The Ultimate Guide to Your Health Insurance Worries

Jan 29, 2018 | 2 years ago | Read Time: 2 minutes | By iKnowledge Team

Worried about rising medical cost? Here is how health insurance can help pay the bills.

Medical costs are soaring like batting strike rates have zoomed in recent years. While pyrotechnics with the bat have thrilled crowds in India, ballooning healthcare has had a sobering effect.

However, there is one saving grace. Although custodians of cricket have given scant security to bowlers, a medical insurance can help cushion the exorbitant treatment charges. So, let’s know more about what a health insurance can do for you.

Coverage

Health insurance plans provide a range of medical benefits, including hospital fees, treatment charges and ambulance costs. The insurance company will clearly mention all the benefits in the insurance policy document. The insurer also provides a list of hospitals from where you can get your treatment done.

A few hospitals also provide cashless facility for planned medical treatment. This means that the insurer will directly pay the bill to the medical facility. You don’t have to stress out about your finances. In other cases, you foot the medical costs and are later reimbursed by the insurer.

Medical test

Some insurers conduct a medical test before issuing you a policy. This is very common when the insured person is above the age of 60. The insurer may decide the premium amount depending on the medical report. The insurer may even refuse to provide a policy if the medical report is adverse.

Waiting period

Insurers ask you about pre-existing diseases in the insurance application form. If you are suffering from one, you may have to wait for one to four years to claim treatment expenses associated with the disease. Also, the waiting period may differ for each disease.

Exclusions

A health policy does exclude a few diseases and treatments. For instance, insurers do not cover dental and skin-related treatment, except those arising out of an accident. Read the policy document carefully. The document will clearly mention the perils that are not covered by them.

Critical illness

A health policy can also provide critical illness cover. The cover comes at an additional cost. That’s because they are not a part of the health policy. There are standalone critical illness covers too.

A critical illness insurance can protect your finances in case you are diagnosed with cancer or other life-threatening illnesses. Hospitalisation charges are also borne by the insurer in such cases. This is where Aegon Life’s iCancer Plan comes in. This plan covers the cost associated with every stage of your cancer treatment. There are other benefits too. You will get 25% of the sum assured when diagnosed with minor stage cancer. For a critical stage cancer, you can get up to 150% of the sum assured, provided it is your first claim. Also, the lump sum payout can be done at any stage of treatment.

Now that you know what a health insurance is, don’t over-indulge yourself to the thrills and pyrotechnics of life. Taking your health for granted can only backfire. So, opt for a health insurance. Insure yourself against all diseases, especially the life-threatening ones like cancer.

To know about AegonLife’s life insurance products, visit our home page.


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