Health Insurance: Important Points to Remember

Health Insurance is a type of insurance which primarily covers the medical expenses. Under an ideal Health Insurance, you can protect yourself and your family from medical expenses by giving a very small amount each year and this amount is commonly known as the Premium.

There are many other aspects of the health insurance but following points should be considered carefully in relation to the Health Insurance and its formalities involved:

• Fill the form of Health Insurance by yourself as your agent might fill your wrong information. Each and every part is of immense importance so the best option is to take the lead in this.
• Health insurance has many different types of policies available. Keep your age and family in mind and choose the appropriate and befitting policy. Do a good research online and contemplate on different policy’s features and compare their premiums and purchase the suitable policy for yourself.
• When you buy a Health Insurance policy, there is no claim of medical treatment for the first month / 30 days in the first year, but the claim of accident or injury is covered in these days.
• For your family, it is important to have a family floater policy of at least Rs 3 lakhs.
• Do not hide any history of illness.
• Details of whom you are taking, their health history, Name, Age and Birth date should be correctly filled inside the form.
• Get information about which disease which is not included in Health Insurance or how many years insurance can be involved. Ex: In the first two years of health insurance, many diseases like a hernia, hydrocele, piles, and cataracts are not included.
• If you have to be admitted for medical treatment in the hospital, then your health insurance card and photo identity card should be shown to the hospital staff so that you can get the benefit if the cashless facility is available.
• If there is no cashless facility in the hospital, within 12 hours after admitting in hospital, you should call the Health Insurance Company Toll Free number given on the back of the card. This does not make the process difficult to Hospitalization Claim Reimbursement.
• The claim of health insurance / the Xerox copy of all documents sent while claiming should keep with it.
• If you have any have any issues with the complaints or payment from your health insurance company, then you can complain/inform it at complaints@irda.gov.in or call 155255.

These are important points that will help you to take health insurance so that you can avoid the hassle of medical expenses, and you will not face any problem in getting good treatment at a difficult time.

At Medimanage Health Insurance, we educate our clients on all the factors and also the benefits that they can derive from their policies. We strive hard to achieve the client’s satisfaction.

Health Insurance and the Economy

Health insurance is one of the most important and highly recommended investments one can make as it acts as an ozone and protects you and your family from the unforeseen health disasters and financial crisis. Health insurance has evolved a lot in the recent years and is now transformed into an essential priority for every person in every section of the society.

The basic structure of the health system is now taking a new shape and definition and the strong relationship between the health investments and the economy is getting converted into the policies that define the interaction between these two entities.

Health investments and the economic structure are strongly interlinked. The national income has the direct impact on the development of the health infrastructure of the economy. For wealthier nations, it is an easy task to amend and ameliorate the health structure of the country but this may not be the case for every nation and hence, the need of developing an institutionalized system becomes mandatory.

The need behind institutionalizing the entire structure is unavoidable and is something that cannot be overlooked. The policies of the two entities are also interlinked, for example, if the taxes on the cigarettes and other tobacco products are increased, it helps in putting the restrictions on the use of such products in many public places. These strategies are undertaken by many nations of the world and it is also the same when it comes to India, the government has increased the taxes on these products and the banning of their use on the public places is also evident. Many countries have taken this step way ahead and eventually banned the entire use of tobacco in the pubs and other places of the social gathering.

The truth is that the countries with unstable and delicate health sector tend to have fragile economic structure and they find it difficult to attain and experience sustainable growth.

Lesser the investment in the health sector, lesser will be the chances of creating a great health infrastructure and lesser will be the life expectancy which directly affects the overall productivity of the nation.

The policymakers are excessively emphasizing on figuring out the ways in which they can expand the awareness of the health care benefits and enhance its outreach.

Medimanage insurance is one such insurance provider that believes in the delivery of standard healthcare facilities to the common people. At Medimanage, we constantly strive to develop and incorporate methods that can be used to make the people aware of the benefits of having a health insurance and also to create dynamic policies that can protect their financial savings.

Tech Trend and Health Insurance Industry

With reference to the recent statistics based on the surveys conducted, Indian economy continues to have lesser density of the insurance sector and primarily this ratio is defined and driven by the rural areas of the nation where the access to these financial and health institutions are not well constructed and there is a limitation to the outreach of these facilities.

The paradigm shift of the population towards the technology has given a hope of success to the organization as the industry has now figured out a way of increasing their reach and enhance the customer experience.

Companies are now emphasizing on the use of latest technologies to create the infrastructure of the digital insurance sector. Major technologies that are playing a vital role in this transformation are:

1. Cloud Computing
2. Advanced Digital Analytics
3. Mobile Internet
4. Internet of Things
5. Artificial Intelligence
6. Social Media Platforms

The increasing use of technology has redefined the company-customer relationship. The health insurance sector has also witnessed a great rise in this department. The account details, payment details, policy expiration update and several other data can now be sent using the technical alternatives and these steps also make the conversation more personalized and bring the parties together.

Regulation of the data and customization of the products using the technical tools has enabled the consumer to pick up a policy of his own preference and this has significantly attracted the consumers towards the insurance market.

Insurance is a very important sector for any economy and over the years, the use of this investment has proliferated. There are many reasons behind this sudden rise including the increase in the price of medical facilities but the prime reason was the technical advancement and technical tools which also served as a weapon to increase the awareness among the people so that they opt for the insurance and secure their family from any unforeseen trouble and financial impediments.

The market condition suggests that people look for inspiration and personal connection before choosing their medical insurance and the technical platforms have enabled the companies to reach out to the crowd and target the untouched areas which primarily are the rural areas of India. Generating the awareness among the people is a great target and challenge for the companies and based on the data that shows the recent development in the industry, one may state that the health insurance companies are somewhat successful in penetrating into the market and with time this development will increase to benefit the sector.

Medimanage insurance is one such insurance provider that incorporates all the latest technologies to ensure that the insurance sector reaches out to maximum people. We understand the requirement of people and design our plans accordingly.

 

Factors for choosing a Health Insurance

Right from its foundation, concept of Health Insurance has always been an important aspect of not only securing the future from the sudden health crisis which may eventually lead to a huge financial burden or even bankruptcy but it is also considered as a very favorable area of investment and has a significant role in maintaining the economic stability.

Opting for a right and suitable insurance plan can be onerous and may include a lot of research work to determine the absolute suitability as per your income and future plans. There are a plethora of companies who have multitudinous plans for you with different premium plans, following factors may be considered before making a decision on the same:

1. Premiums: One of the most important factors that are taken into huge priority is the premium amount. If you have a business setup, this is the first thing that the employees notice and this should be shared with them as they make a contribution in the same.
2. Available Options: One should consider all the plans available and contemplate the options before choosing any plan. Plans differ in the premium options, secured areas, and other miscellaneous deductibles, therefore, proper research work is very important.
3. Fundamentals of Coverage: This is a major factor for any plan that you choose, the prime question is that what sort of coverage does the plan has to offer? To ensure that your plan has everything to offer that you need, you must read the documents carefully and inspect every detail of the mentioned points.
4. Other Deductibles: After the premiums, this is the second most important factor that needs our undivided attention. Deductibles affects the budget of everyone and hence, people pay a very close attention to what sort of other deductibles are present while opting for an ideal health insurance plan.
5. Prime Objective: The main reason why you pick up a health insurance plan is to safeguard you and your family from the expensive medical fee and treatment costs. Usually, plans do cover many areas that you may not need so it is better to exclude those sections, for example, if you do not need any dental or eye coverage, make sure you get to customize your plan accordingly.

A complete medical insurance does protect from a lot of unforeseen troubles but a scrutinized look should be given to the plans before finalizing it and one must be open to seek the advice from others and be willing to consider their suggestions too.