Medical insurance, health insurance or mediclaim is the only way to provide for medical costs in India. With the government contributing very little towards health care costs, hospitalization in a private facility costs a fortune. So, if you do not have mediclaim, it’s time to get one. Here are some facts that would simplify the concept of health insurance for you.
What is it?—Medical insurance comes in use when there is a medical emergency. It provides coverage for hospitalization and medical expenses. One can claim insurance in case of hospitalization for more than 24 hours. Some of these policies cover surgeries, consultation fees, nursing care, tests and hospital accommodation costs. In return, the insured will need to pay a certain amount of premium annually or twice a year.
Why Do you Need it?—Health insurance comes with double benefits. You can opt for health cover and tax rebates under section 80(d). Modern day lifestyle patterns are fuelling health problems. Besides, the cost of medical treatments has become exorbitant. Therefore, choosing health insurance is the only way to ensure availability of good treatments. This is why every Indian requires health insurance.
How much insurance do you need?—Well, this would depend on several factors including your age, your current health status, your place of stay and so on.
What the Documents needed?—In most cases, you will require identity proof, proof of residence and so on. You may be asked to undergo medical tests in certain cases.
When should you buy Medical Insurance?—Ideally, medical insurance should be bought as early as possible. This is the time when you are likely to be healthiest and all your tests are likely to come clear. Consider planning your purchase, the moment you get a job.
What should I look at when I buy?—When you buy insurance, it is most important to look at benefits. Comparing premiums is not the best way to buy insurance.
Buying health insurance is almost as important as taking good care of your health. Make sure you evaluate your choices well before buying.