Health Insurance and Mediclaim

Today, health treatment can be very expensive. People are suffering from more stress by looking at medical bills than they suffered because of their actual illness. The best way to get rid of such worries related to health is to take a health or medical insurance policy. A health insurance policy not only covers expenses that are incurred during hospitalization but also during pre as well as post hospitalization stages. This includes money spent for conducting various medical tests and buying medicines. The cover is generally to the extent of the sum insured.

As on date, the health insurance companies provide many innovative schemes to their customers. The latest product in this segment is 'cashless hospitalization'. Under this plan, individuals insured do not have to pay for their hospital bills in case of hospitalization; the insurance company takes care of this and settles the bill directly. However, certain terms and conditions need to be met. For instance, the hospital needs to have a tie-up with the insurance company and all the documents required must be in order.

How much Health Insurance should one have?

Start early

One must buy health insurance at an early stage since the premiums are lower when you are young and the rate of increase in health insurance premium is directly proportional to a person's age. Health insurers assume that the chances of making a claim at an early age are lower, as against a person who takes health insurance at a later age say 40 years and he/she is also more prone to suffer from diseases.

The importance of a Mediclaim or Health Insurance can't be ignored in today's world of expensive medical treatments and looking at its benefits at a younger age, one must insure himself/herself against any medical injury/illness early in life.

How much cover is needed?

The requirement for Health Insurance varies from person to person. It depends upon the factors like age, incomes & expenses, marital status, family background etc.

• Age: During the early years of your life you might require a simple health policy to cover the expenses that would incur if you fall sick or meet with an accident. The possibility of occurrence of critical diseases is low at young age and hence a higher cover is not essential. As you grow old you should keep increasing the sum assured/cover.

• Marital Status: If you are married it's a good idea to ensure that your spouse is also covered against any kind of medical emergency. In a Family Floater Plan, you and your spouse will be covered under the same policy (one premium). After the birth of your child you can also get your child included in the Family Floater Plan.

• Family Background: If you have a family history of some diseases such as Diabetes, then it becomes necessary to take shield of Critical Care plan that will cover you against all the major illnesses that you may be prone to.

• Income & expenses: A higher health insurance cover is necessary if you think that cost of your family's medical treatment will be higher. A lot depends on how much is your family's current expenses & income.