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All about Health Insurance

Written by - Varsha Madhu

July 15, 2019 3 minutes

Health is Wealth

At some point in life, everyone faces various types of health risks and uncertainties. And it’s important to understand these risks. Knowing the risks, you and your family may face can help you find ways to avoid health issues.

What are Health Risks?

A health risk is not something that will harm you or affect your health. Risk doesn’t mean that something terrible will happen; it’s just the possibilities. Health risks include your age, family health, and lifestyle.
There are some risks which can’t be changed. Such risks are “genes” (inherited diseases from your parents) while some risks are in your control like diet, physical exercises, etc.,
Your absence can devastate your family or your dependents. Thus, understanding the health risks can help you make smart and informed decisions.

How can you reduce the risk?

You can reduce the risk by transferring it to the insurance companies. Insurance acts as a “Financial tool” against your health risk. Let’s learn about “Health Insurance.”

Health Insurance

In case of a medical emergency, the only way to pay your medical cost is by dipping into your savings, which can and will drain the entire money. However, if you have a Health Insurance, you get refunded for what you have spent.
Buying medical insurance can help you to cover the various medical cost. Different types of insurance policies cover different diseases and ailments. You can purchase a general health policy as well as a policy of specific illnesses.
The premiums paid for the medical policy covers treatment, hospitalization expenses, and medical costs. The cost and range of protection would depend on the type of insurance policy you buy. Some policies cover both pre and post hospitalization expenses.

To protect the health of various weaker sections of society, the Government of India has launched many schemes to make it easily accessible.
A list of health insurance schemes launched by the Government of India are:

  • Rashtriya Swasyatha Bima Yojana
  • Pradhan Mantri Suraksha Yojana
  • Central Government Health Scheme
  • Aam Aadmi Bima Yojana

People who can be covered:

It is suitable for all those who want to transfer the financial risk of unseen medical emergencies. Even children come under health insurance. And policy for senior citizens above age 60 and below 85 are also available. The maximum age to get a medical policy is 85.

People who can’t be covered:

It’s not suitable for people who have enough wealth to provide for themselves for any medical cost that may arise. It would be difficult for people with pre-existing diseases.

Where can you buy Health Insurance?

You can buy Health insurance policy can from individual health insurance agents, banks, insurance brokers, or online sitting at home, thanks to technology.

How to buy Health Insurance Policy?

Firstly, you need to figure out the amount of insurance you need and find the insurers offering the policy that you want.
You need to fill an application form and provide a document to prove your date of birth. And later, you may have to undergo a couple of medical tests depending on your age.

“The life in front of you is more important than the life behind you.”
-Joel Osteen

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