Health Insurance – Frequently Asked Questions
Which Diseases are Covered Under Health Insurance?
If you compare health insurance plans you will realise that they go way beyond hospitalization. Most health insurance policies are comprehensive and thus highly beneficial when it comes to covering medical expenses and saving you from spending your life’s savings.
Before investing in any medical insurance policy, the policyholder must thoroughly go through all the details about the diseases covered under health insurance. It makes them understand their investment. Although the illnesses covered by health insurance plans mainly depend on the plan chosen by the policyholder. Most health insurance providers cover the following diseases and illnesses:
- Accidents and Injuries
Accidents require immediate hospitalization. With a health insurance policy, the cost of treatment of an injury caused due to an accident is borne by the insurance company, when the insured requires hospitalisation of over 24 hours.
As coronavirus has become a deadly disease, most health insurance policies are now focusing on covering the treatment of Corona-affected policyholders. The facilities include hospitalization, medicines, home quarantine expenses, PPE kits, disposable gloves, masks, etc.
With the modern facilities, there has been a ray of hope in cancer treatment. Timely treatment can help individuals battling cancer. A health insurance policy covers cancer treatment expenses of hospitalization, chemotherapy, radiation therapy, medicines to get the right treatment at the right time.
- Diabetes, high blood pressure
These diseases mainly come under pre-existing conditions. After waiting for 24 to 48 months, policyholders can also get coverage for the illnesses.
The insurance policies cover different life-threatening diseases, which helps the policyholder benefit and live a healthy life.
The right health insurance policy can help in having a positive attitude towards life. You can choose the best policy by going through the details of various health insurance companies from www.paybima.com. You can compare health insurance plans and ensure that you receive the best treatment during your emergency.
Can One Person have Two Health Insurance Policies?
With the rise in medical costs in India, more and more policyholders are opting to have more than one medical insurance policy. If you too are looking for better coverage you can rest assured that investing in numerous health insurance policies will not only provide coverage to health problems but provide backup protection in case of any emergency. On top of that, with multiple insurance policies, you can get facilities for specific diseases such as coronary disease, diabetes, etc.
If you are thinking of investing in two or more health insurance policies, the benefits are discussed below:
- Protection of a bigger claim
In the case of a medical emergency such as major surgery, a single health insurance plan may not be able to cover all the expenses. This can be a massive problem for your family as you might have to pay a substantial medical expense from your pocket. With the help of multiple policies, even if one policy is not adequate to cover the expenses, you can rely on the other one.
- Small coverings
You can invest in multiple health policies despite investing in one big insurance plan. With small covers from various approaches, you can end up having a more extensive coverage in the long run that becomes less costly.
- Diverse insurers
With multiple health policies, you can get different service providers, which results in the settlement of more claims with a higher amount insured than in a single procedure. You can also enjoy better and wider service.
- Low Premium
The insurance premium tends to lower if you buy multiple health plans with small covers.
- Personal health and illness plan
With two or more multiple health insurance plans, you can get benefits from having a critical illness plan along with a personal health policy. You may want to diversify your health insurance by inverting in an indemnity and a fixed benefit health insurance policy.
The different benefits make the policyholder invest wisely in multiple health insurance policies. You can compare health insurance policies by visiting www.paybima.com and making a clear selection based on coverage and the health insurance quotes.
What does a Health Policy Cover?
A health insurance policy offers the insured individual financial assistance against medical expenses for injuries and illnesses. It covers hospitalization expenses, ICU charges, daycare procedures, and critical illness benefits. The policy notes a package of medical benefits, for example, drugs, treatment services, tests, etc. This comprehensive insurance reimburses your bills or aids you in paying for your medical care directly on your behalf.
Health insurance plans help the insured to stay covered against various ailments. Additionally, it allows them to boost tax savings. A detailed list of the costs covered by a medical insurance policy is listed as follows:
- Covers hospitalization charges
This policy will pay all your medical expenses incurred due to a hospitalisation that is 24 hours and above. Room rent, ICU, boarding and nursing are covered as per the opted plan.
- Covers ambulance expenses
It also pays for your ambulance charges incurred during a medical emergency.
- Covers pre-existing diseases
A comprehensive health insurance plan covers all of your pre-existing conditions once the insured has completed the waiting period mentioned in the policy certificate.
- Covers pre and post-hospitalisation expenses
Most health insurance policies cover a set number of days before and after the insured individual’s hospitalisation. This acts as a big benefit as it covers the illness/ injury related investigations as well as follow-ups.
- Covers day-care procedures
Most health insurance policies these days cover a long list of daycare procedures.
- Cover AYUSH treatments
Alternate treatments such as Ayurveda, Yoga, Unani, Sidha and Homeopathy are also covered by some health plans.
Health insurance plans come with many benefits. The insured can also avail of cashless treatment without the worry of arranging funds time of an unforeseen hospitalisation. The insurance company settles it directly with the hospital when it is in their network. You can even enjoy the additional sum insured for every claim-free year as per the policy certificate issued in charge of your health plan. You can claim a tax benefit on your health insurance premium too. Visit www.paybima.com where it is easy to compare health insurance. You can then choose the one that suits you the best.
Is It Worth Taking Health Insurance?
Health insurance not only provides benefits to you but also covers expenses for your family, parents, and kids. Today there are numerous policies available in the market that can cover all kinds of health issues. Be it hospitalisation, medicines, or other essential procedures; a health insurance policy can cover all the necessary things that help you save your huge extra expenses on health problems. With the long list of benefits listed below, you will get an idea that buying health insurance is really worth it.
- Comprehensive coverage
Many health insurance plans cover pre-hospitalization or post-hospitalization expenses along with in-patient hospitalization expenses. Ambulance expenses and daycare procedures that don’t require 24 hours of hospitalisation are also covered.
- Cashless treatment
With this facility, you can receive your treatment from the hospital without paying any charges for the medical expenses. When you seek treatment in a network hospital, the insurance company makes the bill payment directly to the hospital.
- Benefits of Portability
The policyholders are provided with the facility of portability, which allows them to transfer the existing health insurance policy to a new health insurance provider.
- Rising medical costs
With the constantly increasing medical inflation, an illness can burn a big hole in your pocket. With the right health insurance plan, you can ensure good quality treatment for yourself and your loved ones.
- Financial Cover
A medical insurance policy can provide a huge coverage of expenses. It also protects your savings and keeps you prepared even if there is an unforeseen medical emergency at home.
Although a health insurance policy is worth taking, it is always recommended to compare the details and choose from the list of policies that fulfil your health issues parameters. You can visit www.paybima.com and check the health policies available and also get expert guidance and support.
When can You Claim Health Insurance?
You must not think that if you register for a health policy today, then from the next day, you can get its benefits. There is a waiting period following which your medical insurance policy starts covering the selected list of ailments.
Specific medical tests are conducted on the policyholders to assess the level of impact of the disease. The reports of the results decide whether the policy proposal can be accepted or not. You can get to know about the different types of waiting periods to claim health insurance from the list given below.
- Accidental Hospitalisation
There is no waiting period applicable when hospitalisation is required due to an accidental injury. Such issues are covered from day 1.
- Initial Waiting Period
Also known as the cooling period, an initial 30-day waiting period is applicable in all health insurance plans. Within 30 days of policy purchase, no hospitalization (other than accidental hospitalization) is covered.
- Pre-existing Diseases (PED)
If the insurance holder states that he is suffering from specific common health problems such as thyroid, high blood pressure, diabetes, etc., during the time of registering in health policy then, these diseases are known as pre-existing diseases. Once the medical insurance policy is accepted, the waiting period is usually 4 years. Thus, you need to understand that all the charges and expenses of the hospital will be covered once you complete this period.
- Specific Ailment Waiting period
Health problems such as hernia, cyst, ENT disorders, urinary problems, osteoporosis, bypass surgery, etc., have a waiting period of 1 or 2 years.
- Maternity and Newborn Baby Waiting period
Certain insurance companies provide insurance with maternity benefits. The waiting period varies from a period of 9 months to 36 months.
Except for accidental cases, every policy has a general waiting period of one month. You can learn more about the health insurance policies that are available in the market and get expert guidance on choosing the most suitable one by visiting www.paybima.com and making sure you are insured adequately.