What is a Health Insurance?
A health insurance or a medical insurance is a type of general insurance that safeguards you against financial losses by covering for you when you’re faced with a health condition or medical emergency such as due to a disease, illness or even an accident.
This includes expenses incurred during pre and post-hospitalization, annual health check-ups, psychiatric support, critical illnesses and maternity-related expenses amongst others, as per your customized health insurance plan.
Think of it like that one friend who you know will always be there for you whenever you’re sick or even just feeling low.
“I don’t need Health Insurance”
If you believe that, read on.
India’s covid outbreak is currently the fastest growing in the world!
Sedentary lifestyles are reported to cause 61% of hospitalizations
Younger Cancer Patient cases increasing day by day
Medical Inflations are making treatments unaffordable
Mental Health Illnesses have been on a rise in India.
Heart diseases have killed more people in India than any other non-communicable disease.
What’s great about a Health Insurance by after Trufedu Consultation ?
- Simple online processes – From the process of buying a health insurance policy to making claims is paperless, easy, quick and hassle-free! No hard copies, even for claims!
- Covers pandemics like the coronavirus – India is one of worst affected countries when it comes to the COVID-19. Will guide you the Health Insurance which cover the same as part of health insurance so you needn’t really get a separate coronavirus policy.
- No age-based copayment – Health insurance comes with no age-based copayment. This means, during health insurance claims- you need not pay anything from your pocket.
- No room rent restriction – Everyone has different preferences, and we understand that. That’s why, we have no room rent restrictions. Choose any hospital room you prefer.
- Cumulative Bonus – A reward for staying healthy! You can get yearly bonus for claim-free years.
- Get treated at any hospital – Choose from 4000+ hospitals in India for cashless treatment or opt for a reimbursement.
Health Insurance options suited for everyone
How to file a Claim?
- Reimbursement Claims – Let us know in case of a hospitalization within two days of admission at 8820110110 or email us at help@trufedu.comwill guide you where to send your hospital bills and all relevant documents to process the reimbursement.
- Cashless Claims – Choose the network hospital.
claim work?
New to health insurance and confused how do health insurance claims work, especially with respect to Digit’s Health Insurance? We simplify it for you below.
What is a claim, even?
So you’ve seen this word everywhere but not sure what it means exactly. To simply put it, a claim is what you need to do when you want your health insurance company to pay for your hospitalization expenses in case of a treatment.
Claims are usually to be informed about in advance for planned treatments and hospitalizations whereas in case of medical emergencies the situation would be different, based on the type of claim you’re going for. At Digit, there are primarily two types of health insurance claims you can opt for.
Cashless Claims
As the name suggests, cashless claims refer to claims where you don’t need to pay from your pocket at the time of hospitalization. “But isn’t my health insurer supposed to pay anyway?” you wonder. The answer to that is yes, of course.
However, there is also an option to go for reimbursement claims wherein you pay for your treatment costs at the time of hospitalization, and later – within 20 to 30 days get the bills reimbursed by your insurer.
However, when you opt for cashless claims you don’t need to do that as the hospital will directly take care of the bills with your insurer.
Reimbursement Claims
As mentioned above, reimbursement claims are a type of health insurance claim wherein during hospitalization, you pay for your hospital bills and later, post discharge contact your health insurer to get your hospital bills reimbursed.
This process takes anytime between 2 weeks to 4 weeks depending on your insurer. At Trufedu, since all processes are digital (even for documentation purposes!) the time taken to settle claims is actually a lot faster!
Types of Health Insurance options in India
Family floater health insurance
A family floater health insurance is a health insurance plan shared by the entire family!
Individual Health Insurance
An independent, individual health insurance plan customized just for you!
Health insurance for Senior Citizens
A customized senior health insurance plan designed to suit those above the age of 60 years.
Group Medical Insurance
A group medical insurance can be bought for multiple people such as for employees of a company.
Corona Kavach
A one-time shield to cover for hospitalization expenses due to the coronavirus.
Why should you get Health Insurance?
Here’s why more and more people are opting for a health insurance in India.
Because it helps cover for medical expenses!
The primary benefit of a health insurance is that it covers for your pre and post hospitalization related expenses in case of an unfortunate accident or illness, which would otherwise eat your bank balance away! This includes treatment costs of the coronavirus too, which given the situation in India is the dire need of the hour.
Because it can help maximize your tax savings!
Who doesn’t want additional tax savings, right? According to Section 80D of the Income Tax, anyone who buys a health insurance for themselves, or their parents can claim tax benefits on the annual premium!
Because it can safeguard you from critical illnesses
Contrary to popular belief, many critical illnesses like cancer and heart diseases are today diagnosed in young people <40. A health insurance ensures you will be financially covered in the likelihood of the same.
Because it keeps you financially secure!
More than anything else, a health insurance is a smart investment to make that not only helps safeguard your health by always being there you financially but, also helps you with benefits like no claim bonuses which are an ultimate win-win for the long run!
Because it ensures you get the right treatment at the right time!
Imagine that because of some reason, you or a family member need treatment but don’t have enough funds for it so you put it off for some time. This can often make matters worse.
A health insurance is important as it prevents this from happening and ensures you get your required treatments done on time. Additionally, with annual health checkups included in health insurance plans, you will always be aware of your health which can otherwise often go unnoticed.
Because it gives you some peace of mind!
How do you feel when you know that someone will always have your back during unfortunate situations? Relived, right? With regards to your health too- you can count on a health insurance to have your back in times of need.
Why should I buy a Health Insurance online?
Buying a health insurance online is a quicker and process and can be done within a couple of minutes.
Thanks to digital friendly processes, buying a health insurance online means it is zero touch and contactless as compared to physically filling in forms or visiting an agent.
With all the information on your fingertips, you can easily evaluate health insurance plans at the comfort of your home and make a sound decision.
Buying a health insurance online could save you some bucks on your health insurance premiums since there are no middlemen involved.
Apart from those who need medical tests to be done, a lot of health insurance policies online are instantly issued after you fill in your details and make the premium payment.
Common Health Insurance terminologies simplified
Sum insured
This is the maximum amount your health insurer will be able to cover for you in one year.
Things to keep in mind before buying a Health Insurance
- Don’t choose a low sum insured just to save on your premium. Always choose the right sum insured based on your age, your healthcare needs and number of people you’re covering in your health insurance policy.
- Always check for what is covered and not covered in your health insurance policy, and read through the terms and conditions so you’re not in for any surprises! We understand that reading it all can seem boring, that’s why we at Digit have created short summaries and simpler policy documents to make this process simpler for you!
- If you have the option to customize your health insurance plan, always do that. For example: You can customize your health insurance policy with different add-ons for better coverage.
- Don’t wait too long to buy a health insurance. Buy a health insurance early in life, this way you will have more reasonable premiums and also ensure you’re through waiting periods faster!
Tips to Compare Health Insurance Plans
One of the benefits of buying a health insurance plan online is, that you have the chance and endless possibility to do your research and compare health insurance plans online.
To make your decision-making process easier, here are a list of factors you should compare before buying the best health insurance plan:
- Coverage Details: The whole point of a health insurance is to get maximum coverage on healthcare expenses. Therefore, always compare the kind of coverage you will receive and compare the sum insured for. After all, that would be up to how much your health insurance plan will cover you for.
- Service Benefits: While different health insurance plan will offer basic coverages, some will also go out of their way to take better care of you through some extra benefits. Therefore, compare the service benefits offered by different health insurance providers and see what works best for you.
- Network of Hospitals: Every health insurance provider has a network of hospitals you can visit and avail cashless claims from during times of need. However, to avail this benefit – it’s important that you compare the range of hospitals available with your insurance provider and go for one that suits you the best.
- Type of Claims: There are generally two types of claims in a health insurance plan; Cashless and Reimbursement. In times of need, Cashless Claims prove to be a lot easier and beneficial. Therefore, compare health insurance plans to see if they provide you the benefit of cashless claims or not, and to what extent.
- Health Insurance Premium: This goes without saying, doesn’t it? This is something you’ll probably do. However, make sure your premium is relevant to the health insurance plan you choose. Don’t blindly get lured into cheap premiums, but always compare the coverage details against the premium and make a sound decision accordingly.
Factors affecting your Health Insurance Premium
Wondering why health insurance premiums differ? Based on a combination of various factors, your health insurance premium is defined by the following:
- Age – While health conditions are on a rise for both people young and old, younger people are still a lot healthier due to stronger immune systems. Additionally, the younger you are, the more time you have to complete your waiting period for specific illnesses and covers. Therefore, the younger you are, the lesser is your premium!
- Lifestyle – More than 61% of deaths in India are due to issues stemming from lifestyle diseases, including pollution levels! Therefore, your lifestyle habits such as if you’re a smoker or not will have an influence on your health insurance premium.
- Pre-existing diseases or conditions – If you’ve already been facing symptoms of some kind, or have a family history of a particular illness, then your health insurance premium will probably be higher due to the higher risk involved.
- Location – Your premium will be affected by the city you live in because every city is different, in terms of risks and medical costs. For example, people living in North India are a lot more prone to lung diseases, due to the high percentage of pollution.
- Additional Covers – One can customize their health insurance plan based on their personal requirements and health conditions. Therefore, when you opt for additional covers like a Maternity Benefit or AYUSH benefit, your premium too increases by a small margin.
How to choose the right Sum Insured?
- Life Stage: When the life-stage changes, you may need a higher sum insured. Say if you’re about to get married or are planning a kid.
- No. of Dependents: Insuring all the members of the family under a Health Insurance policy is a wiser way to protect your family against future financial risks related to high medical costs.
- Health Conditions: If there is a hereditary disease in the family or a common health condition seen rising in the city the person is staying, you should consider a higher sum insured.
- Lifestyle: If you live in polluted metr o cities, toiling with traffic and bearing office stress every day, you may be at a higher risk of falling ill. Which in turn means, you need to cover yourself better.
Health Insurance buying tips
Health Insurance buying tips for Youngsters
- Get an insurance early in life.
- Go in for a higher sum insured as it increases the amount you have in case of an Accidental Hospitalization. 5-10 lakhs should be fine.
- Make sure you have a Critical Illness Cover included.
- If you plan to have a family in the future, choose a Maternity Benefit so that your waiting period is over in time.
Health Insurance buying tips for Families
- Insure all members of the family.
- Go in for a high sum-insured as it is distributed between all family members, you can keep 10 lakh per person and calculate the sum insured.
- If you have a floater plan, go in for a plan with Restoration Benefit
- Check the waiting periods for all benefits being offered.
- If you’re planning to insure your parents, check if it has common treatments like Knee Replacement, Cataract Surgery covered.
Health Insurance buying tips for Seniors
- With age the insurance premium goes up. So, if you already have a plan, you can increase its sum insured with a top-up plan.
- Make sure you check the kind of hospital tie-ups and service tie-ups your insurer is providing you.
- Check if the plan you’re getting has common treatments like Knee Replacement, cataract surgery covered.
- Check the sub-limits of the benefits being offered.
- Check the waiting period mentioned for different pre-existing diseases.
Popular myths about Health Insurance
- Health Insurance covers for only serious illnesses: Many people are under the impression that health insurance plans cover for only serious and critical illnesses. However, that’s not true! A health insurance plan covers for regular illnesses, accidents, psychiatric support, child-delivery and also basic annual health checkups!
- “I don’t need a health insurance, cause I’m too young for illnesses”: Contrary to popular belief, no matter how old you are- you can be prone to illnesses both big and small. Especially, in the times we live in today- more and more younger people are being diagnosed with health conditions like PCOS, cancer and lung diseases due to our climate change driven lifestyles and unhealthy eating habits.
- Health Insurance processes are time consuming: This honestly just depends on the kind of health insurance plan you have, and your insurance provider! Thanks to technology, the best health insurance plans are now a lot quicker and hassle free!
- If you have savings, a health insurance isn’t important: We’re so optimistic sometimes, aren’t we? While our savings can help us in time of need, the limit of the same can never be foreseen. The best health insurance on the other hand, is a dedicated investment you make solely towards your health so you don’t need to shell out your savings or face any financial pressure in the future!
FAQs about buying Health Insurance Policy in India
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In publishing and graphic design, Lorem ipsum is a placeholder text commonly used to demonstrate the visual form of a document or a typeface without relying on meaningful content.
In publishing and graphic design, Lorem ipsum is a placeholder text commonly used to demonstrate the visual form of a document or a typeface without relying on meaningful content.
In publishing and graphic design, Lorem ipsum is a placeholder text commonly used to demonstrate the visual form of a document or a typeface without relying on meaningful content.
In publishing and graphic design, Lorem ipsum is a placeholder text commonly used to demonstrate the visual form of a document or a typeface without relying on meaningful content.
In publishing and graphic design, Lorem ipsum is a placeholder text commonly used to demonstrate the visual form of a document or a typeface without relying on meaningful content.
In publishing and graphic design, Lorem ipsum is a placeholder text commonly used to demonstrate the visual form of a document or a typeface without relying on meaningful content.
In publishing and graphic design, Lorem ipsum is a placeholder text commonly used to demonstrate the visual form of a document or a typeface without relying on meaningful content.
In publishing and graphic design, Lorem ipsum is a placeholder text commonly used to demonstrate the visual form of a document or a typeface without relying on meaningful content.
In publishing and graphic design, Lorem ipsum is a placeholder text commonly used to demonstrate the visual form of a document or a typeface without relying on meaningful content.
In publishing and graphic design, Lorem ipsum is a placeholder text commonly used to demonstrate the visual form of a document or a typeface without relying on meaningful content.
In publishing and graphic design, Lorem ipsum is a placeholder text commonly used to demonstrate the visual form of a document or a typeface without relying on meaningful content.
In publishing and graphic design, Lorem ipsum is a placeholder text commonly used to demonstrate the visual form of a document or a typeface without relying on meaningful content.
