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Full beginner's guide about Health Insurance


Let's Start with the basic question, What is health insurance? Health insurance in simple works is basically an agreement an individual does with the insurance company that helps you afford the cost of health care by paying off a certain amount yearly. Health insurance works by the technic of giving the cost to the other individual,to be precise when one person paies their insurance money, it helps to pay the needs of others. In addition of health insurance providing for your financial needs there is more to it.. as it has improved the access to care wherin more people can seek,find and pay for their health care services. There are a few ways to get Health care insurance. Firstly, ther comes a Group Health Insurance, also known as employer based coverage. 

Let us understand the meaning of pre existing Diseases and waiting period,because of this most of claims would be rejected in the past and today till date also. To tackle this problem,IRDAN has defined pre-existing diseases .So, whenever you take health insurance, 48 months before the diseases that are diagoned will be considered as pre-existing disease and will basically be used for your claim.So, for example if there is someone who has Diabetes,he takes policy in July 2021 and he already has diabetes then that becomes a pre-existing disease,he will be able to claim the cost for it from 5th year onwards meaning July 2025 but if you have existing illness, your premeium increase abit.The waiting period can vary for different diseases but in general, the waiting period be's of 2 to 4 years of duration. Also you need to make sure that you don't hide your existing illness like if you smoke tell them clearly or if you have diabetes or any type of heart condition is there, you should tell them as if you don't tell them and when tell find out later your policy can be terminated.Other than that you need to check how much no claim bonus you'll get, as in the future there are chances of premieum decreasing  so you get extra cover. 

Let's say that you got a policy and didnot claim anytime in a year and you were paying premieum on time, if you renew this policy next you might get 10% extra cover or get 10% rebet or you might get 50-100% bonus so, you need to get to know how much maximum no claim bonus you'll get. You may also get preventive health check-upin which you get a health checkup and you also get a refund, suppose  for 2 years you didnot claim anything then you might get 5000 Rs or so, it depends on the total cover. Now, we should think how much coverage should we go for/ It depends on various factors like age, family's medical history,existing condition,nature of job, involvement of any danger in it, income level, lifestyle. We will be speaking about some thumb rules let's say if your going for individual insurance then you need to get a minimum of 3 lakh coverage as you see at a young age, there are less chances of existing disease so as age increases you can increase your cover. Second coming to family cover, if a family consists of two heads and 2 children than they should opt for minimum of 5-10 lakhs, there are some thumbrules here too, you can take this two:50% annual salary or cost heart surgery in your city,suppose if the heart surgery cost is 4 lakhs so you can go for 4 lakhs coverage but it also depends on th income and lifestyle. 

Also take care that if you have elderly people in there 60's then take a separate insurance for them as the premium might increase as the premium depends on age, more the age, more the premium.coming to the final question, how to buy health insurance? First ofall we need to understand that the cheapest insurance maynot always be the best one. A company's brand value also contributes in the insurance as we don't only buy an insurance, we are also buying a promise, the company will pass our claim or no, is equally important. This can be checked by health insurance's incurred claim ratio and claim settlement ratio. When we buy health insurance, many a time, agents approach us or bank approaches so in this case the disadvantage is that we donot get to compare the insurances, it can be that the agent's or bank's comission is more that's why they convince you to go for it. So, it is best to buy insurance online. For example,policybazzar is a good website from where youcan purchase insurance. When we go in policybazzar website, we get option of health insurance where we can see various policies then select one and view all the plans, continue, fill in all details needed, you can compare and see the features. Online  there are more benefits like if you cannot decide which insurance to got with the executive can help, also if claims problems takes place then claim settlement teams will help you out.

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