A Review on 20 Lakh Health Insurance
We live in a modern era where different kinds of health issues persist. In the modern world, getting treatment for health issues has become expensive in many cases. The increase in the Cost of many medical treatments might cause a financial burden to many individuals.
Some unexpected health problems or medical emergencies may put an individual under sudden stress. Here comes the need for health insurance, which safeguards a person from the financial burden of medical emergencies. 20 Lakh Health Insurance is one of the comprehensive coverages that provides several advantages.
Advantages of 20 Lakh Health Insurance Plan
There are many benefits of 20 Lakh Health Insurance Plan. Let's look into the advantages of having 20 lakh health insurance policy.
1) Comprehensive Safety for Medical Expenses
By paying a 20 lakh medical insurance premium, you are adequately covered for
20 lakh medical insurance covers many medical expenses like diagnostic tests, ambulance expenses, doctor's visits, specialist consultations, hospital stays, surgeries, etc. With such coverage, policyholders can be hassle-free and face the financial burden caused by medical emergencies.
2) Cashless Medical Treatment
A 20 Lakh Health Insurance plan provides the benefit of cashless medical treatment. In the network hospitals of your policy, you could get the needed healthcare services without having to get tensed about upfront payments. Instead, your health insurance company will pay for it.
3) Covers Pre- and Post-Hospitalization Expenses
A few health insurance plans might pay for medical charges before and after a hospital stay, often until 60 days.
4) Tax Benefits
Below section 80D of the Income Tax Act, the health insurance premiums may be deducted. This may help save tax.
5) Alternative Treatment Choices
Alternative health practices like Ayurveda, Homeopathy, Siddha, Yoga, and Acupuncture help alleviate health issues. Health insurance plans might often cover alternative treatment expenses, subject to limits of the policy.
Why is a 20 Lakh Health Insurance Policy Needed?
There are many reasons why you need to buy a 20 Lakh Health Insurance in India. Here are some of the reasons among them :
1) Enough coverage for medical emergencies
A 20 lakh health insurance plan offers coverage for various medical expenses such as critical illness treatments, hospitalization, surgeries, etc., which could become costly in today's healthcare landscape.
2) High Medical Costs
Medical treatments, involving complex surgeries and prolonged hospital stays, could result to a large sums, which a 20 lakh policy could help cover.
3) Financial Security
During a medical emergency, a 20 lakh policy protects you depned on your savings to pay for treatment, providing financial peace of mind.
4) Pre-existing Conditions
A 20 lakh policy could help provide coverage related to the treatment costs, if you have pre-existing medical conditions, which may be excluded in lower coverage policies.
5) Family Coverage
A 20 lakh policy may be suitable for families, offering health coverage for many members against important medical requirements.
Inclusions in 20 Lakh Health Insurance Plan
A 20 Lakh Health Insurance policy offers coverage for many medical expenses incurred by the policyholder. In general, the inclusions in the 20 Lakh Health Insurance Plan are:
- Hospitalisation expenses
- Doctor's fees and consultation charges
- Costs of Diagnostic tests like X-rays, MRI, and CT scans
- Room rent charges
- Surgical expenses
- Pre and post-hospitalisation expenses
- Ambulance charges
- Organ donor expenses
Exclusions in 20 Lakh Health Insurance Plan
However, a 20 Lakh Health Insurance policy may not cover some expenses. These exclusions are :
- Costs related to self-inflicted injuries or attempted suicide.
- Cosmetic or aesthetic treatments that are not medically needed.
- Expenses for the treatment of substance abuse or alcoholism.
- Congenital diseases or pre-existing medical conditions treatments that are not covered below the policy.
- Cost of experimental or unproven treatments.
- Non-medical expenses, like phone bills or transportation costs.
20 Lakh Health Insurance Premium Calculator
A 20 lakh health insurance premium calculator can help estimate the Cost of a health insurance policy with a sum insured of 20 lakhs.
How to choose a 20 Lakh Health Insurance Premium?
There are many factors that determine the premium for 20 Lakh Health Insurance. Here are the factors which determine the 20 Lakh Health Insurance Premium.
Factors Significance
Age As you age, the premiums tend to become higher as you are prone to health issues.
Medical history If you have a pre-existing medical condition or health problem, then the premium may be higher.
Lifestyle Habits Some habits like smoking or drinking increase the risk of health problems, so the premium may be higher.
Coverage
There will be a higher premium when the sum insured is higher. The premium is affected by the coverage you choose.
Co-payment Choosing a co-payment clause in the plan can reduce the premium as you agree to pay a percentage of the medical expenses.
Deductibles If you select a higher deductible, the premium amount can be lowered since it means you are ready to pay a higher part of the medical expenses.
Location In different regions, the medical costs vary, so based on that, the premiums differ.
How to Buy a 20 Lakh Health Insurance Plan Online?
Here are the steps to buy a 20 Lakh medical insurance plan online :
- Compare and see various health insurance plans.
- See the factors like wait time, pre-existing diseases coverage, the premium cost, network hospitals, and overall coverage.
- Also see your healthcare needs, your present health status, any medical history in your family, and your lifestyle choices impact.
- Verify the health insurance company's trustworthiness. View its ratings, reviews, and comments to ensure its dependable and great customer service.
- Carefully read the policy language carefully to understand your coverage details, like waiting periods, submissions, co-payment requirements, etc.
- Then with the help of an online premium calculator, get an idea of your 20 lakh medical insurance premium cost.
- Once you fix a plan, visit the insurer's website and fill out the online application form with the correct( personal and medical) details.
- All required documents must be scanned and submitted. These documents should include identity, proof of residency, proof of age, medical history, etc.
- Completely check the application once.
- Make sure that you have examined the insurance details, premium, coverage information, etc., correctly before submitting a payment.
- Then, you can use the method suitable for you to pay the 20 lakh medical insurance premium like net banking, a digital wallet, or a credit/debit card.
- After you finalise the payment, you will get the insurance papers by email or the insurer's website.
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