To get this covered, a qualified medical practitioner needs to confirm that hospitalization will happen and so will the expenses before and after it. For this cover, the hospitalization must be for a minimum of 24 hours.Įxpenses can happen before and after hospitalization too.
Once you get hospitalized due to sickness or injury, the health insurance company will cover all your expenses from room rent to medical equipment, up to the limits specified in the policy. They also cover daycare procedures, OPD treatment, besides raising and restoring the sum insured automatically based on situations. Better be safe than sorry! Plan for what may seem like unlikely scenarios, with cost-effective and comprehensive policies.Īs discussed above, health insurance plans cover the expenses incurred during medical procedures which may include pre, peri and post hospitalization. Who would have thought that such a large number of people, even young and healthy, will require medical care and hospitalization due to an unexpected pandemic?The Covid crisis left millions wishing they had Health Insurance. Also, it’s hard to predict the nature of the medical emergency. But can you really predict how much medical costs will be when they hit you? As per market reports, medical inflation has remained around 7-10% from 2016 to 2020.
One might procrastinate or avoid getting health insurance by thinking that he or she has enough liquidity / savings set aside for medical expenses. The reason is simple - it is a large, unplanned expense which cannot be postponed, and comes during the most stressful time you can think of - a medical emergency involving you or your loved one. Even people with adequate incomes are sometimes forced to borrow, sell assets, etc during health emergencies. Medical emergencies, hospitalization, surgeries and long drawn medical treatments are one of the biggest causes of financial distress and ruin in Indian families. ‘Don’t dig a well when the house is on fire.’ This famous Indian proverb captures the need for Insurance like no other. Always check if your prefered hospitals qualify for the cashless facility in the policy you are considering.s It prevents unnecessary hassle during an already stressful situation and protects against situations where you might not be able to arrange a large sum at short notice. Several health policies have a cashless feature, which does not require you to clear bills followed by the process of claims settlement. The coverage is the total Sum Insured that you can choose against monthly or annual premiums. It may cover the cost of hospitalization, medical consultations, medical tests, OPD bills, prescription bills, treatment of long-term ailments, therapy, surgeries, etc depending on the kind of policy and the addons / riders chosen at the time of policy purchase or renewal. One can opt for a policy that only covers oneself or add dependents and family members to the policy.Ī health insurance policy gives you the financial support you need to deal with a possible medical emergency. Health Insurance is a type of insurance that protects you against medical expenses, to the extent of the coverage amount.* It achieves this by directly paying for (in case of cashless) or by reimbursing your medical bills, during the validity and terms of the health policy, to the extent of the coverage amount.The insured or the policyholder pays for this coverage against medical costs through premiums which could be annual or monthly.