Health Insurance is basically an insurance coverage for the medical expenses due to any medical emergency. Although this is the government responsibility to take care of citizens health care, but due to poor infrastructure and geographic inaccessibility of government hospital people are helpless to look an option towards private service provider despite of higher cost. Due to these out of pocket expenses people are leading towards a household debt and trap in poverty. In a survey more than 50% of hospitalized patient are helpless to borrow the money from friends and relative or sell their assets to get treatment. To give the reliefs of these financial risk and better health care, public and private sector companies have persuaded so many initiatives and health insurance is one of them.
Health Insurance was firstly introduce by government of in India in 1986 by public sector unit (PSU) and it further open the door for private sector as well in 2000.
Due to changed life style and poor quality of stuff people are prone towards early aged diseases like diabetes, hypertension, obesity, cardio vascular and many more. Because of this the expenses towards doctor consultation, diagnostic investigation, hospitalization, medicine, has increased in many fold in last two decade. Now a day’s people are worried about their health and most importantly the cost which is not certain once they get hospitalized, and why is so? Because there is no any regulation in India to standardize the medical cost at quality hospital. For example a simple kidney stone removal cost around Rs.25000/-at a normal hospital where as it cost around Rs.300000/- at some corporate hospital, so the difference is huge. And a person who belongs to a middle class family can’t afford the cost of hospital once it is critical illness like heart, cancer etc.
Welcome to the place in the search of best Health Insurance policy available in the market. Why we are different from others, because of our unbiased approach to explain the health insurance, here we are not selling any health insurance policy to you, we are just giving a process to choose best health insurance available in India. You are here to get the information about the best health insurance which suites as per your requirement.
Lets discuss about the health insurance for yourself (individual), for your family (self, spouse and kids), For your parents (father, mother and in-laws) or for all?
Once you are going to purchase a health insurance there is several question comes in mind like..
1-Which company is best for your health insurance need?
2- Which company covers my pre-existing disease from the first day?
3-Which company has the cheapest premium in the market?
4-Which company has the best product in the market?
Firstly you need to understand what is health insurance? Health insurance is basically a contract between the insurer (Insurance Company) and the customer (policy holder), wherein the company promises to pay the claim if some medical emergency (expenses) arises to the customer either in the form of cashless facilities or reimbursement.
Now you need to understand that what is that contract all about, once you understood that contract then you are able to get the claim smoothly and hassle free in better way.
Once you purchase the Health insurance every company have their policy wording as per their product. This policy wording is a legal document of this contract, but the strangest part of any health insurance business is that neither the customer nor the company interested in this legal document while purchasing the policy.
Generally as a customer should I go through the policy wording? My answer is YES
Because most of the time our expectation is very high regarding the benefit of health insurance but once we go through policy wording it comes the real picture, and that is good because at least you get to know the fact before any unforeseen situation arises in front of you. Once you are aware about your pocket then you are in better position to handle it.
Choosing a best plan available in the market is little bit a kind of research, but more research also makes confusion. Two basic thing on which we need to focus on i.e. firstly what is my budget and what is my need/requirement.
Let’s understand with Example
Suppose I am looking for a health insurance for my family (Self, Spouse and 2 Kids) and my age ranging from 36-45 and I do have diabetes/BP. Then which insurance fulfills my requirement at what price?
Generally premium of the policy ranges from 2-4% of your Sum Insured (the coverage) depending upon company to company. Now what about the pre-existing disease i.e. BP and DM (Diabetes), most of the company covers the PED (pre existing disease) 2-4 years after inception of the policy.
Medical emergency arises in two conditions either due to an accident or due to any metabolic disorder, if there is a claim due to accident almost every company covers it from the first day of the inception the policy but if there is a claim due to any metabolic disorder it covers after 30 days (except pre-existing disease).