Medical & Travel Health Insurance

Do you need health insurance? - MEDICAL COSTS IN INDIA

Health insurance though a common concept in the western countries, was not given much thought in India during the past few years.

As medical costs soar medical treatment expenses are now becoming a common cause of anxiety not only for the poor but also for middle class people in India.

Indians today are more aware of improved health care facilities available and naturally have a desire for better health care facilities.

Many private medical providers realizing the demand for better medical services have setup private nursing homes and hospitals to meet this demand.  Improved medical amenities of course go hand in hand with increased costs.  Hospital rooms, doctor’s fees, medicines as well as other health related necessities all add up to large sums of money that the average Indian cannot easily afford. 

Insurance companies have hence stepped in to provide some form of cover to help people prepare for unexpected medical expenses if they find themselves or their loved ones in need of medical treatment.  

Medical emergencies can arise anytime and result in hefty expenses. People now have the option of being prepared to meet some of their medical expenses with insurance coverage.

In times when medical emergencies strike, having health insurance cover does provide the much needed financial relief.

Understanding health insurance?

When getting health insurance it is prudent that you understand the policy.

Some people, when buying health insurance do not bother to understand what the policy covers and what exclusions are mentioned in the policy.

Many people assume that all health insurance policies are the same and shop around for health insurance with monthly insurance premiums only as the main criteria of selecting a health insurance policy.

Not understanding the insurance policy is a recipe for problems and disappointment if a medical need arises in future and claims that you assumed were covered are denied.

It is of utmost importance to understand a health insurance policy before you buy the policy. The health policy you intend to buy may have certain limitations, exclusions and riders that need to be understood. In case of a claim the fine print on the policy becomes important. It is important to understand what is covered by the insurance policy you are buying and what is not.

Sometimes legal terms inserted in polices are not easy to understand. If this is the case then ask for explanations from the insurance agent you are buying your policy form. If you are buying the insurance online, then contact the company directly and get clear answers to your questions before deciding on what policy to buy.

Some points to consider

1.     What exactly does the health insurance policy cover?

2.     What is not covered by the policy?

3.     Are there deductible amounts that you need to pay yourself?

4.     Are nursing, diagnostic, boarding expenses covered? 5.     Are you limited to seeking treatment from only specific doctors/hospitals.

6.     Health policies usually have a waiting period. When does your coverage start after buying the policy?

7.     Are medicines covered? Do you pay for blood transfusions etc?

8.     Can you policy be cancelled arbitrarily by the insurance company if you make a claim?

9.     How long will your premium fixed for?

10.  Until what age can the policy be renewed?

Health Insurance Providers in India

Individual or family medical health insurance schemes are available from many Insurance companies in India. Several foreign insurance companies have also tied up with Indian insurance companies. Indian consumers now have a wide choice of choosing insurance coverage that suits their needs and budget.

NRI's buying medical insurance for parents in India

Insurance companies in India are now also selling health insurance coverage for parents of NRI's. Those Indian residents who are settled abroad and wish to help their parents by ensuring they have medical coverage can purchase health insurance from overseas. Many insurance companies are providing such policies.

Medical Insurance for visitors travelling abroad

Indian citizens travelling abroad especially to the United States, Canada, UK are cautioned to arrange for medical health insurance coverage before travelling overseas. Health costs in foreign countries are enormous. Don't travel without proper health coverage. Medical hospitalization in emergency situations in the United States with no insurance can ruin you financially.

If you are visiting relatives then they can also arrange to purchase insurance coverage for you from local insurance companies. However this usually must be done before your arrival.

MEDICAL COSTS IN INDIA >>>COMPARING INSURANCE COMPANIES >>>

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