Health Insurance is a must for every individual to ensure financial protection against the risks associated with health. Health Insurance in India is a relatively new phenomenon. Health Insurance in India is also referred as Health Savings Account (HSA). Health Insurance in India is a managed care policy that compensates for the risks incurred by an individual, by pooling the risks amongst many insurance policy holders into one plan. The Health Insurance schemes are designed keeping in mind various factors such as medical needs, age, gender, accident, travel and other risks. Health Insurance in India helps to provide medical assistance at any time, be it a hospitalisation, surgery, routine check-up or emergency medical care.
Health Insurance provides financial security to millions of people, including small entrepreneurs, self-employed, small family businesses, mid-range and large companies. Health Insurance in India is divided into two types: Health Maintenance Organizations (HMOs) and Preferred Provider Organizations (PPOs). Most HMOs and PPOs allow the patient to choose from a group of doctors and hospitals, while some PPOs provide the freedom of choosing the doctor and hospital one wants. Both these two types of Health Insurance have a common platform, namely a health care provider (HCP), who acts as the link between the insurance company and the customers, with the customer paying for medical expenses on his own through the health care provider.
One important difference between Health Insurance in India and Healthcare in the USA is that healthcare here is completely free for any individual, while in the USA, patients are usually required to pay for healthcare through different means. Healthcare in India is also affordable for students as well as the aged. The following are some things that must be kept in mind by people while applying for Health Insurance in India.
First, one must make sure that he is buying a Health Insurance from a true and legitimate Health Insurance company, that has been in the market for at least five years, and has a proven track record of providing services with the utmost excellence. Since most of the Health Insurance companies do not operate freely, it becomes imperative to ensure that one chooses a company that is willing to work towards strengthening their network of distributors by offering various benefit plans, so that the customers can benefit greatly if they get sick or injured. Some of the companies that offer self-funded health insurance plans include Aetna, Cellex, Fresco, Kentucky Blue Cross, Met Life, Midwest National, nationwide Group Health Services, PCP Direct, and United Healthcare.
Second, one must ensure that he is getting the right kind of health coverage. Self-funded health insurance plans are usually only available to individuals who are above 18 years of age, and the premium charged by them is typically more than what one would have paid for a policy purchased through a regular licensed health insurance company. Some self-funded health coverage policies also do not cover dental benefits. If you are self-employed, then you will have to get your own dental insurance as well. The companies that offer this kind of health coverage usually have state-licensed agents on their panel, and help their clients understand all the necessary clauses in the contract.
Another important factor that should be understood clearly by the customer, is the term "pre-existing conditions". In general, health insurance covers the following - preventive medical care, hospitalization, emergency care, disability income, critical illness coverage, and orthopedic surgery benefits. In case the health coverage does not cover a particular ailment, the customer must ask the company whether he will be eligible for the same. Some insurance companies require individuals to pay a higher deductible in case they visit a doctor within a certain span of time. Make sure you understand clearly, before finalizing the contract. Find out more from this website.