Health Insurance plans are the backup or may call protector of people in some serious problems or illness which are life snatching and also have expensive treatments. Besides this, a right health insurance plan is like an assurance for the insured while he/she faces some kind of difficulties; there are lots of people in every country who dies or suffers with lifelong pains due of lack of support. It is a guide, a friend, a helper, an assurer, a good protector which means an overall coverage for insured person but still it is not enough to get fully covered and having all kind of money while in danger.
Health is wealth and no doubt freaking for being healthy and fit is become a mania now-a-days; after advanced technologies and lifestyle people get affected easily. People are now-a-days fell ill often and pay a huge amount of money to get rid of that illness, for treatment n good hospitals etc. but spending so much for treatment is not a matter of joke as everyone has not that capability. Health Insurance Policies in today’s scenario works as a support system, but still people should take care of themselves to prevent serious illness. Health Insurance Plans are essential for every person as it gives security and safety to the insured person with various benefits. There are various kinds of health insurance policies such as Individual Health Insurance Plans, Family Floater Plan, Children Insurance Plan, Car Insurance Plan, Mediclaim etc. But it is advisable to buy a policy for the parents or old persons of the house as it gill protect them in the time of critical illness or provide the expenditure while hospitalization.
To know other given offerings given by a health insurance policy it is important to know the meaning and description of the commonly used health insurance terms. Here are some of them that will help customers to take an informed decision.
Premium: This is the sum amount that customers or policy holders have to pay annually as per the insurance plan; the higher coverage need more premiums amount and vice versa.
Deductible: This is the charge that customers have to bear before the particular insurance company begins paying for the cover expenses and it is always a good option to buy a policy with lower premiums or no deductibles.
Pre-existing conditions: They refer to any previous illness or injury that policy holder may have during or diagnosed, treated within 48 months before to get the insurance plan.
Beneficiary: It refers to the person to whom the benefit of the insurance policy will be referred on after the policyholder passes away while on the insurance plan.
Floater policy: Under this policy, all the family members will be covered within one insurance policy with a single sum insured; this policy can also be used by any one of the family members at any number of times till the maximum sum insured is reached.
Claim: The process of reaching out to the insurer for reimbursement of the expenses incurred by the insured during medical treatment is called as filing a claim.
Cashless Claim: in this process, the insurance companies pay the sum directly to the hospital after treatment but the important condition here is that the insurer has to get treated only under the network hospitals.
Cumulative Bonus: In the case of claim-free renewal, an extra Sum Insured named Cumulative Bonus gets accrued to one’s renewed policy and the bonus can range from 5% to 10%.
Domiciliary Hospitalization: This term is used when the treatment of the patient is done at home instead of hospital under doctor’s recommendation.