Best Health Insurance Plans

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

Mediclaim plans are also known as hospitalization insurance which is also considered as the most elementary className 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.

What Does A Mediclaim Policy Cover?

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:

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 Are The Exclusions In Critical Illness Insurance Policy?

What Are The Characteristics Of Critical Illness Insurance Policy?

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.

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.

Minimum Entry Age

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

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.

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 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?

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.

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.

What Is The Waiting Period In Health Insurance?

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 classNameifications first.

What Are The Types Of Waiting Period In Health Insurance?

Are There Any Possibilities Of Reducing Waiting Period In Health Insurance?

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 In Health Insurance?

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.

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!