What is Health Insurance?
Health insurance acts as a protective shield, safeguarding you and your family from financial instability during health crises. Contrary to the misconception that health insurance is only necessary for older people or those with health risks, it is essential for everyone. This insurance provides peace of mind, depending on the health insurer, during hospitalization by covering medical bills.
The importance of medical insurance has become evident with uncertainties like COVID-19. Additionally, given the ongoing rise in medical costs, a health insurance plan becomes a valuable asset. It can come to your rescue by offering cashless treatments or reimbursing incurred medical expenses.
Inshobunny, a health insurance company, has flexible health insurance for medical emergencies. We allow you to opt for coverage on an individual or floater basis, ensuring comprehensive protection.
Why You Should Buy a Health Insurance Plan at a Young Age?
It’s highly recommended by Inshobunny to invest in a quality health insurance plan at an early stage, as health emergencies can occur unexpectedly. The following reasons underscore the importance of acquiring a health insurance policy at a young age.
1. Comparatively Lower Premium
The premium is lower when you obtain health insurance at a young age because, for the insurance company, a lower age is associated with reduced health risks.
2. Avoid Mandatory Health Check-Up
In some situations, you may not have to go through the required health check-ups typically needed for health insurance, especially for people of a certain age.
3. Shorter Waiting Period
When you buy health insurance early in life, you finish the waiting periods for certain health conditions more quickly.
4. How to Pick the Best Health Insurance Plan
When you’re searching for health insurance, you might be asking yourself, “Which health plan is the best? How do I pick the right one online? What should it cover?” Let’s delve into some tips to assist you in selecting the ideal health insurance plan and address these questions.
This dual protection ensures that travellers are reimbursed for their tangible losses and receive assistance in managing unforeseen financial loss challenges during their trip.
5. Ensure Sufficient Insurance Coverage for Yourself
If you live in big cities, medical expenses can be high. For yourself, it’s good to have insurance coverage between 7 to 10 lakhs. If you want to cover your family, including your spouse and kids, go for 8 to 15 lakhs as a group. This amount should be enough to handle more than one hospital visit in a year.
Whether addressing the preferences of frequent jet-setters or accommodating the unique concerns of senior travellers, these policies aim to offer a personalized and comprehensive approach to travel protection.
6. Affordability
If you want to pay less for health insurance, consider choosing a plan with co-payment. With co-payment, you share the medical costs with your insurer, helping you avoid high premiums.
7. Wide Hospital Network
Ensure that the insurance provider has affiliations with a wide network of hospitals. If your nearby hospital is on their list, you can get cashless treatment coverage for every claim-free year. Inshobunny has many cashless healthcare centres in our network.
8. No Sub-Limits Help
Typically, how much you pay for medical costs is based on your room choice and the illness you have. It’s a good idea to get health insurance without limits on room rent, so you can pick a room you like. Many of our plans also don’t have limits on specific medical treatment, which is something to consider.
9. Check Waiting Periods
Your health insurance won’t cover you until the waiting period is over. Make sure to look for plans online that have shorter waiting periods in health insurance for pre-existing conditions and maternity benefits before you decide to buy one.
10. Trusted Brand
Always pick a health insurance company that is well-known and trusted. Check how many people use their services and if they are good at paying claims. By knowing all terms and conditions, you’ll know if the company will cover any claims you make in the future.
11. Premium Evaluation
Ensure that the insurance premium paid is reasonable and aligns with your planned budget. Explore various payment options such as yearly, half-yearly, and monthly, selecting the one that suits your financial circumstances.
Am I Eligible to Buy Health Insurance?
When thinking about getting health insurance, you might wonder about things like who can get it, if you need medical tests, and how age matters. Nowadays, it’s easy to check if you qualify for a specific health insurance plan in India before you buy it online.
When you’re getting a health insurance policy, it’s really important to tell Inshobunny about any medical conditions you had before. This includes serious stuff like diseases, surgeries, or cancers, not just common things like the flu or headaches. If you don’t tell us, some things might not be covered, or you might have to wait or pay more. So, make sure to let your health insurers in India know about any health issues you had before to make sure everything is covered.
Why You Should Choose a Family Floater Health Insurance
Selecting a family floater health insurance plan lets you easily handle health coverage for your whole family with just one policy. This will eliminate the complexity of handling multiple individual plans. Additionally, it proves to be a more cost-effective choice when insuring parents compared to senior citizen health plans. Family floaters often provide advantageous features like maternity cover and allow for easy inclusion of immediate family members, including spouses and newborns. Moreover, there are potential savings tax deductions under section 80d of the Income Tax Act.
Need of Disclosing Pre-Existing Diseases While Buying a Health Insurance
It’s crucial not to overlook disclosing pre-existing illnesses when purchasing health insurance – a practice discouraged by all insurance companies. An existing health insurance policy encompasses hospitalization costs and relies on the accuracy of the information you furnish. Any discrepancies may result in complications.
Always be honest in your proposal form, as the insurer considers the information truthful in good faith. Failure to disclose pre-existing conditions may render your policy invalid, leading to claim rejection and nullifying your paid premiums. Penalties may also apply for incomplete or false information. To avoid these issues, it’s essential to be transparent when buying health insurance, whether for pre-existing conditions or a standard plan.
