Health insurance is an essential aspect of personal and family financial planning. It provides financial protection against unexpected medical expenses and ensures that individuals and families have access to necessary healthcare services. With rising medical costs, unexpected illnesses and the increasing prevalence of chronic conditions, having health insurance has become a necessity for people of all ages and backgrounds.
Also, after looking todays present uncertain health threats like Covid 19 Pandemic and increasing life threatening diseases like Cancer & Heart attack. And this makes people realize necessity of hospitalization care health insurance as a necessary to everyone. And that’s why today we want to tell you more about Why health insurance is todays necessity?
It is well said by old people “Health is Wealth” and yes, it’s so true we all know today due to a Tiny Covid 19 Various all the people in the world are in the danger zone of deadliest infection.
Many people lose their lives due to this deadliest virus in today’s modern and medically improved world. But still, scientists are not sure about the vaccination and its effectiveness.
So, today medical science is at its high of usability, but it is also true that the virus is becoming more deadly and attacking more people in the world. And this is the biggest threat for Humankind.
Hence, how can you save our self and our money from being washed up in medical expenses to treat Covid 19 and such other deadliest disease? with the help of Buying Health Insurance.
Friends, every day we are working hard and doing our best to earn money for our family needs and Retirement, but you can find it by experience and sharing. Health tragedies of family members are the biggest devastating for many families. Along with Money, they lose the life of a family member if not being treated well. And there are success stories as well who shows the Usability of Health Insurance.
What is the Health Insurance?
Health Insurance is a Standard Agreement made by Insurance company with Insurer that upon regular paying some amount of premium they will provide future medical treatment claim facility for a certain sum assured amount on pre agreed terms.
IS IT REALLY WORTH BUYING A HEALTH INSURANCE POLICY?
While any Financial Advisor or Insurance agent shows us his Health Insurance product. We should ask them first and most important question be why health insurance is necessary for me?
Yes, my friend’s Health insurance is the most necessary thing in everyone’s life.
Today Health comes under an expensive category and if we look carefully, we can see many facilities due to not being medically treated well. Whereas HEALTH INSURANCE helps a lot both in proper treatment as well as financial assistance.
WHAT ARE THE ADVANTAGES OF HEALTH INSURANCE?
1] Cashless / On-time Emergency Financial Assistance: Yes, many companies are offering cashless insurance and emergency cashless claims are very necessary because if money is not arranged on time can delay the timely medication. Cashless insurance is hassling free insurance where all applicable treatment is done cashless and a minimum amount is to be pay by the insurer to the hospital. This can save a family from a big financial burden and save family member life. Healthcare costs can be extremely high, especially in emergencies or when dealing with chronic illnesses. Without health insurance, individuals may face overwhelming medical bills for hospital stays, surgeries, doctor visits, diagnostic tests and medications. Health insurance helps cover these costs, making healthcare more affordable and preventing financial hardship.
Key Benefits:
Coverage for emergencies: Medical emergencies, such as accidents or sudden illness, can result in significant expenses. Health insurance ensures that emergency treatments and hospitalizations are covered.
Reduced out-of-pocket expenses: Insurance typically covers a significant portion of medical expenses, reducing the burden of out-of-pocket costs.
2] Hassle-free process: Many health insurance companies have very simple rules and easy plan information where you can know the terms and the types of covered illness or injuries and its sum assured policy limits. so, you can become tension free from worries of an emergency medical situation for yourself or any of insured family member. It is necessary to tell the insurance companies before or immediately after hospitalization to start the further insurance claim procedure.
3] Cost-effective treatment: Friends do you know today medical situations can occur anytime and hospital treatment costs are sky-high. And if you really want to save yourself from such huge and un-necessary treatment prices. you must get yourself insured because hospitals cannot charge a high amount to insurance companies because they have health cost experts who assess your treatment cost and ask hospitals to charge the Fair Treatment value. Health insurance provides access to a broad network of hospitals, clinics, doctors and specialists, ensuring that policyholders receive the medical care they need. Many health insurance plans offer access to preventive services, routine checkups, immunizations and screenings that may otherwise be costly without insurance.
Key Benefits:
Specialist consultations: Health insurance allows individuals to see specialists (e.g., cardiologists, orthopedists) for specific conditions without excessive out-of-pocket expenses.
Preventive care: Many insurance plans cover regular checkups, vaccinations, screenings (e.g., cancer screenings) and health assessments, helping to catch potential issues early.
4] Right Treatment: Do you know the insurance company has a team of Health experts who studies and personally look after your treatment procedure from day one. They also inform the treatment doctors about the treatment correctness. which helps the hospital doctors to give you correct medical treatment and care.
5] Financial Stability Cover: Yes, your health insurance can help you to save yourself from unnecessary emergency healthcare expenses and keep you worry free and provide financial protection by covering cashless / post-treatment settlement insurance policies.
6] Cost-effective and less procedural: Buying Health insurance is always cost-effective than paying huge emergency hospital bills from your saving. If you insure yourself before 30 years of your age, then many harmful diseases are covered at an early age. Which are not covered for more aged people. So, it is advised to buy Health insurance before your 30’s. Also, after 60 years, Health insurance companies ask the insured to produce the medical investigation report and then they issue a policy after removing the existing disease & health issues.
Having health insurance often leads to better health outcomes. Insurance allows individuals to seek timely medical care, which is crucial for diagnosing and treating conditions early, before they become more severe. Routine medical visits, screenings and early interventions all contribute to healthier lives and better long-term outcomes.
Key Benefits:
- Early diagnosis: Health insurance provides access to regular screenings and checkups, helping detect health issues early, when they are easier and less expensive to treat.
- Chronic disease management: Individuals with chronic conditions (such as diabetes or hypertension) can better manage their health with regular monitoring and doctor visits covered by insurance.
7] Peace of Mind: Health insurance provides peace of mind, knowing that you are protected financially in the event of a serious illness, injury, or unexpected medical need. This protection reduces anxiety about how to pay for medical care and ensures that you and your family can focus on recovery instead of worrying about bills.
Key Benefits:
- Protection from financial disaster: Without health insurance, the cost of treatment for serious illnesses like cancer, diabetes, or heart disease could bankrupt an individual or family.
- Mental wellbeing: Knowing that medical costs are covered, individuals can focus on getting better, without the stress of how to manage healthcare expenses.
8] Protection Against Catastrophic Health Events: Unexpected events such as accidents, severe illnesses, or long-term medical conditions can lead to catastrophic healthcare costs. Health insurance helps protect against such financial burdens, ensuring that you do not bear the full cost of emergency surgeries, cancer treatments, or long-term rehabilitation.
Key Benefits:
Surgical procedures: Whether it’s a planned surgery or an emergency procedure, health insurance helps cover a substantial portion of the expenses.
Hospitalization: Health insurance covers hospitalization costs, including surgery, medical tests, doctor fees and room charges.
9] Savings on Prescription Medications: Many health insurance plans offer prescription drug coverage, which can significantly reduce the cost of necessary medications. This is particularly important for individuals with chronic conditions who require ongoing medication to manage their health.
Key Benefits:
Chronic disease management: Coverage for regular medications (e.g., insulin for diabetics) ensures that individuals can manage their health conditions without compromising financial stability.
Affordable medicines: Health insurance reduces the burden of paying for expensive prescription drugs by providing access to a list of covered medications (formulary).
10] Access to Preventive Care: Many health insurance plans now include coverage for preventive services at no extra cost. These services can help catch health problems before they become serious, preventing long-term health complications and reducing overall healthcare costs in the future.
Key Benefits:
Wellness programs: Some insurance plans offer wellness programs, discounts on gym memberships and advice on leading a healthier lifestyle.
Preventive screenings: Coverage for cancer screenings, vaccinations and health checkups ensures that individuals stay healthy and avoid potential medical issues down the line.
11] Health Insurance Promotes Wellness and Healthy Lifestyle Choices: Health insurance often encourages individuals to make healthier lifestyle choices. Some policies provide rewards or discounts for non-smokers, people who exercise regularly, or those who participate in wellness programs. This promotes health and helps reduce the risk of chronic diseases, leading to fewer medical expenses in the long term.
Key Benefits:
- Wellness incentives: Insurance providers may offer discounts or perks to policyholders who lead healthier lifestyles, such as discounts on gym memberships or weight loss programs.
- Access to nutrition counseling and mental health services: Many plans offer coverage for nutritional counseling, mental health therapy and other wellness services that promote overall wellbeing.
12] Long-Term Financial Security: Having health insurance contributes to long-term financial security by minimizing the financial impact of medical emergencies. The rising cost of healthcare makes it crucial for individuals to invest in health insurance as a means of protecting their financial future. Without insurance, catastrophic medical expenses can drain savings and lead to debt, particularly for families without sufficient emergency funds.
Key Benefits:
Preventive savings: By reducing the need to pay for expensive treatments in the future, health insurance acts as a preventive financial measure, ensuring that people can avoid overwhelming debt.
Financial stability: Health insurance helps individuals avoid financial ruin in the event of a medical emergency, helping to safeguard their assets and savings.
13] Promotes Family Wellbeing: Health insurance is essential for families, as it provides coverage for children, spouses and dependent family members. Ensuring that all family members have adequate healthcare coverage can prevent financial strain, provide access to necessary care and promote family health.
Key Benefits:
Protection for dependents: Health insurance helps ensure that children and old age family members can access the medical care they need without financial barriers.
Family coverage: Many plans allow policyholders to include their family members in their health insurance coverage, ensuring that everyone has access to medical care.
How Health Insurance make ease your Life? and Why Health Insurance is Today’s Necessity?
1] Medical insurance helps you to pay the heavy medical treatment cost and save yourself from financial loss.
2] It is advised to check insurance terms, Sum Assured Value, Disease coverages, Local attached insurance company hospital in your area for emergency situations.
3] Make sure your all family members have access to each other’s insurance policy health cards & emergency contact information of the insurance company for emergency situation and cashless claims hospital documentation.
How to select the Right Health Insurance Policy?
Friends as like other insurances Health Insurance is also dependent upon requirement of individual, Such as Sum Assured, Minimum Age of Buying Insurance, Members Covered in Single Insurance, Lock in Period, Various Treatment and Diseases available with Insurer, Applicable Inclusion and Exclusion of Diseases in policy Agreement, No Claim Bonuses, Refund of Premium, Cashless Health Insurance Claim Facility etc.
Types of health Insurance Policies:
There are many policies offered by various insurance companies related to Health Insurance.
1] Individual Health Insurance Plan: This Plan covered an individual Health of Insurance of an Insured of Certain Age and upon paying certain Health Insurance Premium.
2] Family Plan: This plan covers an Individual + Spouse + 2 Kids as per Health Insurance Company Terms, this is most useful insurance policy where an entire family can enjoy insurance of certain sum assured value of Health Insurance with Single Premium Payment.
3] Parental Health Insurance: Many individuals buy Family Plan with Add on of Parental Health Insurance where they can additionally secure their Parents Health Insurance Claims under Single policy.
4] Surgery & Notified Critical Illness: This plan is also a popular one where a people specific requirements Insurer can secure his Health with More critical diseases which are not covered in his Individual Traditional Health Insurance Policy Such as Kidney, Cancer, Heart Failure etc.
5] Accidental health Insurance: This Add-on Health Insurance Provides Accidental Health Care Insurance Claim Facility if in-case it is not covered by Traditional Health Insurance Plan.
6] ULHP: Unit Linked Health Plans are Investments with Health Insurance, this are unique one Health Insurance Plans where a person can enjoy saving and Money Growth as well as Securing His Future Health Insurance Claims under a Single or Add-on Health Insurance Policy.
7] Additional Health Cover: This is also an Add-on Health Insurance Where on paying additional premium a Person can enjoy enhanced Sum Assured Value of Health Insurance Claims.
8] Group Health Insurance Policy: This Health Insurance policy is very popular among Corporate’s, where they buy a health Insurance for their Entire Existing and Upcoming Staff and secure their Health Claims, It’s an Additional Facility to Staff Members Under Staff Welfare, Health & Safety.
What is the Process of Health Insurance Claim:
Health Insurance Claims can be done with 2 Types
1] Cashless Claims: This type of Claims is mostly done with Network Hospital registered with Insurance Company, where after Hospital Admission, an Insurer Should intimate Insurance Company and Submit his Insurance policy details to Hospital Health Insurance Claim Department. So, the Hospital Can directly claim the Hospitalization Cost of Insurer from the Insurance Company.
2] Reimbursement Health Insurance Claims: This type of claims is being done at non-Network hospitals where insurance company don’t have any Tie-ups which makes it Unable to Process Cashless Insurance Claim. So Here the Insurer Informs Insurance Company for Emergency Admission in Under Non-Network Hospital immediately, then Insurer Pays all the medical expenses from his Pocket upon discharge of patient. And they Submit the Health Insurance related Bills and Medical Treatment Paper’s to Insurance Company later to Claim the reimbursement of his Health Expenses. Insurance Company studies the Bills and Treatment and upon successfully verification of the Hospital Documents, Insurance company transfers the Settled Claim amount directly into Insurer Bank Account.
How Health Insurance Can Help a Family:
Health insurance plays a crucial role in supporting families by ensuring access to necessary medical care and managing healthcare costs. Here are several ways it can benefit families:
- Affordable Medical Care: Health insurance significantly reduces out-of-pocket costs for doctor visits, hospital stays and medical procedures, making healthcare more affordable for families.
- Access to Preventive Services: Many health plans cover preventive services at no additional cost, such as vaccinations, screenings and annual checkups. This helps families maintain their health and catch potential issues early.
- Comprehensive Coverage for Children: Health insurance often includes coverage for pediatric care, including regular checkups, immunizations and dental care, ensuring children receive the necessary care for healthy development.
- Family Mental Health Support: Insurance often covers mental health services, allowing families to seek therapy or counseling when needed, which is vital for overall emotional wellbeing.
- Prescription Drug Coverage: With health insurance, families can afford necessary medications for chronic conditions or acute illnesses, reducing the financial strain of prescription costs.
- Emergency Care: In the event of an emergency, health insurance ensures families can access urgent medical services without worrying about exorbitant costs, providing peace of mind.
- Chronic Condition Management: For families dealing with chronic conditions, health insurance provides access to necessary treatments, specialists and ongoing management, improving quality of life.
- Maternity and Newborn Care: Health insurance covers prenatal and postnatal care, as well as childbirth expenses, ensuring mothers and newborns receive appropriate care during and after pregnancy.
- Network of Providers: Health insurance plans often have a network of healthcare providers, making it easier for families to find and choose doctors, specialists and hospitals that meet their needs.
- Health Savings: By investing in health insurance, families can avoid large, unexpected medical bills that could lead to financial strain, allowing them to allocate resources to other important areas.
- Preventive Family Care: Health insurance encourages families to prioritize regular health checkups, which fosters a culture of health and wellness within the household.
Overall, health insurance is essential for providing families with the necessary resources and support to maintain their health, ensuring access to care while minimizing financial risks.
What are the facilities Insurer may Get upon Buying Health Insurance Policy?
1] Cashless Hospitalization in Network Hospital, where in case of Health Emergency a Person can be treated without Paying any Cost by Insurer Except Minimum Pay In-eligible Claim Amount as per Insurance Company policy.
2] Pre & Post Hospitalization Expenses Claims are being accepted by caring health insurance company subject to Insurance Agreement Clause Availability and on time Informing to Insurance Company regarding Medical Treatment. Where before hospitalization expenses can also be additionally claimed as per Insurance Company Terms.
3] Medical Check: Some Insurance Companies provide free or Discounter Health Checkup Facility to eliminate the risk of Insurer Health.
4] No Claim Bonus / Premium Discount: Many medical care Health Insurance Companies providing this type of facility. In this an Insurer who have not clammed any health Insurance Claim in his previous policy year, then he can get discount on Current Year Premium or refund of his Last Premium Paid depend upon Insurance Company Agreements.
5] Add Ons: Add On’s are the additional Benefits Offered to Insurer on His Hospitalization care Health Insurance Policy by Health Insurance Company, where he can add or remove any Family Member from his Policy, He can also claim Patient Transfer Cost Reimbursement, Premium Room Expenses, Insurer Daily income Loss Reimbursement where certain amount as per policy is given to Insurer for loss of his Daily Income due to Hospitalization. Can Add / Remove Critical Illness Insurance, can add Additional Sum Assured Insurance Claim.
Health insurance is a crucial investment in both your physical and financial wellbeing. It provides financial protection against the high costs of medical treatment, ensures access to essential healthcare services, promotes better health outcomes and gives you peace of mind knowing that you’re covered in times of need. In an unpredictable world, having health insurance offers not only protection against unforeseen medical expenses but also helps maintain your longterm health and wellness. Whether you’re single, married, or have a family, securing comprehensive health insurance is one of the best ways to safeguard your health and future.
Hope you now understand the importance of hospitalization care health insurance, now you can check on your own that why Health Insurance is Important to your family. Keep yourself healthy with healthy eating and exercise and rest leave on your health insurance to take care of your entire family health. We hope now you understand that taking a Health insurance is also a health care and money saving for self and family.
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Prashant V @Gymbag4you@gmail.com
