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Health Insurance Plan: A Blessing in Disguise

In this fast-paced world, we want to stay ahead of our peers. We want to have an extra edge over our competitors. Like it or not, we all are a part of this crazy race that makes every passing second precious. When it comes to performance, we want to ace our game. The cut-throat competition demands us to be physically, as well as mentally, fit. In order to survive, most of us tend to neglect our health.

Sedentary lifestyle, stress, poor nutrition, and more junk food takes a toll on our overall well-being.  This is where health insurance acts as a savior. And with the health care costs sky-rocketing, a medical emergency can become a financial emergency, wiping out all the savings in one go.

Investing in a good health insurance plan safeguards your finances and makes sure that you get the best medical care in your hour of need.

Benefits offered by a Health Plan

A health insurance plan offers various benefits that provide much-needed support at the time of a medical emergency.

If you haven’t invested in a good health insurance plan yet, then consider these benefits:

1. It Safeguard Your Finances

As humans, we are highly prone to falling ill. At present, health care expenses are sky-rocketing and a medical emergency can shackle the foundation of your savings. Buying an adequate health insurance cover is a fool-proof way of strengthening your financial planning. 

2. An Array of Plans to Choose from

Different insurance providers offer different plans. You should zero down on a plan that fits your budget and fulfills your insurance expectations at the same time.  Ideally, you should buy an insurance plan that offers sufficient insurance coverage.

Having an insufficient insurance coverage is far worse than having no insurance coverage at all.

3. Cover Your Family with A Single Plan

If you wish to include your family, you can opt for a family floater health insurance plan, and cover your spouse, kids, and parents under the umbrella of a single health plan. There are some insurance providers that extend insurance coverage to even the parents-in-law.

Who can buy a Health Insurance Policy?

A basic health insurance plan can be availed of by almost anyone. Below are the general eligibility criteria. It may differ from insurance provider to insurance provider.

  1. An insurance plan can be purchased for individuals falling in the age group of 5 - 60 years. But, the proposer must be more than 18 years of age.
  2. The Insurance Regulatory and Development Authority of India has instructed insurers to offer health insurance benefits to senior citizens. This is why 65 is considered as the maximum age of entry. The insurance coverage can be extended up to 80-90 years of age based on the insurance provider’s policy.

What is the Scope of Coverage of Health Insurance?

The benefits of health insurance can be extended to a variety of situations. Regardless of the insurance provider, an insured person can enjoy most of the insurance benefits that are mentioned below:

  1. Cashless Treatment - You can enjoy cashless treatment if you are hospitalized in a network-listed hospital.
  2. Reimbursement of Medical Expenses - In case you are hospitalized in a non-network hospital, you will be reimbursed the medical treatment expenses upon the approval of your claim.
  3. Pre-Hospitalization Expenses and Post-Hospitalization Expenses and Day Care Services Expenses - A basic insurance plan covers pre-hospitalization expenses, post-hospitalization expenses and Day Care Services expenses.
  4. Maternity and Infant Care Expenses - Basic insurance coverage is offered to expecting mothers and newborn babies.
  5. Lab Services - Some insurance providers offer insurance coverage for laboratory tests and services.
  6. Income Tax Rebate - As per Income Tax Act, almost all health insurance plans offer an Income Tax benefit on the annual insurance premium.

What is NOT Covered by a Health Insurance Plan?

Health insurance has a broad range of coverage and an equally diverse number of plans. Different insurance plans, such as like critical illness plan, personal accident insurance plan, senior citizen health plan, have a different set of exclusions.

If you are looking for the best health plan in India, you can check out various health insurance plan offered by Cigna TTK health insurance.

Here are the basic exclusions of insurance plans that aren’t covered by any health plan.

  1. Incurred Medical Treatment Expenses Arising Out of Terrorism of War

    In an unfortunate situation, like that of terrorism or war, medical insurance coverage ceases to exist. 

  2. Hospitalization Due To An Act Of Self-Injury Or Suicide Attempt

    In the event of an insured person inflicting self-injury or attempting suicide, no insurance coverage is provided.

  3. Treatment for HIV/AIDS

    Treatment expenses arising out of HIV/AIDS are not covered by a health insurance plan.

In a Nutshell

A health insurance plan is a must when it comes to safeguarding the well-being of your family and ensuring your financial stability at the same time.  Before you finalize a health plan, make sure you compare various health plans, so that you can pick a plan that offers you the highest insurance coverage at the lowest insurance premium.