out all the savings you have made for your children's education, marriage, for buying a house or even retirement. You would not want your family's dreams to get shattered just because of an illness, especially when you could have protected yourself financially. With health insurance, you are assured of a more secure future both health-wise and money-wise

Benefits of health insurance : Here are Some Key benefits of health insurance that you Should know

1. Cover hospitalisation expenses

2. Cover pre & post hospitalisation expenses

3. Cover daycare procedure

4 Cover domicillary treatments

5. Cover alternative treatments like Ayurveda,Yoga,Unani,Sidha & Homeopathy

6. Cover annual health checkups

7. Offer add-on cover for critical illiness

With health insurance, you are assured of a more secure future both health-wise and money-wise. There are several advantages to buy health insurance,protection against unexpected medical bills,access to health care services,tax benefits,peace of mind & incentive for maintaining a healthy life style.

Initial Waiting PeriodAlmost all health insurance plans have an initial waiting period of one month or 30 days during which no claims are accepted, except for accidental cases.

Pre Existing Disease : At the time of taking health insurance,if the insured has any existing ailments like diabetes,high blood pressure,thyroid etc.,they are calling pre existing diseases.Almost all the health insurance plan cover pre existing disease after a waiting period of 2 to 4 years.This implies that any hospitalisation expense related to declared ailment can be claimed only after 4 successful years with insurer. 

Waiting Periods for Specific Ailments/Procedures : There are certain listed ailments & procedures, such as ENT disorders, hernia, osteoporosis, joint replacement surgery, cataract, etc., for which health policies normally have a one or two years of waiting period. Any medical expenses resulting from such diseases/ procedures are covered only after the 1 year/ 2 years waiting period is over.

Health Check ups : Health insurance plans are designed to primarily take care of financial stress in case of medical emergency. However, insurers also want people with good health in their portfolio.To ensure an individual is aware of their health, most health insurance plans offer preventive health check-ups on a yearly basis. This helps an individual to know about their health vitals and take corrective steps to bring changes to their lifestyle. 

Health insurance provides financial support during medical and health emergencies. To continue availing the coverage benefits of a health insurance plan, it is required to pay a premium by the insured to the insurance company. Although most premiums are paid annually (for one-year health insurance plans), however, there are two and three-year health plans that you can choose to buy.

The premium of your health insurance policy also depends on the type of health insurance plan that you opt for.There are different types of health policies that are available.For example individual health plans,family floater plans,senior citizen health plans etc.If you buy individual health plan,the premium would be higher than family floater plans. Similarly, premiums of critical illness insurance plans are generally on the higher side. 

The mediclaim policy premium is a fixed amount that the insured must pay to the insurer to avail the health insurance policy coverage. This is determined by the type of coverage, sum insured, and lifestyle, among other factors. Buying a health plan early on in life is better to get an enhanced deal at a low premium.