Due to the fragility of the human body, there are many uncertainties in human health. Hospital invoices and medical costs are high and can be very expensive. This is where health insurance comes in. Health insurance not only prepares for rainy days, but also provides health insurance.
Health insurance is a contract between an insurance company (health insurance company) and an individual, and the insurance company bears the cost of medical expenses that may occur in the future in exchange for the premium paid by the beneficiary. I agree with you.
This is how the health insurance mechanism works in India.
Plan Choices-Individuals can choose a health insurance plan according to their needs, based on the facilities provided by the insurance company of their choice, the costs covered, and more. For existing illnesses, each company has a different compensation policy. Therefore, it is very important to choose the right plan for you, keeping in mind all the relevant factors.
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Premium Calculation-After selecting an insurance plan, the purchaser’s premium will be calculated. If you have an age, income, or health problem / illness, it will be calculated based on it. A comprehensive full-body examination is performed by the insurance company.
After this, the company sets an annual premium to be paid and the maximum amount covered by the insurance, called the “guarantee amount”, is approved.
How Do Claims Work-If you incur medical costs due to hospitalization, you can claim your complaint in two ways. The first option is cashless. With this method, if the insured goes to a hospital on the insurance company’s network list, the company will handle all costs directly.
The second option is the refund process. In this process, the invoice is first paid by the insured himself, then the invoice and receipt are submitted to the company, and then the company reimburses him.
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What to do if there is no claim from the insured-If there is no need for medical insurance, the individual will not pay any premium during the year. However, some companies offer a “no claim bonus” that refunds a certain percentage of the premium each year if there is no claim. At the same time, some companies are rewarded for not claiming personal guarantees.
Health insurance is a very useful financial product for everyone. Health insurance plans have many additional benefits, including tax credits and free health checks. Insurance should be carefully selected in consideration of personal needs.
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