Health Insurance: must of every human being?

A health insurance plan plays a major role in terms of providing us with financial security in the event of various health issues that could come out of nowhere. As a common human tendency, we keep health on the last in the priority list, While good health is a key to live a happy life. An old saying “Health is Wealth ” is very much true in all senses. Since we are not taking care of our health & illness, someone is there to care about our health by helping us providing Fixed benefit Health Insurance.

ICICI is providing Fixed benefit health insurance plan which is more beneficial than the traditional mediclaim policies. Please read below benefits of Fixed benefit health insurance:

  • Mediclaim insurance considers expenses occurred before and after, and during hospitalisation However Fixed benefit health insurance pays a defined amount, irrespective of treatment costs, for a pre-determined illness or condition.

  • Mediclaim insurance claims are usually processed based on diagnostic reports, doctor's written consultation, discharge card, treatment & medicine bills and other documents. On the other hand, fixed benefit health insurance plan claims are processed based on diagnostic reports confirming insured illness or condition. No need for bills or any other documents.

  • Mediclaim insurance plans provide cashless facility i.e. direct reimbursement to a healthcare provider, only at network hospitals. In non-network hospitals, you have to pay and the insurer will reimburse later However Fixed benefit Health Insurance plans pay the money to the policyholder directly, often even before treatment starts.

  • Mediclaim insurance plans provide cashless facility i.e. direct reimbursement to a healthcare provider, only at network hospitals. In non-network hospitals, you have to pay and the insurer will reimburse later However Fixed benefit health insurance plans pay the money to the policyholder directly, often even before treatment starts.

  • On the diagnosis of a predetermined major condition/illness, some fixed benefit health insurance plans will pay the policyholder a portion of the base Sum Assured every month for a fixed period of time while there is no such feature available in Mediclaim insurance plans.

  • Some health insurance plans require you to pay a part of your expense, while the rest is paid by the insurer, On the other hand, Fixed benefit Health Insurance plans do not require you to pay any part of the defined amount.

Considering our lifestyles have been changed & there are other factors like climate diseases or accidental illness health insurance is very much important for everyone and we should not consider this as a waste of money. Health emergencies are part of our lives and we do not plan for being ill as they can occur anytime. But we should be ready to face it and the best way to deal with this is a good health insurance plan.

Any medical emergencies can cost a lot to us and hospitalization can empty our wallets and it becomes worse in case of a critical illness like heart disease or cancer. At the time of such medical emergencies, good Health Insurance helps us to support financially. 

There are several reasons to buy health insurance, few are listed below:

  • To Tackle Medical emergencies -  can clear our savings to people if we do not have health insurance. Considering medical treatments are becoming expensive day by day and there are several diseases which require very expensive treatment. Health Insurance helps us to deal with such situations. 

  • Medical costs of critical diseases - Healthcare treatment costs are rising day by day. Cancer treatment can cost up to 23 lakh* if you include chemotherapy, targeted therapy and PET scans. Heart ailments can cost 20 lakh including surgeries and post-hospitalization follow-up. This high cost is a definite reason to have regular health insurance to deal in such situations.

  • Varying lifestyle - The kind of lifestyle we are following wherein we are dealing with pollution, low quality of food, polluted water, hectic working hours, work pressure etc. We seriously Health Insurance to safeguard ourself.

  • Tax Saving-  Health insurance premiums are eligible for deductions from taxable income up to `25,000 per annum under Section 80D of the Income Tax Act, 1961. In the case of parents, an additional deduction upto `25,000 is available (if the age of insured is 60 years or above deduction allowed is `50,000). These limits include the deduction of `5,000 for a preventive health check-up. If you are paying premiums for yourself and parents who are senior citizens, you can avail of the combined deduction up to `25,000 + `50,000 = `75,000 per annum. If both you and parents are senior citizens, you can avail of the combined deduction up to `50,000 + `50,000 = `100,000 per annum. These deductions are available each year and cannot be carried forward. Hence, starting early will help you maximise the benefits of these deductions.

  • Cashless Treatment: If we have Health Insurance then we can avail cashless treatments as ICICI health insurance collaborates with various hospital networks.

  • Buy early more benefits: If you think you are fit & healthy and do not need health insurance then think about it once as you don’t know what will happen tomorrow. Plan early to get more benefits of health insurance.

Most of the people don’t have any clue when it comes to dealing with the hard-to-understand health insurance terms. That's why it's better to know about some of the health insurance terms.

  • Waiting periods -In case you already don’t know it, every health insurance policy comes with a waiting period which a specified time period that must pass before some or all of your healthcare coverage can start. Therefore, no claim can be registered with your Health Insurance provider under this waiting period. 

  • Survival Period - The term, Survival Period is mainly used in critical insurance plans. Under a critical illness plan, policyholder/insured must survive for at least a survival period of 30 days following the diagnosis of the major illness in order to avail the claim benefits.

  • Network Hospitals - All the health insurance companies are associated with some hospitals; these hospitals or medical institutions are termed as network hospitals of the insurance provider.

  • Pre-Existing Diseases-  Pre-existing diseases or illnesses basically stands for the illness that you already had before purchasing the health insurance plan.

  • Inclusions and Exclusions -Everything that is covered under your health insurance is termed as the inclusion of your plan and rest are exclusions. The inclusions and exclusions of the policy are generally mentioned in the policy documents. Keep in mind that there are some common exclusions under most health insurance plans, such as dental treatment, self-injury, treatment of AIDS, etc. 

However, just owning health insurance doesn’t help enough anymore and securing our financial future against medical bills goes beyond that. You also need to understand how the insurance claims process works so that when you actually have to use a policy, you don’t have to make more efforts to make sure that the insurer pays the cost of hospitalization and other expenses.

ICICI offers fixed benefit Health Insurance plans for all ages of people with the suitable premium cost-covering almost all the diseases with the wide network of hospitals in all over India. Here are strong reasons to choose ICICI Health Insurance:

  • Premium Charged: Fixed benefit health insurance plans come with a range of discounts that lower premium. For instance, you can get up to 9% discount while buying ICICI Pru Heart/Cancer Protect. Covering your spouse with an independent cover gets 5% off*** on the combined premium, an additional 2% discount if you buy the policy online. and there is a 2% more discount on the combined premium (For Heart and Cancer) if you take both Heart and Cancer cover.

  • Expenses Covered: Avail ICICI Health Insurance & get benefited with pre and post hospitalisation expenses along with room rent caps. For fixed benefit health insurance, you get the amount paid in case of minor conditions/illnesses. Also, the policy offers add-on covers like hospital cash benefit, increasing cover benefit, and income benefit.

  • Claim Settlement Ratio: ICICI Prudential Life Insurance’s Claims Settlement Ratio^^ for FY2018-19 is 98.6%.

  • Claim processing time: ICICI is the best with quick and transparent claims experience. During FY2017-18, ICICI Prudential Life Insurance’s average turnaround time for settling a claim is 2.99** days. As much as 67% of claims were settled within 3 days. Also, settled 96.43%~ of claims received within 30 days of intimation.

So read all the details carefully & choose your Health Insurance wisely.

Related Articles

Leave a Comment