Health Insurance FAQs
Health Insurance offers protection in case of unexpected medical emergencies. In case of a sudden illness or accident, the health insurance policy takes care of the hospitalization, medical and other costs incurred. You need to pay a annual premium and in turn the insurer will commit to pay a predetermined sum of money to meet the claims for the period insured.
The Insurance policy takes care of pre and post-hospitalization expenses for certain injuries, illnesses, and/or diseases. As treating an illness comes at a high price, the facility of cashless settlement of claim saves you from a nightmare of arranging for money last minute.
Insurance for critical illnesses like cancer, coronary artery bypass surgery, heart attack kidney failure, multiple sclerosis etc. is provided under the critical illness plan. You pay a premium for the security of a guaranteed sum of money that will be paid if you are diagnosed with any one of the above mentioned potential killers.
Hospital cash plan are for various expenses incurred by the family members on conveyance, staying with patient, arranging special diets etc., during hospitalization due to sickness or accident. The plan pays the insured a lump sum for each day treatment as an in-patient, in any hospital. The insured is provided with a daily cash benefit for each 24 hours spent in the hospital.
An ailment for which a claim has been made already does not become a pre-existent disease if there is no break in the term of the insurance policy and it is renewed by the due date. However, the ailment becomes a pre-existent disease and exclusions will apply in the event there is a break in the term of insurance. A break of up to 7 days is allowed under certain conditions; although it may vary by company.
Health insurance will protect you and your family against any financial contingency arising due to a medical emergency.
A higher cover protects you from a medical emergency which can turn out to be a tremendous financial setback. Rising medical cost is a major deterrent; therefore, a higher cover would guarantee you a better protection.