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Health insurance necessary for everyone -:
You will learn everything there is to know about health insurance in this article, including why it should be obtained and what needs to be done in order to prepare for it.
We now know that medical problems can happen at any time and that the future is unpredictable due to the COVID-19 pandemic. To stop the COVID-19 virus from spreading, we are all practicing social distancing and taking health precautions. However, in addition to these measures, we also need health insurance to safeguard our savings because hospital stays can be extremely expensive and ruin our finances.
If the individual who generates the money is suddenly confined to a hospital bed, things will get increasingly harder.
By simply paying a small annual fee premium, all of this may be avoided and your stress level in the event of medical crises would be reduced.
A good health insurance coverage would typically pay for hospital stays, doctor visits, test costs, ambulance rides, hospitalization bills, and, to some extent, recovery expenditures after release from the hospital.
Need health insurance?
Allow me to illustrate this with two brief anecdotes. So my neighbor is the subject of the first anecdote. He has enormous wealth. He is a Mumbai-based businessman who earns outrageous sums of money.
A number of his family members contracted COVID-19 during this pandemic and required hospitalization. This tale of numerous hospital admissions that resulted in enormous bill accumulation may possibly resonate with you.
In his instance, his family ultimately had to pay between 50 and 60 lakhs for medical care, which is a significant sum of money even for a wealthy household. I want to make the very basic point that things are becoming more and more unpredictable before I head home.
There are upcoming issues relating to healthcare, and we are unsure of the potential amount of emergency costs. Now, if your family was from the middle class or higher class and you were unlucky enough to experience such a circumstance,
It can cause the whole family, including the next generation, to experience extreme stress. Now, if you’re certain that obtaining health insurance is the proper decision.
Specifics of health insurance -:
I strongly advise you to obtain health insurance. After that, there are several inquiries.
Which health plan ought I to purchase?
To what extent should it be covered?
Which medical facilities will it cover?
Which illnesses would it cover?
Is it better to purchase it for my whole family or just for myself?
Numerous questions arise. And believe me, it’s quite difficult to purchase health insurance. The complexity of it all causes people to become extremely mired in the research.
I strongly advise you to obtain health insurance. After that, there are several inquiries. Which health plan ought I to purchase? To what extent should it be covered? Which medical facilities will it cover? Which illnesses would it cover? Is it better to purchase it for my whole family or just for myself? Numerous questions arise. And believe me, it’s quite difficult to purchase health insurance. The complexity of it all causes people to become extremely mired in the research. Thus, allow me to clarify th
should I take one plan that covers all three members of my family?
The conclusion is that I should enroll in health insurance that will protect my family’s three pools of members. And let me clarify: I have a 15 lakh cover for my family, so if one of us becomes sick, the remaining amount is 7 lakhs, let’s say the expenditure of eight lakhs.
Now, the funds from those fifteen lakhs might be used once more in the event that the second member experiences a medical emergency. That means that the entire family is covered for 15 lakh. On the other hand, I cannot use the 15 lakh cover for my complete family if I am purchasing insurance for me alone.
That fifteen lakh cover is all mine to use. Thus, the whole money pool can be used by various family members if you purchase health insurance for all three or all four of your family members.
To give you a short example, suppose one of your family members needs to be hospitalized for any reason and we have to spend thirty lakhs on treatment. Yes, Furthermore, since the amount of the coverage you purchased was just 10 lakhs, you will only be paid up to 10 lakhs if your coverage is only 10 lakhs.
should I have taken 30 lakhs to cover?
This largely relies on your unique situation, age, health, number of family members, and other factors. who specializes in health insurance, unequivocally informed me that most people choose coverage between 10 and 20 lakhs.
That covers the broad spectrum. It goes without saying that choosing a greater level of coverage will result in an annual premium increase. For instance, your annual premium will come to about 20,000 if you purchase a good insurance policy with a cover of 10 lakhs.
What would I do if there was a catastrophic event like the coronavirus, where people had to pay hospital expenses of 60, 70, or 80 lakhs? Your coverage is limited to 10 lakhs. As a result, you can use a hybrid plan in this circumstance. In essence, a hybrid plan is purchasing a Base cover for, say, 10 lakhs and then adding a top-up.
We refer to it as a mega top. It’s referred to differently by different companies, and you can purchase a top-up of Rs. 50 lakhs. Let’s assume for the moment that you requested the whole 60 lakhs cover. Purchase a super cover for 50 lakhs and a base cover for 10 lakhs.
You must look at room types -:
Because I have purchased premium insurance, as you could expect. You will now receive an executive suite in a hospital, and you will go and argue, saying, “Why am I not getting it?” Thus, that circumstance ought not to occur. If you plan to get a health insurance coverage, you can verify the kind of rooms for which you would qualify.
There is something called a sub-disease spend clause.
Let’s say you purchase health insurance that, in theory, pays for ten different ailments. However, that policy also suggests that, what? In the event that you require a kidney transplant or any other specific illness, we will only pay back five lakhs. That is a sub-disease clause, right? Here, we’re giving a specific illness a monetary worth.
claim processing time and claim processing rates.
These days, almost all the major healthcare insurance providers have very good claim processing rates, but they can really mess you up in terms of claim processing time.
This is especially true in situations where you get reimbursed, where you put up the money first and then ask for reimbursement from your insurance cover. So please be wary of how much time they process such reimbursements. So check all.