Health Insurance

Health Insurance - AEGON Religare

Health Insurance

Health Plans are designed to secure you and your family against expenses due to medical emergency.

This plan gives you a fixed benefit and provides coverage for all kinds of surgeries including 240 day care treatments.

What is Health Insurance?

 

Atul was a worried man. His wife had just been admitted to the hospital for severe stomach pain. The doctors had advised an immediate operation, as otherwise her condition might worsen.

Apart from his wife’s health, what was also giving Atul the shivers was that his emergency fund may not be enough to fund the operation costs, leave aside the cost that he would have to incur for his wife’s stay in the hospital after the operation.

What if you were Atul?

God forbid you get into a situation like Atul. What will you do?Now, why think of that situation? Simply buy a health insurance policy to secure your and your family’s healthcare needs in case a situation arises in the future?Before we get into the benefits of health insurance, let us briefly look at the two categories of health insurance products:

1. Mediclaim Policies: Also known as indemnity health plans, a mediclaim policy reimburses the expenses incurred on hospitalisation as per the actual hospital bill amounts. If you are covered under such a policy, you can get claim for your hospitalisation expenses depending on your claim details, terms/conditions of the policy and coverage amount. This type of Health plans are sold by general insurance companies. Although they may be marginally cheaper than other health insurance products, payout is not guaranteed. 

2. Fixed benefit health insurance plans: Unlike indemnity plans, these plans provide guaranteed fixed benefit payouts irrespective of the actual hospital bill amount. These plans focus on helping the insured meet the cost of two major heads of medical expenses – hospital room charges and cost of surgery. The plan has a fixed payout for each day of hospitalisation and a fixed payout for different categories of surgeries. These are called fixed payouts because the insured, in the case of a valid claim, will get this amount from the insurance company, irrespective of the actual expense incurred.

What are the benefits of Health Insurance?

Here are a few benefits if you buy health insurance for your family and yourself:

1. Financial security: Treat a health insurance policy as a contingency plan made to make things easier when the going gets tough for you and your family in terms of health. Features such as cashless hospitalisation, fixed payouts, dual payment over above other health plans and free health check-ups make it almost necessary to have a health plan.

2. Best medical care: As insurance companies pay for the hospital treatment (up to the insured amount), you can get yourself or a family member (who is also covered under the policy) in the best hospital in your city. Most large health insurance companies are tied up with top notch health care providers across the country. As such, you have at your disposal the best doctors, hospital and clinics, if the need arises.

3. Covers your savings: If you have been in a medical emergency situation, you realise how emotionally challenging such a time is. The problem worsens in case you don’t have a health insurance to take care of the expensive hospitalisation expenses, which may lead you to pull out money from your savings. Health insurance acts like a saviour during emergency situations, which can strike anytime. It ensures that your savings/investment plan remains unaltered.

4. Peace of mind: Having health insurance frees you from the stress of any potential health emergency. Stress, as you know, is a big killer. The fact that a health insurance policy can help you get over this demon says a lot about the importance of such a policy in your life.