Uncovering the Important Aspects of Health Insurance Policies

Health insurance is a safety net through which the insured can safeguard their health and finances by paying premiums on an individual or a family floater basis. One can get a higher coverage at an affordable cost with the help of best health insurance plans in India from Star Health. 

Why is Health Insurance Policy Important for an Individual?

All individuals seek to acquire health insurance because it serves to provide security and financial support towards treatment when sickness strikes unexpectedly. The importance of health insurance can be analysed by different aspects, which include:

1. Impairment of high medical expenses: Medical services may be very expensive, especially when it comes to cases of chronic diseases or even when one has to undergo surgery or is hospitalised. In the absence of health coverage, individuals may have to self-finance these expenses, which may lead to financial constraints or even bankruptcy. Health insurance assists in the settling of medical expenses and offers burden relief to families and individuals.

2. Access to medical care on a timely manner: Health insurance covers the cost of medical services, including outpatient and inpatient care, diagnostic services and therapies, and also preventive and promotive services that consist of routine health check-ups and assessments. This enables individuals to seek health care even when the problems are not advanced and helps to address the potential for more complex and expensive health care.

3. Encouragement of preventive measures: In most cases, insurance company provides members with services that enable them carry out vaccinations, immunisations, physical examinations, and wellness check-ups. Precautionary measures are very effective since they can help in identifying any health issues before they get complicated. It increases the chances of improving the health status and cut down on the future health costs.

4. Protection from health-related risks: Health problems and accidents are unpredictable; however health insurance serves to lower the risk of being financially disrupted due to unprepared circumstances. Be it losing control of a vehicle, suffering from a long term condition, or falling ill unexpectedly, health insurance assures that treatment will be provided.

5. Increased access to a network of healthcare providers: Almost all health insurance policies come with a network of healthcare centres and hospital providers. Hence, it saves you paperwork hassles as your insurer will settle the medical bills with the hospital.

Advantages Of Health Insurance Plans

There are several advantages of health insurance plans that make it apt for your health insurance needs. Here are some of the benefits of health insurance.

1. Your Convenience 
You have many choices from the comfort of your home, so that you can save large effort and time.

2. Cashless Hospitalisation
One can benefit from cashless hospitalisation. The cashless hospitalisation feature allows insurance companies to settle medical expenses and bills directly with network hospitals.

3. Cost savings 
You can find out the best values for your health requirements and choose the medical insurance plan that suits your financial estimate(budget), depending on your health insurance premium. 

4. Easy Access to Network hospitals
During a medical emergency, there may be difficulty in finding a hospital. A health insurance plan may help to break this difficulty. 

5. Cumulative Bonus Advantages
In some plans, you can get a cumulative bonus of between a few per cent on the sum insured, based on the plan that you choose. However, this feature is available only for some plans.

6. Flexible Plan Options
You can choose a health insurance policy based on your needs. You may choose individual, floater or family plans depending on your needs.

7. Tax Exemptions
Below Section 80D of the Income Tax Act, the premiums that you pay to maintain most of the health insurance policies are exempt from taxes. With some of the health insurance policies, you can claim an additional deduction per year. 
However, note that these tax benefits are subject to changes in income tax laws.

8. Online Options
Instead of standing in long queues to buy or renew health insurance, you could opt for the online process. You could buy or renew policies online. 

9. Reduction of Financial Burden
Whenever you are stuck with a medical emergency where you need to pay a huge amount, then it may stress you financially. At that time, health insurance may serve as a financial stress reducer for you. 
Some basic health insurance information needs to be known before you buy health insurance.  

Types of Health Insurance Plans

Our Star Health Insurance provides different types of health insurance policies.

Here is the list of types of health insurance plans available :

Know the health insurance policy age limit and other criteria before choosing the right one.

What must be included in your Health Insurance Plans?

Choose health insurance plans wisely by seeing what they include as per their terms and conditions. Many medical insurance plans include some necessary things. Here are the main inclusions in many health insurance policies.

1) Many medical insurance plans offer coverage for the hospitalisation expenses like room rents, ICU charges, surgery expenses, doctor consultations, etc. incurred on illness, injury or accidents.

2) Many health insurance policies provide coverage for the pre and post-hospitalisation expenses related to in-patient hospitalisation.

3) It is wise to buy health insurance that covers Day Care treatments and procedures. Day Care Treatment costs are included based on the plan.

4) A few health insurance policies offer coverage to the domiciliary treatments taken at home on the advice of the medical practitioner.

5) Some health insurance policies include coverage for the organ harvesting and transplantation expenses if the insured person is the recipient.

6) Many mediclaim plans offer coverage to in-patient hospitalisations due to road traffic accidents.

7) Many plans are available with the AYUSH Coverages like coverage for the alternative systems of medicines like Ayurveda, Yoga & Naturopathy, Unani, Siddha and Homeopathy.

8) The expenses incurred for Health check-ups are covered by many health insurance policies. 

9) Automatic Restoration options are when your medical expenses exceed your Sum Insured. This option is available only in some medical insurance plans.

What are the exclusions in the Health Insurance Plans?

There are a few things which most health insurance plans exclude. They are: 

The coverage for any form of self-inflicted injuries will not be there below Medical Insurance policies.

• Many health insurance plans will not offer coverage for the expenses for the treatment of obesity or weight control.
• Most medical insurance policies will not provide coverage for expenses incurred in treatment for cosmetic or plastic surgeries.
• Expenses incurred because of health risks for indulging in hazardous or adventure sports, will not be covered by the Health Insurance policies. 
• Dental treatment or surgery unless necessitated because of the accidental injuries and requiring hospitalisation, will not be covered by the Health Insurance Plans.
• Medical aid costs like cost of spectacles, hearing aids, wheelchairs, walkers and crutches and other similar aids, will not be covered by the health insurance plans.

Steps to Renew Health Insurance Online

Renewing your Health Insurance Online requires only a few steps. Here are the steps to renew Health Insurance Online.

• First click on the Renew tab on the official website.
• Next, type your policy number and your date of birth.
• Now, select your plan type and the preferred Sum Insured. Then choose the option Calculate & Proceed.
• Finally, select your preferred payment method and complete the transaction process.

How to claim Health Insurance?

Here are the steps to claim health insurance:

• Choose a network hospital from the insurance provider's network list. 
• Notify your insurance company about your hospitalization as soon as possible. 
• Get a pre-authorization form from the hospital's TPA desk or your health insurance company. 
• Fill out the form by providing any required documentation and then submitting it to the hospital's TPA desk. 
• Receive treatment at the hospital and pay any hospital bills at discharge. 
• Gather all necessary documents, bills, prescriptions, and discharge summaries. 
• Submit the claim form and supporting documents to your health insurance company as soon as possible. 
• Wait for a decision from your insurance company to review your claim request and either approve or deny it.

Here are we are proud to announce that our Star Health Insurance has 14,000+ hospitals across India and it has one of the highest  claim settlement ratio.

Star Health offers wide-ranging health insurance policies that provide coverage for cashless hospitalisation, pre-existing diseases, critical illness, etc., with a comprehensive network of hospitals.

Our health insurance information page serves as a tool to provide key insights on the relevant details that policyholder require to choose the right medical insurance plan for their needs.