With time, there is a lot of inflation seen in the economy. This is the reason even medical treatments have become very expensive these days. No person can estimate what is going to happen in the future. So it is always recommended to be fully prepared about the fact that can make the person fully prepared about the future uncertainties. This is the reason, that in the market there are different health insurance policies available. Out of them, many are having the facility of online premium payment which is highly convenient for all people.
Before buying any health insurance policy, the person needs to understand different terms related to health insurance. Let’s have a look at them.
- Cashless claim: The term will suggest that the policy provides cashless assistance to the policyholder as the medical insurance company has links with different hospitals. Through this link, the policyholder will be provided with the benefit of a cashless claim.
- Sum assured/ Coverage amount/ Sum insured: It is the maximum amount, the policyholder will get from the insurance company. It depends upon the health insurance plan that the person takes up.
- Critical illness policy: This is the policy that provides cover for the specific condition health problem. In this lump sum amount, a benefit is provided to the insurance policyholder.
- Cumulative bonus: It is similar to no claim discounts. The only difference is that, it does not provide an upfront discount, rather it adds on the benefits for the same insurance paid.
- Deductible: This is the loss of amount that the policyholder needs to bear. It is the amount of the expense that can be is a certain amount of the claim that the person has asked the insurance company for.
- Exclusions: These are the conditions, situations, and diseases that are not covered in the health insurance policy. There might be two types of exclusions in the policy i.e. “permanent” that might never be claimed and “first-year” which can be included from the second year onwards
- Floater policy: It is the policy with a single sum insured that will provides medical cover to several individuals. This type of cover can be easily used by family members multiple times.
- Sublimit: It is the limitation of the insurance amount coverage that is available in the insurance policy. It is only a certain percentage of the amount of the claim amount.
- Loading: It is the amount of the insurance that keeps on adding as the policy renews itself, in case there is no claim in the previous year.
- Overseas mediclaim policy: There might be some policies that provide the benefits of the insurance policy outside the country.
- Personal accident policy: It is the benefit of the policy in which the sum is paid on the death or disability of the person covered in the insurance policy.
So all these are the most important terms about the health insurance policy. It is better to have an understanding regarding these terms and this is how it will help in making the most appropriate pick of a health insurance policy. It also provides different benefits, some of them are listed below:
- Comprehensive medical cover: Nowadays the health insurance policies are offering complete insurance coverage for all the medical expenses of the policyholder, it can include things like room rents, blood, oxygen, discounts offers, ICU charges, OT charges, Hospitalization rent, etc. even it provides a wide range of options and the post-hospitalization expenses for 60 days.
- Easy online purchase: Nowadays the use of technology has made this very easy for people. Now the person can get the insurance policy through online services. Care Insurance is one of the best platforms where you can easily have a look at the different insurance policies made available to people. Even the facility of customizing the plan adds more value to the popularity of this platform.
- Cashless hospitalization: Earlier the people used to have a medical claim. But still, need to arrange the money for the hospital expenditure as the insurance policies used to provide cover after the medical expenses are done. But now things have become smooth. So the insurance policies provide the facility of cashless hospitalization. All the medical excess is settled between the hospital and the insurance company. This will give more peace of mind to the family members at the time of emergency.
- 24/7 customer assistance: Nowadays many insurance companies are providing with the assistance of customer support to their clients. This is a great benefit that will help the policyholders to manage the policies and use them most appropriately.
So without any further delay, it is very important for almost every person to have their medical insurance and get cover for all the future uncertainties that might happen. It is the best way to be prepared for future things.
