Mortgage Loan Full Explanation Part 1
Health insurance or health insurance (also known as medical aid in South Africa) is a type of insurance that covers all or part of the risk of a person incurring medical expenses. As with other types of insurance, the risk is among many individuals.
By estimating the total health risk and health system costs above the risk pool, the insurer can create a routine financial structure, such as a monthly premium or payroll tax, to provide money to cover the health care benefits specified in the policy. agreement. The benefit is administered by a central organization such as a government agency, private business or non-profit entity.
It includes coverage for accidental loss, medical expenses, disability or accidental death, and dismemberment”.
Why do I need health insurance?
A person’s health involves so much unpredictability and it is almost impossible to have any control over health-related expenses. However, once you are insured with an appropriate health insurance plan, you can exercise a certain amount of control and gain some security when it comes to your and your family’s health care expenses.
With the ever-increasing pressures of modern lifestyles, the range of health risks to which we are exposed has greatly expanded. From lifestyle disorders like obesity and eating disorders to pollution-induced conditions like asthma, there is no shortage of diseases that can lead to high medical expenses.
Apart from the physical ailments in our life, the constant stress of today’s competitive world has led to a substantial increase in mental health problems, hence it is important to buy an adequate health insurance plan for yourself and your family.
Rising Medical Costs:-
In recent years, health inflation in India has not only kept pace with its retail counterpart, it has leapfrogged it. The costs of drugs, medical examinations, hospitalizations and surgeries are constantly increasing. It makes more sense to pay for basic health insurance and get insured than to pay those exorbitant medical expenses out of pocket. That’s why it’s important to get a health insurance plan to help you stay financially secure during and after a medical emergency.
Not only will health insurance protect you from the financial consequences of a health crisis, but it will also provide you with significant health insurance tax benefits. While premiums paid for health insurance plans for senior citizens are eligible for a tax deduction of ₹ 50,000, those for individuals below the age of 60 have a. Please note that the tax benefits subject to changes in income tax laws.
Health Insurance Comparison
Public health services are prominent in most states, but due to insufficient resources and management, most of the population opts for private health services.
To increase awareness and improve healthcare facilities, the Insurance Regulatory and Development Authority of India and The General Corporation of India are running health care campaigns for the entire population. IN 2018, Prime Minister Narendra Modi announced the launch of a new public health insurance fund called Ayushman Bharat Yojana for privileged citizens, and the government says the new scheme will try to reach more than 500 million people.
In India, health insurance is mainly offered in two types:
The indemnity plan basically covers hospitalization expenses and has sub-types like individual insurance, family insurance, senior citizen insurance, maternity insurance, group health insurance.
A fixed benefit plan pays a fixed amount for pre-decided illnesses like critical illness, cancer, heart disease etc. It also has its sub-types like preventive insurance, critical illness, personal injury.
Depending on the type of insurance and the health insurance company, coverage includes pre- and post-hospitalization charges, ambulance charges, day care charges, medical check-ups, etc.
It is important to know about exclusions that are not covered by insurance programs:
Treatment related to dental disease or surgery All types of sexually transmitted diseases and AIDS Non-allopathic treatment Few companies provide insurance against such diseases or conditions, but this depends on the type and sum insured.
Some important aspects to consider before choosing a health insurance in India are the claims settlement ratio, policy limits and ceilings, coverage and network hospitals.