Things You Need to Know Before Investing In a Medical Insurance Plan
Due to our fast-paced lifestyle, people have become prone to health issues like diabetes, blood pressure more than ever. Additionally, the costs of treating illnesses can burn a hole in your pocket. This is why people invest in a comprehensive health insurance policy and are prepared to deal with the financial implications of medical emergencies. A medical insurance policy is quite comprehensive and covers expenses for pre- and post-hospitalization, daycare procedure, ambulance charges, and more.
Types Of A Medical Insurance Policy
A health insurance plan comes in different forms in order to cater to various medical needs. Therefore, you can select a preferred plan, which suits the medical needs of your entire family. Following are the prominent types of health insurance plans –
- Individual health insurance plan
- Family health insurance plan
- Maternity health insurance plan
- Critical illness insurance plan
- Senior citizen health insurance plan
- Senior citizen health insurance plan
- Personal accident plan
The Prominence Of A Medical Insurance Policy
Investing in a health insurance plan for yourself as well as your family is imperative because quality healthcare services are expensive, especially when you opt for private care. Hospitalization can truly impact your financial stability and cause you a lot of financial and emotional stress. And it would become even more challenging if the sole bread earner of the family is hospitalized. You can steer clear from all these problems by investing in a medical insurance plan and paying a relatively small premium annually for a large medical cover. This would significantly reduce the financial burden in case of a medical emergency. A comprehensive medical insurance plan typically covers the following expenses –
- Consultation fees
- Medical tests costs
- Hospitalization costs
- Ambulance charges
- Cost related to post-hospitalization recovery
Who is Eligible for a Health Insurance Policy?
People who are under the age of 45 generally are not asked to undergo a health check-up in order to acquire a health insurance plan. However, they have to disclose whether or not they suffer from pre-existing health conditions like hypertension, diabetes, etc. But above this age threshold, you will have to go through a thorough medical check-up to determine the status of your health. Based on the result of this examination, your premium is decided. This is why it is recommended to take a health insurance policy when you are young and less prone to illnesses.
What Documents do You Need to Submit When Buying a Health Insurance Policy?
Following are some of the documents that the insurer may ask you to submit when buying health insurance plan-
- Identity proof
- Age proof
- Address proof
- Medical check-up
- Passport size photo
Final Thoughts
The needs for good medical insurance cover have become more imperative than others. The earlier you invest in it, the lower will be your premium will be but it will keep rising gradually with the age of the eldest insured member. Along with choosing the right coverage amount, it is vital to be mindful of the kind of insurance provider you associate with. Ensure that you only choose a reputed health insurance provider and evaluate the fine print of the policy terms. The time you invest in researching and selecting the right provider will help you to get the required coverage in a hassle-free manner.
Check : Online Medical Card
