Summary: Health insurance is that protection that can safeguard you during uncertainties. Read on to learn some important terms and features of health insurance plans.
We are living an uncertain life where our health is always at stake. For instance, the COVID-19 pandemic changed our perspective towards healthcare.
So what have you done to secure your health? While it is essential to take good care of your health, it is equally essential to be prepared for uncertain medical emergencies.
We are talking about the importance of health insurance in one’s life and how it plays a major role in offering financial coverage.
Indeed, medical insurance can help in the time of need and provide you financial coverage for your health services. To get the most out of your health insurance policy, it is important to understand what it entails.
In this article, we are going to discuss in detail about everything you need to know about health insurance, so let’s get started.
What Are The Health Insurance Terms?
To understand health insurance, it is vital to learn some of the basic terms:
Survival Period: It is the time period which the policyholder has to survive after being diagnosed with a condition to avail the claims. Typically, the survival period is 30 days.
Pre-Existing Illnesses: At the time of applying for health insurance, the policyholder has to mention all the health ailments. Pre-existing illnesses mean the health condition you had before availing of the policy.
Network Hospitals: Each insurance company has a network of hospitals within which they provide medical coverage. Before applying for a health insurance policy, it is important to ascertain all the hospitals.
Waiting Period: The waiting period is the minimum time period you need to wait after availing of the policy to start getting the benefits. However, there are exceptions in case of emergency.
Inclusions: Everything that is covered in the plan is called the inclusion of your policy. All the inclusions will be mentioned in your policy.
Exclusions: Everything that is not covered in your policy will come under exclusions. There are some medical conditions that are not covered in the policy; all this will be mentioned in the policy.
Read Also – Tips To Choose a Health Insurance
What Are The General Features Of Health Insurance Plans?
While each health policy has distinctive features, there are some general features that every policy has:
Cashless Hospitalization: It is one of the basic features of health insurance that you will get cashless treatment in any of the network hospitals. You need not pay any medical expenses to get the medical services.
Online Policy Renewal: Today, almost every medical insurance plan has the feature of online renewal. You can easily renew your policy by visiting the official website of the insurance provider.
Day Care Treatment: Some insurance companies may accept the claim of day care treatment. In this, you can get medical cover for 24 hours in a hospital. It is essential to check whether the company offers the feature.
Pre and Post Hospitalization: The main idea behind availing of health insurance is to cover both pre-and post-hospitalization expenses. There are some medical conditions that require extended care after the hospitalization.
Grace Period: It is the time period offered by the insurance company after the due date of insurance expiry. This grace period allows policyholders to pay their premium on time.
Policy Portability Feature: These days, insurance policies come with the feature of portability. That means you can switch between plans without any hassle. It is essential to port your plan at least 45 days before expiration.
Complaint Correction: You have the right to complain about the health insurance company, and they are liable to address your concern at the right time. In case you are not satisfied, you can move to IRDAI.
Claim Settlement: The insurance company will settle your claim. Hence, claim settlement is the process of the insurance provider settling the claims.
The Bottom Line
There is a lot that you need to learn about health insurance plans. For starters, you need to understand that they are highly necessary for your life, and you need to invest in them right away.
The above mentioned were some key information regarding health insurance plans.