MR. Aditya Sharma, Chief Distribution Officer – Retail Sales, Bajaj Allianz General Insurance

Hippocrates famously said, ‘Health is the greatest of human blessings.’ There is much wisdom and foresight in these words. Health is our most precious asset, and it is only befitting that we take all measures to safeguard our health. However, despite our best efforts to remain fit and healthy, we are prone to meet medical exigency at any point in time. We should plan for such emergencies in advance to ensure that we are well-equipped to handle them as and when they surface. Today comprehensive health insurance has become a must-have due to increasing medical inflation, the early onset of health issues, and the rise of lifestyle-related disorders.  An adequate health insurance plan provides financial assistance during situations like illnesses and accidents.

The recent pandemic affirmed that a medical emergency can strike at any time. Battling with COVID-19 for over 2 years has clearly demonstrated how vulnerable life can get and specifically highlighted the importance of having Health Insurance.

I have been associated with the general insurance industry for more than 21 years, and I feel it is my responsibility to educate and spread awareness about the importance of having comprehensive health insurance coverage that offers wide protection. So, let us understand the basic yet vital factors that one needs to know and consider before purchasing health insurance coverage.

What is Health Insurance? Health insurance is a type of insurance that covers medical expenses incurred due to an illness or injury. It provides you with financial security in times of a medical emergency.

Now let us look what are the coverages which a comprehensive health insurance plan typically offers

• Hospitalization charges - Expenses incurred at the time of hospitalization due to an illness or accident. These expenses may include room charges, doctor fees, cost of surgery, and medicine to name a few
• Pre & Post Hospitalization charges - The Medical Expenses incurred immediately before or after hospitalization, provided that - such medical expenses were incurred for the same illness/injury for which subsequent hospitalization was required. (*subject to terms & conditions)
• Day Care Procedures - Medical treatment or surgical procedure which is undertaken under general or local anaesthesia in a hospital or day-care centre in less than 24 hours because of technological advancement
• Road Ambulance Cover - Accidents are unpredictable and may require assistance in terms of ambulance services. The cost of transferring the insured to the nearest hospital in times of an accident/injury via ambulance is covered as a part of the policy
• AYUSH treatment - In the last few years we have seen an increased awareness about the various forms of treatments like Ayurveda, Yoga, Unani, Siddha, and Homoeopathy. A health insurance policy that includes AYUSH treatment in the policy scope, covers the expenses for these kinds of treatments
• Organ Donor Expenses - The medical expenses for organ transplants are covered in some of the health insurance policies
• Maternity expense cover - Some of the health insurance policies cover maternity expenses which include expenses incurred during pregnancy, including the cost of delivery, hospitalization, pre & post-natal care, medical tests, medicines, and newborn baby expenses. 

 Apart from these regular benefits, there are covers that offer domiciliary hospitalization coverage, outpatient expenses, lab/radiological tests (on an outpatient basis), physiotherapy charges, global coverage for treatments, prosthetic devices, Teleconsultation, Mental Health & Modern Treatment methods. Today, the industry also offers insurance plans that address the specific needs of senior citizens. Such plans are designed to provide timely care and assistance to the elderly, in case of an emergency.

So, what are the various types of Health Insurance Policies? Here’s a list of various Health Insurance plans available. You may select the plan that best suits your requirement

Are Comprehensive Policies Expensive? Comprehensive Health Insurance policies offer wide coverage and protect you against various medical exigencies. The cost of a full-blown health insurance policy is significantly low when compared to the financial expenses that may arise in case of an emergency. 

 What are the other benefits of buying a health insurance policy? Apart from giving you access to quality health care and medical facilities, health insurance also brings you tax benefits. You can claim tax exemption up to INR 25,000 on the premium paid for yourself, your spouse, and your dependent children. You are also eligible for a further exemption if you buy insurance for your parents; if your parents are below 60 years, then the exemption limit is INR 25,000, if they are above the age of 60 then the exemption limit is INR 50,000. Health insurance also brings you immense peace of mind as you know you are well-protected in case of a medical emergency.  

 What are the factors that one needs to take into consideration while purchasing a Health Insurance Policy? Now that you know the benefits and perks of health insurance, you should also know the key aspects that you must keep in mind while purchasing the policy. 

Product feature - Each product has its own benefits and limitations, you should thoroughly study the terms and conditions of the product to attain a clear understanding of what the policy offers. Evaluate the products before finalizing the one that best suits your requirements. 

 Claim-paying capability of the insurer and their reputation - The whole idea of buying

an insurance cover is that you are insulated during difficult times. It is important that your insurer is someone who stands with you during the time of the claim and settles the claim swiftly. Always choose an insurer that is known for its claim-paying capability and has a reputation for supporting its customers. 

 When to buy an Insurance policy? People often think that there is no use for health insurance for them while they are still young and healthy. Nothing can be farther from the truth, in health insurance the premium depends on the age of the insured, apart from a few other factors. The younger you are the lower the premium. Additionally, most of the policies have a waiting period for a few ailments, this implies that you have to serve those waiting periods before you can file a claim for the said condition. When you buy health insurance at a younger age, it means that you can serve the waiting period without worry since you are less likely to suffer from medical issues at a younger age.   

 Now, that you know the benefits of health coverage, I urge you to evaluate your requirement and find the cover that suits you best. Remember, the best day to buy health insurance is today!