Insurance is a way of managing risks. While buying any insurance, you transfer the cost of potential loss and in return get the matured insurance fee when required.
In recent times, health issues have been rising at a rapid rate. And with the increase in diseases, the number of treatments and medicines is also increasing. Hence, with advancements in technology, medical expenses have been rising tremendously. The treatment for any disease or an accident can be exorbitant.
But there is a solution for saving your pockets from the holes the hospital bills are going to create. Health insurance is an agreement where the company offers to pay for the hospital expenses completely or make some reduction in the bills. Most of the insurance companies have ties with the popular hospitals and help in getting the treatment without any financial hazardous. A person does not only need insurances for diseases but also accidents. The government also supports health insurance and gives a reduction in income tax.
There are a lot of health insurance available today. Some of them include maternity insurance, critical illness insurance, Cancer insurance, senior citizen health insurance and, so on. But the insurance policy which has the most benefits is the mediclaim policy for family.
We all want what is best for our family and do not want to be burdened by the stress of financial constraints, especially in times when they need us the most. Buying medical family insurance is important because today the expenses of treatments have skyrocketed especially in the private sector. It can further be difficult if the earning member of the family is hospitalized. The stress of having a close one diagnosed with a disease and the added stress of lack of financial support can be hazardous for other family members. But all these situations can be avoided by paying a small amount of your income towards the health insurance and ensuring that all the hospital expenses are covered in it.
A family health insurance covers medical expenses for every member of the family. There are various kinds of family health insurance which you can choose from according to your requirements. It not only promises to meet the hospital bills but also the pre and post-hospitalization expenses, ambulance cover, doctor consultation expenses in case of illness or accidents.
Benefits of family health insurance:
- Cashless treatment- While getting treated in a hospital, your whole treatment is free with the insurance policy you bought. The company having ties with the hospital will ensure that all the treatment including the medicines is free of cost for you.
- Cumulative bonus- The insurance companies raise you with a bonus for every year not claiming your insurance, which further adds up to your amount of insurance.Sum insured by 10%, up to a maximum of 50% for 5 consecutive years.
- Pre and post-hospitalization expenses- Family insurances not only ensure to cover your hospital expenses but also the medical check-ups after the treatment. Medicine, diagnosis expenses all are covered in the policies for 30 days before the treatment and 60 days after the treatment.
- Day-care procedures- Day-care refers to the treatments that require less than 24 hours in the hospital like chemotherapy, radiation, cataract, dialysis and, many more. These insurances make sure that all the expenses of the day-care procedures are met.
- Room rent- These insurance policies reimburse the expenses of the room while staying in a hospital. It also covers the expenses of a single private room, if recommended by a doctor.
- ICU charges- These insurance policies make sure that all the expenditure while in ICU is covered by it and there is no limit on the time spent in ICU.
- Ambulance cover- The expenditure on an ambulance in case of emergencies is also added in these insurance policies to make sure you do not have to deal with any sort of issues in difficult situations and reach the hospital on time.
- Domiciliary expenses- These policies also include the expenses while getting treated at home. In case the treatment cannot be fulfilled in the hospitalization due to non-availability of bed, expenses are met for the treatment incurred at home after 3 consecutive days.
- Automatic recharge of sum insured- If you ever run out of health cover, some policy companies ensure to reinstate the entire sum insured amount of your policy.
Exclusions in family health insurance:
- Expenses arising due to alcohol/drug use/misuse.
- Congenital disease
- Tests and treatments related to infertility
- Expenses due to self-inflicted injury
Care health insurance is one of the insurance companies which offers you all the benefits listed above with many more advantages to make sure that you take care of yourself and your family in dire situations like that. It also arranges for a second opinion in case you are not sure about a diagnosis and helps you make a decision.