Considering the present scenario of COVID-19 coupled with plenty of growing lifestyle diseases, labelling health insurance merely as 'important' would be unjustified. Today, health insurance is an absolute necessity whether you believe it or not.
The chances are, you will admit this fact on your own later.
So just in case, you do not agree with me on this point right now, I'll leave this matter entirely upon on you to realize it's undeniable significance in the later stage of your life.
Okay, now let's put the spotlight on some of the special features of a good health insurance policy:
Offers Coverage for Pre-existing Diseases: Suffering from a long-lasting disease for some years now? Equally tired of keeping up with the medical bills for the same? Health insurance comes as a boon here. Simply purchase health insurance and cover the medical bills coming out of a pre-existing condition.
However, in this case, it's important to note that the insurers come with a waiting period of 2-4 years in terms of providing cover for pre-existing diseases. So it means you will have to wait for a stipulated period before getting any coverage for pre-existing conditions. Either way, it's a wise decision to go for a health cover.
Covers Pre and Post-Hospitalization Expenses: In simple terms, pre and post-hospitalization expenses basically stand for the costs accounted before and after hospitalization. Note that the cover for the same differs in terms of the days.
In general, insurance companies offer pre-hospitalization cover for 30 days prior to hospitalization and provides post-hospitalization cover for 60 days after the discharge from the hospital. Again, it is not fixed so try finding out a plan that offers you coverage for the maximum number of days for pre and post-hospitalization expenses.
Access to Network Hospitals: Network hospitals represent a number of hospitals associated with your insurer. At a network hospital, you do not need to pay the bills for availing any treatment. Rather you can enjoy cashless facility where you do not have to undergo the stress of filing for reimbursement claims.
All the hospitalization costs and treatment charges will be directly settled between the insurance company and the hospital. If you are thinking of buying a health insurance plan, keep in mind that it is always a smart move to go for health insurance plans that have a number of network hospitals in your area so that you can approach any of them without any trouble.
Co-pay: Co-pay or Co-payment stands for mutual payment where the insurance provider and the insured share a pre-decided percentage of the total claim amount. Co-pay facilities offered by some health insurance companies is an effective tool in terms of reducing your premium.
However, at the time of buying a health insurance policy, it is necessary to see if you can pay your part of money even during expensive treatments. It's advisable to go for this option or else, in return for cheaper health cover, you might suffer later.
The Takeaway
Hopefully, if you have read through the write-up above, you should be convinced by now that health insurance holds more significance than we can think or imagine of in terms of the features it comes with. A sudden hospitalization not only brings a big blow to your hard-earned savings but also puts you and your loved ones in a state of anxiety. Therefore, it's always a wise step to go for the best health insurance plan that you think is great for you and insure yourself as well as your loved ones, today!
