Health Insurance Plans

health insurance policies in india
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Health insurance is not a new term in today’s world. Above this, the global pandemic has also knocked on our door to secure ourselves from unwanted situations. This is where healthcare insurance comes into play. This is a mutual agreement between a policyholder and insurance company to offer compensation as a medical expense in case you meet with an accident or get hospitalized.

It has been observed that health insurance is now a necessity and considered an important segment to cover your family and yourself into health insurance. On the other side of the spectrum, medical facilities have now been expensive care, especially for the private sector employees. Yet, it is considered as your savior in case of an unwanted situation, it can help you in reducing the stress in medical emergencies

In this article, we shall cover health insurance and its benefits in the next section, make sure to read it till the end!

What Is Health Insurance?

Health Insurance is a type of insurance policy that helps an individual with covering medical expenses that occur in need of illness. This can include medical expenses, hospitalization costs, and even medical practitioner fees.

Basically, there are two types of health insurance plans.

  • Mediclaim Plans.
  • Critical Illness Insurance Plans.
  • Mediclaim plans are also known as hospitalization insurance which is also considered as the most elementary class in health insurance plans. Mediclaim helps in covering the medical expenses of a policyholder in case of hospitalization.

    Here the expense is created on the basis of expenses acquired in the medical facilities by sharing the original invoices. Basically, mediclaim covers either the entire family or a certain limit.

What Are The Benefits of Mediclaim Policy?

For better understanding, we have shared the benefits of mediclaim policies with you.

  • It helps you with the efficiency of cashless hospitalization facilities.
  • Users can stay protected from the financial burden.
  • Insurance companies will supervise the costs awaking out of medications
  • One can get rid of debts settled from your balance
  • You can take the efficiency of buying within the health insurance companies
  • You can get pocket-money medical services.

What Does a Mediclaim Policy Cover?

  • Pre and Post-Hospitalisation Expenses- Expenses contracted before and after the insured subject is admitted to a hospital.
  • Hospitalisation Costs- diagnostic modes, OT costs, medicines, blood, x-ray, oxygen, etc.
  • Day-Care Expenses- Medical treatment that requires less than 24 hours
  • Hospital Room Expenses- Regular wards or Intensive Care Unit (ICU)
  • Doctors or Medical Professionals’ Fee - Medical practitioner charges or fees

What is Not Included in Mediclaim Policy?

As we know every health insurance policies have some inclusions and exclusions to help insured patients to avail benefits. Let’s understand the refusals below:

  • Vaccinations
  • Sexually transmitted diseases, Birth control and hormonal treatments.
  • Cosmetic surgery, Plastic Surgery and obesity-related treatments.
  • Maternity expenses and other Pre-existing illnesses.
  • Non-medical expenses that inherit service care, administrative prices, toiletries, and so on

Critical Illness Insurance Plans

This type of health insurance especially covers life-threatening diseases or serious illness that demands prolonged treatment or constant adjustment in the current living patterns of an individual. In the Critical Illness Insurance Plans, compensation is generated based on critical illness that is chosen by the policyholder. This payout is not associated with the actual expenditure revoked in the hospitals, unlike other hospitalization plans.

One can use the funds according to the requirements that are related to their health concerns Such as they can make good use of changing their lifestyle patterns or can bear the cost of medicines. Critical Illness Insurance Plans can also be considered as the substitutes payment for the duration when an individual was not able to continue their work because of serious illness.

Specifically, compensation on these plans covers the analysis of the illness for which initial medical invoices are not necessities.

What Illnesses Are Covered in Critical Illness Insurance?

  • Cancer on any specified stage
  • Heart attack only for the first time
  • Coma of specified severity
  • Kidney failure that requires regular dialysis
  • Stroke Major organ transplant
  • Bone marrow transplant
  • Multiple sclerosis
  • Aplastic anemia
  • Bacterial meningitis
  • Loss of speech
  • End-stage liver disease
  • Deafness
  • End-stage lung disease
  • Fulminant viral hepatitis
  • Major burns
  • Muscular dystrophy

What Are The Exclusions in Critical Illness Insurance Policy?

  • Critical illness occurred due to smoking, nicotine, liquor, drug intake, an internal or external congenital disorder
  • Sexually transmitted diseases and illnesses emerged because of terrorism, war, civil war, or other military operations
  • Hormonal treatments for infertility care
  • Pre-existing illnesses and plastic surgery

What Are The Characteristics Of Critical Illness Insurance Policy?

  • Severe Illness Coverage

    Here, policyholders can get coverage for up to 36 major critical illnesses such as a neoplasm, cancer, organ failure, heart infirmities, etc.

  • Smooth Claim Procedure

    The claim can be quickly concocted based on the policy holder’s diagnosis report

  • Loss of Revenue

    A part of the mass amount can be benefitted as an income replacement.

  • Lump-sum Payment

    The insurance company helps the compensation for the treaty of the policyholder

  • Waiting Limit

    Ordinarily, the coverage is provided after the end of the waiting period to the policyholder. This can be a frustrating period for many of the policyholders

  • Basically, all these plans are there to assist you in tough times. As said above, medical expenses can be costly for some individuals. Yet, by accumulating the overall data, we are sharing the benefits of Health Insurance in layman’s language. It's your life, you must know how to protect it!

  • Purchasing life-saving policies from Square Insurance is helping you to protect your family and loved ones
  • As we have stated previously about the cost and expenditure related to the medical facilities. Indeed, the cost is rising day by day, therefore paying a modest health insurance premium each year can be your savior.
  • Health insurance policies can be your safeguard in terms of financial services

The Recap

Health insurance is one of the important factors to consider to safeguard your life from unpredictable situations. Above all, you will get financial stability from the medical expense. Square Insurance can be your perfect partner to safeguard your healthy life from unforeseen uncertainty and situations.

Why Health Insurance Is Important For You?

Health insurance is a type of insurance coverage in which you can claim for your medical and surgical expenses when you fall ill or are diagnosed with any kind of disease. Having health insurance can be financially beneficial for you during illness or injury, as your insurance will settle all the expenses or payments of your medical treatment.

Nowadays, in most of the working sector, it is included with the working package where your amount of the premium is directly deducted from your paycheck. The matured amount of your premium will be tax-free, which is one of the best things about health insurance.

On the other side of the spectrum, as you know many people nowadays are taking charge to get health insurance to safeguard their family from unexpected situations. And why not? Everyone wants to expand their life span and want to live a blissful life. Keeping this in mind, we are sharing the importance of health insurance in your life.

Why Health Insurance Is Important For You?

Importance Of Health Insurance

Couldn’t agree more with the fact that medical care in the private sector is expensive. That's why it is very essential to buy a health insurance policy for yourself and your family. Buying a plan can provide you financial security during a tough period. Hospitalization of the person who brings in the money can make the situation worse.

These situations can only be avoided by buying health insurance, just pay a small amount of premium according to your budget. It will reduce stress and will lend you a helping hand during times of trouble. Choosing a good plan can cover all those expenses towards ambulance charges, doctors consultant fees, cost of medical tests, medicines.

What Are The Advantages Of Having A Health Insurance Policy In Your Life?

Today various insurance companies have collaborated with a wide range of hospital networks, which allows you to get cashless treatment during any illness. These facilities can provide huge relief if you are facing a financial crisis. It lowers the stress up to a certain extent, as you don't have to worry about the bills and expenses of your hospitalization.
If you choose your policy wisely then you don't have to be worried about the pre and post-hospitalization charges. Nowadays many companies are providing this facility for a fixed duration (maximum 60 days), depending on the type of medical plan you purchase.
The charges of the ambulance are covered by your policy, which provides easy and fast locomotion to your desired hospital.
It is one of the best things about health policy. No claim bonus is the amount that is paid to the policyholder if he doesn't claim for any treatment in the previous year.
This facility is only for selected users. The insurance company provides this facility to some specific policyholders based on their NCBs. Apart from the post-hospitalization free checkup, you can avail free rooms depending on the premium.This facility is only for selected users. The insurance company provides this facility to some specific policyholders based on their NCBs. Apart from the post-hospitalization free checkup, you can avail free rooms depending on the premium.
According to the Income Tax Act under 80D your premium is tax-deductible. It lowers your taxable income resulting in the reduction of your tax bill.

How To Select The Right Health Insurance Policy For Yourself and Your Family?

Advertisements can create confusion while you are planning to take an Insurance policy. Most of the plans offered by several companies are quite similar. Hence, here are some important points that you can go through while purchasing insurance :

Criteria Specifications
Age Criteria for Adults Entry age for Adults: 18 to 65 years
Age Criteria for Dependent Children Entry age for Children: 90 days to 25 years
Pre-medical Screening Above the age of 45/55/60 years
Pre-existing Disease waiting period 2 years to 4 years

What Documents Are Required To Purchase Health Insurance?

As you know the importance and benefits of having health insurance, it is also important to understand the list of documents that you are required to purchase the insurance plan for yourself and your family.

Here is the list of essential documents which is required while buying insurance

  • Identity proof – Identify proof required to capture the persistence of backgrounds. Your identity proof will help the insurance company to understand the type of insurance or coverage they are offering to you. You can use a Driving License, Passport, Voter ID, PAN Card, Aadhar Card, which prove one’s citizenship.
  • Address proof – To send various communications like postal letters or important documents, your health insurance company requires address proof. You can use the Electricity Bill, Telephone Bill, Ration Card, Driving License, Passport, should clearly mention the permanent address.
  • Medical Report - Your health insurance company may ask you for medical reports to detect your health concerns. However, in the case of elderly people, submission of the medical report is important (people above 45 years)
  • Passport Size Photo

What Are The Different Types of Health Insurance Plans ?

  • 1 Individual Health Insurance

    This policy is determined as per the age of the policyholder. It covers all the medical expenses of an individual.

  • 2 Family Health Insurance Plan

    It covers multiple diseases with a fixed sum assured for your family members. You can include your family members in this policy. All the benefits of this policy can be availed by the members of your family.

  • 3 Senior Citizen Health insurance Plan

    People above 60 years can take this policy. It is specifically designed for them. This policy can offer protection against health during old age.

  • 4 Surgery and Critical Illness Insurance Plan

    This premium is best for those people who are suffering from critical illnesses like- kidney failure, heart attack, diabetics, paralysis, cancer, etc. The premium of such a policy is very high due to the expensive medical treatment of the above diseases.

  • 5 Maternity Health Insurance Plan

    It covers all the expenses from ambulance charges to the pre and postnatal care of the born child, child delivery. Expenses of the newborn are also included. The time period the pre and post-expenses vary according to your plan.

  • 6 Personal Accident Plan

    This policy covers all the hospitalization and ambulance expenses when the policyholder meets with an accident. Here, the premium amount depends upon the amount of cover.

  • 7 Unit Linked Health Plan

    This plan provides insurance to the policyholder as well as savings. It helps you to save money for those expenses which are not covered by your policy.

What Are The Health Insurance Policies in India?

Here are some of the popular policies which you can consider, but we would suggest you go with Square Insurance as they are accredited by the IRDA. They know what will be the best solution for you and your family in terms of health insurance.

Square Insurance
Max Bupa Health Insurance
HDFC Ergo Health Insurance
Bharti Axa Health Insurance
SBI Health Insurance
L&T Health Insurance
Bajaj Allianz Health Insurance
Apollo Munich Health Insurance
National Health Insurance

What Are The Healthcare Schemes Introduced by the Indian Government?

There are plenty of schemes one can use to safeguard their life that are introduced by the Indian government. You can catch a glimpse below

Rashtriya Swasthya Bima Yojana (RSBY)
Pradhan Mantri Suraksha Bima Yojana
Central Government Health Scheme (CGHS)
Aam Aadmi Bima Yojana (AABY)
Janashree Bima Yojana (JBY)
Employment State Insurance Scheme (ESIS)
Universal Health Insurance Scheme (UHIS)

Final Words

No doubt health insurance can provide a lot of benefits. Having a policy can reduce the financial issues faced during hospitalization. This doesn't mean that you should stop taking care of your health after buying a policy. Proper diet and regular exercise are very essential to remain healthy. Therefore, it is vital to take good care of yourself and your family in order to stay healthy and fresh. Hence you must go through the preventive way despite thinking about a cure. Once again, health insurance can be a proven boon for many families, make sure to get one.

Why You Should Buy Health Insurance Before You Turn 30?

Every one of us wants to live a longer and healthy life, and why not? We people take good care of ourselves in terms of every life segment, whether it’s about nutritious food or regular exercise. We know how to ensure overall health for us.

But think again, do you really think this is all we need? No!! For every individual health insurance is necessary. Due to the rising cost of medical expenses, you must buy health insurance, which can cover your responsibilities during tough times. A medical emergency can arise anytime and impact you financially and emotionally. Therefore many financial advisors suggest buying a premium without delay.

You don’t know what will happen next to you or your loved ones, therefore delaying while purchasing a premium can minimize the benefits of your policy that you can avail of by buying it early. We know there are so many individuals who are thinking of buying premium policies at their comfort but trust us, Square Insurance is helping many individuals through their savings and thus we are here to share the reason why you should buy health insurance as early as possible.

To end this quest, we are sharing the top reasons which can convince you to buy health insurance before you turn 30.

Make Sure To Purchase Premium Early To Save A Good Amount Of Money

Whenever you think of purchasing a premium there must be various thoughts that may arise in your mind, Isn’t it? But do you get a plan at an early age that can save you money and time?.

A plan with a coverage of Rs 5 lakh will cost around Rs 5000 at the age of 25. The same plan will cost around Rs 6000 when you purchase it at the age of 35. At 45 the price of that plan will rise up to Rs 8000.

This is why you must consider buying a plan earlier to ensure it is saving a good sum of money, other good benefits will be it can help you in your tough times and illness.

Do You Know Your Employer Coverage Is Not Sufficient?

Yes, you read it right, it has been observed that most of the employees get health insurance included in their package. However, due to the expensive hospitalization costs, it fails to cover all the expenses

It would be more difficult for you if you are suffering from any illness, which needs regular diagnosis. Before taking insurance you must do a proper comparison between the company's coverage and the health insurance plan that you are going to buy.

After comparison, you will find that your company's package doesn't cover all the expenses of your medical bills. It would be wise to buy an insurance policy because when you grow older you might need regular medical attention. Therefore, you must hurry up to buy a policy without any delay.

Incident Of Elevating Lifestyle Illnesses

It has been seen that many people consider themselves completely fit and fine and according to them, health insurance is only for senior citizens. That’s not true at all. Only senior people are not prone to get caught in the clutches of any medical emergencies or mishaps.

Anyone can face a situation where they find themselves in serious illness. People avoid the fact that a busy schedule and improper diet are degrading their mental and physical condition. If you look into these matters then you can easily figure out that the deaths occurring nowadays are mostly due to chronic diseases.

It can only be prevented by regular health checkups. Buying health insurance can help you to monitor your health condition as it offers regular health check-ups to encourage health awareness. Prevention is better than cure. So, you must take frequent counseling, screening, and vaccines to avoid serious illness.

If You Are A Busy Executive

In the world of digitalization and technology, we have to work for our smooth love, but besides this, we often forget to take care of ourselves. As we know for work, most of us have to travel to different places. You can't avoid or cancel such a journey as it is your job.

In such a case having a policy, which can provide the best healthcare facilities, covering all the medical evacuation around the world will be very helpful. Make sure that common yet critical diseases must be included in that package. By doing so, it will reduce the stress of your family members when you are far away from them.

Apart from this, covid crises have also built tremendous stress in working professional lives, hence it is extremely important to look after the ways that can help you in building and saving yourself.

Buy Early To Built A Better Financial Plan

Buying health insurance before your 30s not only reduces the premium amount but also makes you financially independent up to some extent. Accidents can knock on your door without any warning. So, having insurance in those rough times not only covers your expenses but also saves your hard-earned money for your long-term future investments.

Moreover, you also save taxes when you pay a premium because of section 80D. This is why Square Insurance emphasizes you to get in touch with one of our executives to avail of better premium plans for better financial stability.

To Get More and More Comprehensive Deal Purchase Premiums Early

One of the best reasons to buy health insurance at an early stage is that you get a good amount of comprehensive deals. No doubt there is very little chance of suffering from the disease when you are young. Hence, without pre-existing disease, your covers will be saved for your future when you need any medication for your illness.

As said earlier, you never know what can happen next to you. Right? Apart from these things young buyers get more comprehensive deals that you can't get after 30.

Buy Early To Enjoy Full Benefits When You Actually Need It

When you buy a plan after 30, you have to serve different waiting periods like special treatment, pre-existing illness coverage, various surgeries, etc. However, if you buy a plan before 30, you could claim all the benefits later.

Besides these things, you can earn a loyalty bonus and many other benefits. Many health insurance companies offer loyalty or no claim bonus if you continue with the same policy. Make sure you are buying these plans at the right time.

Don't Think It Just Cover Hospitalization

Most people think that health insurance only covers serious hospitalization, it is not completely true. When you buy a plan it includes all the medical expenses as well as daycare procedures and OPD.

There are various plans, which provide maternity benefits and vector-borne disease. If you have taken a premium with maternity benefits then the born child can also avail of the benefits without any additional premium.

Depending upon your premium amount, the expenses of ambulance, medication, day-care procedures, chiropractic, dental, physiotherapy, optical, dietary advice, and some alternative therapies are covered. Apart from all these, you can also customize your plan according to your needs with the help of insurers. For this, you can get in touch with Square Insurance they have a proficient team that will help you in every way!

Lifestyle Changes

In this busy world with the increasing pollution, financial crisis, inorganic products and hectic schedule your health is degrading day by day. You hardly notice these changes until it becomes severe.

The younger generation is becoming vulnerable in the past few years due to mental and physical ailments. Modification of these current lifestyles is quite difficult as well as a lengthy process. Above all, there are various components that are also affecting one’s health in every other way.

That's why it is important to take health insurance at an early age which can support you in a difficult situation.

Final Words

You must purchase medical insurance as early as you can because overthinking and planning too much can create confusion. Don't wonder and stuck about finding the right age to buy it. You must consider health insurance as a necessity.

It is not a luxurious thing. Health premiums will provide you financial security by covering a variety of medical expenses. Therefore, instead of waiting for the right time, which most people think it's after the 50s or 60s, you must take a step forward to secure your future by buying a premium before 30.

After all, when you are diagnosed with a disease it is better, The necessity to focus on recovering without taking stress about the expenses. We would suggest you contact info@squareinsurance.in

Unreveal The Questions: How Much Health Insurance Do You Require?

In the last few decades, the life expectancy of people has increased due to the evolution of medical science. People's lives are significant as compared to the past decades. Living longer and living healthier are two different concepts, the people living in the cities are more prone to diseases because of their changing lifestyle.

A person can live a longer life with the help of the best medication and hospital facilities. However, these things can't provide surety of a healthy life. Instances of accidents and pollution are rising day by day because of the growing number of automobiles. If this continues, that day is not far away from where a newborn baby to a senior citizen is vulnerable to disease

The real question arises what is the exact quantity that you require for health insuracne. Square Insurance is here for you! Proceed ahead to know more.

How Much Health Insurance Do You Require?
How Much Insurance Required For An Individual?

If you are planning to buy health insurance at an early age then you must select a premium that covers an amount above Rs 3 lakhs. Choosing such plans will help you to pay your expenses when you need them the most. During hospitalization worrying about the bills can lead to an extra burden, that's why taking health insurance will reduce the unwanted stress.

Generally, most people do not register a claim at an early age. This is the reason why the sum assured rises up to 200%. Besides all these, the policyholder enjoys the benefits of no claim bonus or cumulative bonuses.

What Would Be The Best Insured Amount For Your Family?

The rate of medical inflation is estimated at 15% per annum. For the last decade, healthcare costs have been rising steadily. Seeing this current scenario, not having health insurance can be risky because of the rising healthcare cost. At an early age, people think much about the right time to buy insurance, they fail to understand the benefits, which they can enjoy later.

You can't predict the illness and the expenses of the hospitalization, because nothing is certain in such situations. If you are not prepared, your well-calculated budget will be disturbed by a single instance of a medical emergency. Having a health insurance policy is of utmost importance because it will cover all the medical expenses of you and your family members.

It is good to have a health insurance policy as it is a basic requirement. Your policy must have an optimal mix coverage so that you can take advantage of multiple facilities. In our country, most of the policyholders had taken the policy, which covers an amount of Rs 7 -9 lakhs.

The insured amount is shared by all the family members. If your family consists of 2 adults and two kids, a policy with a sum insured of 10 lakhs will be the best option.

What Are The Options For Senior Citizens Or Parents In Terms Of Health Insurance?

Currently, the cost of a small routine surgical procedure cost Rs 1,00,000 (approx) due to the non-stopping inflation. That's why you must choose a proper policy after calculating future expenses. At a reputed hospital a bypass surgery will cost around Rs 2 lakh, this figure will increase in the upcoming years.

That's why you must choose a policy that can cover your future expenses because the insured amount today will not be sufficient in the future. Moreover, it is advised to consider future information before choosing health insurance to avoid unnecessary circumstances.

A premium with a higher sum insured would be the best if your parents are senior citizens. The premium that you have to pay will be quite high because of their age.

What Are The Health Plans At Various Stages Of Life?
  • In Your Mid/ the Late 20s

    If you are single, healthy, and physically active then you might think that there is no need in investing your money in health insurance. No matter how fit you are or the disciplined life you are living, you must be prepared for medical emergencies. In your 20s a no-frills plan which

    covers your hospitalization and medication cost would be the best. Otherwise, a plan which increases with age and inflation can also be a good option.

    The cover size of your plan should be Rs 3 lakh and 5 lakh in tier 2/3 cities and metro/tier 1 cities respectively. If you travel a lot or have an adventurous lifestyle then you must stick with an accident disability plan.

  • In Your 30s

    At this age, most people get married and have children. Therefore it would be best to secure your entire family from any health risk by buying a family floater plan. The premium of this plan depends upon the age of the oldest member and covers all the members of your family.

    Before purchasing your plan, make sure that your policy contains pre and post maternity benefits. The cover size of such plans can differ for different cities. Moreover, you can choose a Top-up or Accident disability plan depending upon your requirements

    Buying these plans before the 30s can also save your money as at this age very few people are prone to diseases.

  • In Your 40s

    If you are at this stage, you can easily relate to the fact that you and your children both grow older. When you are in your 40s you are surrounded by stress and diseases like - diabetes, hypertension, strokes, heart disease, etc

    That is why it is advised to have a healthy diet. At this age, you must buy a critical illness plan, which will add additional health security. Besides this, you must stick to the previous plan like- family floater plan, top-up plan, and the accident disability plan that you had purchased in your 30s.

  • In Your 50s & 60s

    At this stage of life, your children become financially independent and you don't have to worry about them. You also don't have any major responsibilities and liabilities. Medical issues are common at this age, so you must live a healthy lifestyle, which includes yoga and meditation.

    As per your need, you can increase the size of your critical illness plan. You can also port to an individual plan as your kids have taken their policies. You can skip the accident disability plan in your 50s because there is very little locomotion at this stage.

Final Words

In some cases, your insurance covers will be inadequate due to the rising cost of medication. All health insurance policies don't cover recovery phases like counseling and rehabilitation. The requirement of health insurance varies according to your age and requirements.

If you have a basic plan you can boost it with tools like- top-ups and riders without increasing the premium. Hence, while purchasing one, you must figure out an expected level of coverage that can satisfy your future needs.

Points To Acknowledge Before You Purchase Health Insurance

As previously said, health insurance owns its own significance in improving life and helps in the worst financial turbulence. There are a lot of companies providing health insurance and policies at a very exciting rate. Thus it creates confusion among people, they can't figure out which could be the best policy for them. Therefore you need to take care of a few things before taking health insurance so that you will not have to regret your decision in the future.

The Internet is flooded with several articles that denote how important it is to get health insurance for yourself, however, there are few segments that we must take care of. Here, Square Insurance has mentioned some important factors in this article that will help you to overcome all your doubts and confusion regarding health insurance.

Points To Acknowledge Before You Purchase Health Insurance
  • 1. Claiming Process

    One of the most important features of good and genuine health insurance is that its claiming procedures should be easy and understandable to all people. It should be faster without any hectic process involved.

    The other important factor is the company, it should have good customer support so that you may solve your problems easily. Buying insurance from a reputed company can eliminate the trouble that you might face during the claiming process.

  • 2. Family Health Background

    One of the most common mistakes people make while purchasing a policy is that they don't read the terms and conditions regarding ailments and diseases. While buying any insurance plan you must be aware of the health condition of your family members along with their medical history. First, you have to go for a quick health checkup, after that select a policy that will be best for you.

    If you buy the wrong one, all your money may go in vain and you will put yourself in trouble. Therefore, it is better to take precautions otherwise you will not take the advantage of your policy. This thing does not apply only here but in every phase of life while taking important decisions and you should always crosscheck the outcomes.

  • 3. The Right Amount For Insurance

    When you are going to take any health insurance make sure you take your plans wisely and consider your age and how young you are. You must buy a policy according to your income level so that you can afford the premiums.

    Nobody knows what problem may knock on your door, therefore you should also be ready for the bad phases of your life and choose the insurance amount wisely. It will help you to pay the premiums even at that time and in emergencies. Thus it is advised by the experts to go for the lower side when choosing the insurance amount.

  • 4. Cashless Hospital Network

    One of the most important features that you should look at while selecting insurance is the tie-up of the company with a network of hospitals that provides cashless payments options. Paperwork sometimes is very irritating and delaying and in case of emergencies, no delay is acceptable.

    Therefore, if your insurance company is providing this feature your claims become easy and fast. Another benefit of this feature is that there are minimum chances of fraud and your settlement will be safe. We would suggest getting in touch with one of our executives to understand how well the cashless hospital network works.

  • 5. Purchase It Early

    Delaying the purchase of your health insurance may lead to a loss. Buying it at the early stage of your adulthood is the most productive decision you can take. Once you cross the age of 40 your body starts showing age-related ailments and disorders.

    At that point, it will be difficult for you to take them. Another benefit is that when you are young your chances of claim are minimal and you can get no claim bonus every year which is awesome.

  • 6. Pregnancy Benefits

    The bills after the discharge from the hospital are always heart-wrenching if you have not taken health insurance. With the increase in daily living expenses, the expenses of pregnancy are increasing every year.

    For a woman taking health purchasing insurance that covers maternity benefits will be a boon. Women should consider the waiting period which is applicable for claiming pregnancy and other expenses.

  • 7. Pre And Post Hospitalization Charges

    Your pre-hospitalization expenses include the doctor's fees, medical check-ups, and the prescribed medications. Post-hospitalization includes the expenses after the discharge like following up with the doctor by doing regular checkups, medications, and many others.

    Therefore it is advised to take a policy that covers pre and post-hospitalization expenses. These things look minor but make up a major portion of large bills and if you ignore these things you may suffer a loss and feel cheated afterward.

  • 8. Take Always Lifetime Renewal Policies

    If you had purchased health insurance at a younger age and it expires at the time when you need it the most will be discouraging. Therefore you should choose insurances that will cover lifetime renewal as most of the illness comes at the later stages of life as compared to the stage when you are younger.

    This will also give you a longer claiming period and extra no-claim bonuses. This factor is the most important but many people neglect it and suffer later.

  • 9. Health Checkup Facilities

    The cost of health checkups like cardiovascular ailments, MRI scanning, cancer diagnoses, etc. are very high and make a bill up to thousands or higher. Therefore you must choose insurance that will cover all these major expenses.

    This feature is provided by many companies, so you must take advantage to save your money. While taking medical insurance keep in mind the coverage limit for preventive health diagnostics.

  • 10. Co-Payment Classes Cannot Be Ignored

    The most confusing thing while taking health insurance is the co-payment clause. It is a very simple concept, you just need to understand it clearly otherwise you might lose some money while claiming. Here, the money that you have to pay while claiming the policy, and the rest is paid by the insurance company.

    Thus buy those plans that will not affect the claiming amount very much and as low as possible. You should purchase policies that do not have sub-limits. However, if you are having any health problems or you are above a certain age limit you will have to pay some amount while settlement.

Final Words

Life is full of ups and downs and no one knows what the future brings to us. Therefore you need to have a "plan-B" for the odd times to face difficult situations with some ease. Nowadays, health issues are becoming a common issue. Thus companies have made such health insurance policies that can save a lot of money. Here we have discussed 10 major factors that you may consider before buying any health policies.

Understand The Term Waiting Period In Health Insurance?

Let’s agree with the point that your body becomes more prone to diseases with aging. And it has been seen that nowadays, many people are diagnosed with diseases at an early age because of a sedentary lifestyle with no physical activity and consuming a lot of junk food.

This is where the need for health insurance arises and is now considered as the crucial term for this generation. Having health insurance early in life can cover all your screening and counseling charges along with regular health checkups, which can help you in the early detection of disease. Many people who have been into this segment acknowledges and its importance and durability

Before proceeding further are you aware of the waiting policy in the health insurance landscape? Well no? Square Insurance ensures every one of its readers gets insightful information through its blog. Keeping this in mind, we are here to share some details about the waiting period in health insurance which will help you to select a better policy.

Waiting Period In Health Insurance?
What Is the Waiting Period?

It is the time duration that doesn't allow the policyholder to claim some or all the benefits of a health insurance policy i.e. if your waiting period is 5 years then you can't avail the benefits of your policy for the next 5 years after your purchase.

In simple words; it stops the policyholder from claiming any benefits for a specific time period. If you will compare different policies available in the market then you can easily relate to the fact that the waiting period varies from company to company.

What Is The Need Of the Waiting Period In A Health Insurance Policy?

We know the next question that may be buzzing in your mind will be related to the requirement of this period. Indeed, it has been observed that many people believe the waiting period is not fruitful for them but if you are on the same point of reference, start heading from here!

The concept of the waiting period was introduced to avoid the wrong intention and moral hazard, where people only buy a premium to avail the benefits. Without a waiting period, people can misuse the policy benefits. You can easily discover several cases on the internet, where people buy a premium to claim the money from the company

Let’s start this section with the help of an example for better understanding. Think of a situation where a person doesn't have health insurance and is diagnosed with severe disease. Meanwhile, the doctor advises the patient to go for surgery which will be very expensive and could create a hole in his savings.

In such a problematic situation, the person can buy a policy that will cover all his medical expenses without disclosing his diseases. Hence, to avoid such circumstances or unethical practices, the concept of a waiting period was introduced in the health insurance policy.

Well, the concept of the waiting period in a health insurance policy is quite simple. Here are some of the points which will make you understand the notion of the waiting period. We will begin with the classifications first.

What Are The Types Of Waiting Period?
  • 1 Initial Waiting Period

    After buying a policy, the first 30-90 days are considered as the initial waiting period, where the policyholder can't claim his benefits. If you get hospitalized during the initial waiting period then you have to take care of the hospitalization cost and medical bills on your own. You have to wait until the waiting period gets over to avail all the benefits of the policy.

  • 2 Pre-Existing Diseases (PED)

    If you are already suffering from any disease while taking a policy then that disease is considered a pre-existing disease. It may be diabetes, thyroid, blood pressure, etc. A person having a pre-existing disease has to go through the medical screening process.

    After the screening, the insurance company will decide whether the proposal should be accepted or not by considering the medical reports and level of illness. In several cases of (PED), the proposal is accepted with a year waiting period, which ranges from 1 year to 5 years depending upon the medical status of the insurance company.

    The conclusion is you can avail of the policy benefits after the prescribed year if you have (PED). Hence, it is better to buy insurance at an early age to avoid such situations.

  • 3 Waiting Period For Maternity

    Just like Pre-Existing Diseases (PED) the health insurance companies don't provide, right to claim just after buying a policy that covers maternity expenses. The claiming time period generally starts after 9 months to 36 months from the date of purchase.

  • 4 1-2 Year Waiting Periods for Ailments

    Health policy has a waiting period of 1 to 2 years for some specific ailments like- ENT disorder, hernia, osteoporosis, skin infection, etc. However, the waiting period is just one month if you buy health insurance at a young age with no PED.

Are There Any Possibilities Of Reducing Waiting Period?

This is the most common question that every insurance company faces hence, we are answering it below: If you are looking for a plan, where you can customize your premium then it will need a little research. There are some companies that provide the facility, where you can reduce your waiting period by paying an extra premium.

However, in case of the policy offered by an employer to employees doesn't contain waiting periods due to IRDA guidelines. According to IRDA, any employee while leaving their employer can convert their group health plan into an individual health policy. The policy provided by the employer to the employee at the time of resignation will be without a waiting period.

As the employee had successfully completed the waiting time in the group health cover and he will not have to worry about the waiting clause.

What Are The Important Points Related To Waiting Period?

If you buy a policy and you have been diagnosed with any disease during the waiting period then your illness will not be considered as a pre-existing disease. You don't have to be worried in such cases, as your policy will cover the expenses of such an ailment. With changing, times and tough market competition insurance companies are modifying their plans.

The best changes are done in senior citizens' plans. Today senior citizens can get health insurance where the waiting period is reduced or eliminated by adding a co-payment clause. In this clause, you have to bear a required percentage from the claiming amount.

For example, if you are claiming an amount of Rs 1 lakh with a co-pay of 20% then you have to bear a sum of Rs 20000.

Final Words

Various factors like medical history of the insured, age while purchasing a policy, family floater health insurance, individual health insurance, PED, medical history, Ailments, etc influence the waiting period of health insurance.

The best changes are done in senior citizens' plans. Today senior citizens can get health insurance where the waiting period is reduced or eliminated by adding a co-payment clause. In this clause, you have to bear a required percentage from the claiming amount.

That's why it is essential to study the waiting period of a policy before buying a policy to get the utmost benefit. Picking a policy with a lesser waiting period would be best because it allows the insured to avail of the benefits as early as possible. Otherwise, you will have to pay all the expenses from your pocket besides having a premium.

Here’s The Health Insurance Terminologies That You Should You Know In India 2022

We all are aware of the consequences that COVID-19 has affected us. Nevertheless, whether it’s our personal or professional life, everyone is in the clutch of this global pandemic. Due to this, there is a sudden spike in the health insurance plans, and now everyone is trying to get the best from the pool of insurance policies.

But wait, let us ask you a question: Are you aware of the basic terminologies used in the insurance ecosystem? No! Well, let’s end this quest and understand the terminologies through this blog. Make sure to read till the end!

2021 health insurance Terminologies in india
  • Cashless Claims

    In this terminology, the insurance company directly pays to the hospital. Policyholders don’t have to wait to get reimbursed. This is considered a quick claim as you can directly get admitted without thinking about the finances.

  • Automatic Restoration

    It has been seen in the medical insurance plans that they have introduced restoration benefits offered as a financial backup plan to help an individual. In this segment, if the policyholder sum gets exhausted it can automatically be reloaded for the upcoming hospitalization during the policy term.

  • Co-payment

    This is a cost-sharing provision that is acquired under a health insurance policy. Apart from this, an individual has to pay a fixed amount of money to the insurance company before acclaiming health facilities. One can get in touch with the health insurance agent or broker regarding the co-payment feature.

  • Comorbidities/Pre-existing Diseases

    Diabetes, COPD, cardiovascular issues, hypertension, kidney problems, and other underlying diseases are considered notable risk factors in the medical insurance ecosystem. If a patient has any pre-existing medical risk then they fall into the category of a higher premium

  • Deductible

    If a policyholder is paying a higher deductible amount, as a result, there will be less premium. A deductible is a fixed percentage of the claim amount that again falls in a health insurance policy, it is also considered as the cost-sharing requirement. However, under this state, the insurer is not liable to compensate for any amount of covered expenses. Everything goes to the policyholder as they will be the ones to pay the promised value to the hospital.

  • Exclusions

    Exclusion is another most prominent terminology used in health insurance plans, which also means limitations. You can check the exclusions either on their website or in the wording documentations. These are the conditions in which it is clearly written why and how your claims can get rejected and can not proceed further.

  • Inclusions

    Inclusion is one of the important factors that one should check clearly and precisely. Here you can check the coverage benefits and policy features that the insurance company will reimburse for you. You can have a clear insight into the medical expenses, emergency costs, hospital room charges, medical bills, and other important treatment-related expenses.

  • Beneficiary

    If the insurance benefit recipient, the person is named as the beneficiary who will then receive the advantages if the policyholder dies.

  • Cumulative Bonus

    A cumulative bonus in health insurance denotes the financial advantage that policyholders get as an appreciation reward if they haven’t processed any claims within one policy year. You can get a similar concept in the no-claim car insurance as a bonus.

  • Network Hospitals

    Do you know health insurance companies in every country are into an association with some hospitals that fall into the network hospitals category? In these hospitals, you can easily avail the treatment without paying at the administrative desk for any settlements. Your insurance company or insurer will settle the bill itself up to the coverage limit. Rest assured your insurance company will be helping or taking charge of bearing the cost. This process is called cashless claim services.

Health Insurance Terminologies In Recap

We have shared the basic health terminologies with you! Make sure you are understanding every bit of it and also give a keen eye on the Infusion section as it is the important factor of all. It has been seen that people with no prior experience may get in the clutches of these new terminologies of health insurance.

Here, square Insurance has shared basic insurance terms that will help you understand the insurance sector more easily. We hope you like this blog and don’t forget to share your view with us!

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