Key Concepts Of Health Insurance

Health Insurance Advice — Tags: , , — admin @ 7:55 pm

What is health indemnity?
A health indemnity policy will provide a cover to you and your family hostile to sudden medical contingency or bodily injury.

Why health indemnity?
Every human being is exposed to various health hazards.
Medical emergency can arrange anyone without pre-warning.
Inadequate facilities in government hospitals
Private hospitals are too expensive
Medicines have become silent expensive
Diagnostic charges are beyond common man’s reach
Specialists come at a price
Tax benefit under section 80 D of the Returns Tax Act
Health risk is a personal risk, which could arise from various factors viz.
a) Physical condition
b) Psychological condition
c) Accident related
d) Occupational related
e) Environment related
f) Life style related
g) Travel related

What is the kind of medical emergency that can arrange?
A medical emergency can be:-
Medical illness
Injury / Accident
Major illness
Vital illness
Chronic illness

What impact will a medical emergency have on you and your family?
A medical emergency can
Burn a hole in your pocket
Immediate need for medical aid
Loss of feature life
Loss of career options / Returns
Disruption in home life
Mental trauma and incapacitation

What does a standard indemnity policy cover?
A standard mediclaim health indemnity covers :
Room and boarding expenses provided by the hospital
Nursing expenses
Diagnostic and medicine expenses
Surgeon, Anesthetist, Medical Practitioner, Consultants, Specialist fees
Anesthesia, blood, oxygen, operation theatre expenses, cost of surgical appliances, medicines and drugs and similar expenses
Pre-hospitalisation and post hospitalization expenses subject to conditions and limits .

What are the benefits of buying mediclaim health indemnity at a young age?
Mediclaim Health indemnity premium tends to increase with age — more the age, higher the premium.
You can be covered for medical conditions that may be diagnosed over the being provided there is no break in the policy.
In addition, each ‘no claim’ year would fetch you a discount on your premium or an increase in your sum insured amount at no extra cost. The treatment in case of ‘no-claim’ bonus varies from companionship to companionship.
Lastly, returns tax benefit under Section 80 D of the Returns Tax Act.

How is premium determined?
Premium depends on several factors viz.
Your age
Amount of coverage required
Number of family members covered
Other additional benefits
Your health condition
Your returns earning

How does a health policy differ vis-à-vis a life indemnity policy?
Mediclaim health indemnity plot is more comprehensive in its coverage. All expenses involved in hospitalization fall under its purview. Life insurers usually cover vital illness and hospital cash extensions (only room rent charges) on life policies, which do not include doctor’s fees, expenses incurred on buying medicine and surgery costs etc.

Why is it vital to tell health fine points when I buy a policy?
Mention of fine points is vital since indemnity companies assess the policyholder’s risk profile on the basis of his/her health. An indemnity contract works on the principal of “utmost excellent faith”, which implies that information furnished by a policyholder is right and right. Moreover, non-disclosure can also lead to rejection of a claim.



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