Introduction:
Vapourizing the period when Indian households overlooked the idea of purchasing health insurance plans for themselves and their family members, health insurance investments have taken a primary seat in almost all household budgets. It is due to the growing medical inflation, demand for quality treatment and prevalence of chronic diseases. These days, people prefer to purchase policies through online platforms rather than waste their time visiting multiple insurance companies to compare and choose the best one that suits their requirements. Several online platforms assist policyholders. Let’s learn about them in detail in the article.
Understanding medical insurance policy:
A waiting period is a contract between an individual and the insurer under which the latter agrees to bear some of the former’s medical expenses during a medical emergency. An individual must pay a premium to the insurer to avail of coverage for medical expenses. Some of the benefits that are commonly covered under medical insurance policies are listed below:
- In-patient hospitalisation expenses: Expenses incurred while availing treatment at the hospital for an injury or illness. To avail of this benefit, the insured needs to stay at the hospital for more than 24 hours.
- Pre-existing illnesses: Expenses incurred for availing of treatment at the hospital for illnesses that are diagnosed at least two years before purchasing the policy. This benefit can be claimed only after the compulsory waiting period.
- Preventive health check-ups: Some insurance companies offer regular health check-ups for policyholders as a part of their preventive care.
- Daycare procedures: Expenses incurred for availing of treatment that require less than 24 hours of hospitalisation, like dialysis and eye treatment.
- Mental healthcare cover: Following the implementation of the Mental Healthcare Act of 2017, the Insurance Regulatory and Development Authority of India (IRDAI) has made it compulsory for insurance companies to cover expenses for availing of treatment for mental health conditions like depression, schizophrenia and bipolar affective disorder.
Important reasons to invest in a medical insurance policy:
With the constant rise in medical expenses along with the necessity to avail of quality treatment, purchasing a medical insurance policy has become inevitable in recent times. Because one cannot take the risk of depleting one’s savings due to an unexpected medical emergency, this will add to their emotional and physical toll. Planning ahead and purchasing a tailor-suit insurance policy is the optimal solution to tackle the crisis. Below are some of the reasons that emphasise the need to invest in a medical insurance policy.
- Growing medical inflation: With the rise in the cost of drugs accompanied by the demand for quality treatment and shortage of healthcare staff, medical inflation has been growing faster across the country. Medical inflation has become a pressing reason to purchase a policy at the earliest.
- Cashless hospitalisation: Insurance companies will tie up with hospitals across the country to offer cashless Mediclaim to policyholders. This in turn will reduce the burden of shelling out from the pocket, filling up for reimbursement and constant following up during crisis for policyholders.
- Access to quality healthcare: Purchasing a good medical insurance policy will grant policyholders the ability to afford superior medical treatment by allowing them to concentrate only on their recovery.
- Tax benefits: Under section 80D of the Income Tax Act, one can enjoy tax savings by investing in medical insurance policies either for themselves or for their family members.
- Peace of mind: By investing in insurance policies, one can attain tranquillity in receiving medical care without having to worry about the exorbitant cost of the treatment.
Top five ways of acquiring medical insurance policy:
Though there are numerous ways to purchase a medical insurance policy, below are the top five recommendations to obtain it quickly without much hassle.
- Insurance companies: One of the simplest ways of acquiring a medical insurance policy is purchasing it directly from insurance companies. You can do it either by visiting the company in person or through their online platform. One can hand-pick the policy that tailor-suits their medical requirements and financial affordability by speaking directly with the representatives of the companies.
- Through brokers/agents: Most people prefer to purchase insurance policies through agents since it does not require visiting insurance companies in person. In most cases, agents will make an appointment with policyholders in advance and visit their convenient place to sell or renew medical insurance policies. They also do the background work in analyzing and comparing numerous plans on behalf of the policyholders.
- Through online insurance comparison platforms: With the rise in awareness among people about the importance of purchasing the right medical insurance policy, numerous online platforms have mushroomed to help customers make an informed choice. These platforms are considered the one-stop solution for buying insurance policies since they offer comparisons between various plans provided by several insurance companies.
- Through employers: Most companies, including start-ups and corporate companies, provide health insurance policies to their full-time employees enrolled in their payroll. They pay the premium on behalf of their employees and assist them while making claims for the treatment expenses covered under the policy.
- Through banks: A policy seeker can purchase the medical insurance policy through their bank. Several banks have tie-ups with insurance companies and offer a range of health insurance policies. In certain cases, banks also sell their own insurance products.
Conclusion:
These are some of the ways one can acquire a health insurance policy without much hassle. Just like purchasing the policy, it has also become equally important to make time-efficient, informed and effective choices.