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Call ExpertIn simple terms, when you buy health insurance, you get a financial cover up to a certain amount for the medical expenses you may incur in a year.
A health insurance policy can help you pay your medical bills, including pre and post-hospitalization expenses, today as well as in future despite the rising medical costs.
It helps you to afford the best quality medical treatment and care so that you can focus only on getting cured.
It allows you to pay for the long-term treatment of lifestyle diseases like cancer, heart ailments, etc., that have been on the rise with the changing lifestyles.
It helps you to protect your hard-earned savings by covering your medical expenses so that you can avail the required treatment without any financial worries.
Medical inflation is on the rise making treatments expensive. If you get hospitalized for a critical illness or lifestyle disease, you may end up losing all your savings. The only way to afford quality medical treatment during a health emergency is by buying a health insurance policy. Take a look at some of the top reasons to buy a health insurance plan below:
Criteria | Specifications |
---|---|
Entry Age for Adults | 18 to 65 years |
Pre-medical Screening | Required above the age of 45/55/60 years |
Entry Age for Dependent Children | 90 days to 25 years |
There is no right or wrong age to buy a health insurance policy. However, it is suggested to buy it as early as possible to keep your premium low. The earlier you buy health insurance, the lesser would be the premium. This is because you have a lesser risk of health issues at a young age as compared to someone who is in their mid-50s or 60s, as they are more prone to critical illnesses. Therefore, if you buy health insurance in your 30s, you will be able to avail maximum insurance benefits that too at a lower premium.
Medical tests are not mandatory before buying a health insurance policy. However, most health insurance companies in India require medical test reports if the age of the applicants is above 45 years. The type of medical tests required can vary depending on the age of the applicant and the insurer’s requirement.
Cashless hospitalization means that the in-patient treatment charges availed by the insured are paid by the insurance company directly to the hospital. All insurance companies in India have a tie-up with a large network of hospitals where the insured/policyholder can avail cashless treatment for an illness or accidental injury.
You can include your children in a family floater policy from day 1, provided the child is at least 90 days old. In maternity insurance plans, newborn babies are covered from day 1 if the maternity claim was paid by the insurer. Nonetheless, you are advised to go through the terms and conditions of a health plan carefully to know about the entry age for children.
A free-look period in health insurance refers to the period of the first 15 days of the policy commencement. During this period, you can review your health insurance policy features, coverage, etc. and decide if you want to continue with it or not. You can also opt for add-on covers during this period. If you decide to discontinue the policy during this period, you will not attract any cancellation fee.
Sum insured refers to the maximum amount that the insurance company pays to the policyholder during a policy year in case a claim is raised due to an illness or accidental injury. It is also referred to as maximum coverage or coverage amount under health insurance.