Critical illnesses and diseases are some things that most people do not worry about on a daily basis. However, with most of us leading a sedentary lifestyle, common lifestyle illnesses like diabetes, hypertension, stress, and mental health have become common causes of concern. Add to this, the ever-rising cost of treatments and medical emergencies and it becomes a financially challenging affair. So, to help you meet such challenges, a Health Insurance policy comes into the picture.
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with a comprehensive
Health Insurance
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PhonePe offers Health Insurance Policy online at affordable premiums.
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insurance:
the meaning
A Health Insurance policy covers the medical costs that you suffer in a medical contingency. Health Insurance plans cover specific medical expenses and treatments.
For example, say you are hospitalised for an appendectomy. A basic medical insurance plan covers the cost of hospitalisation and appendectomy treatment. So, the medical bills you incur due to hospitalisation and subsequent appendectomy would be paid by the health insurance policy. Moreover, you might incur post hospitalisation medical expenses after being discharged from the hospital, like physiotherapy or diagnostic tests to monitor your recovery. Such expenses are also covered under the Health Insurance plan.
So, a Health Insurance plan covers the cost of medical treatment, whether it is planned or an emergency.
The benefits of a Health Insurance plan
There are various benefits that Health Insurance plans offer. These benefits include the following:
Financial Relief
A medical insurance policy covers your medical costs, thereby giving you financial relief from expensive bills.
Quality Healthcare Facilities
You can afford quality healthcare facilities if you are insured under a Health Insurance plan.
Floater Policy
You can cover your family members under a floater policy so that even if they suffer any medical contingency, the health plan pays their medical bills.
Tax Deductions
Premiums paid for Health Insurance policies are eligible for tax deductions.
Financial Relief
A medical insurance policy covers your medical costs, thereby giving you financial relief from expensive bills.
Quality Healthcare Facilities
You can afford quality healthcare facilities if you are insured under a Health Insurance plan.
Floater Policy
You can cover your family members under a floater policy so that even if they suffer any medical contingency, the health plan pays their medical bills.
Tax Deductions
Premiums paid for Health Insurance policies are eligible for tax deductions.
Factors affecting Health Insurance premiums
Various factors affect your Health Insurance premium. Here are the factors that affect your Health Insurance premium:
Age
The older you are, the higher would be the premium and vice-versa.
The sum insured
The higher the sum insured that you choose, the higher would be the premium and vice-versa.
The number of members covered
If you opt for floater coverage, the premium will increase for every family member that you cover under the policy.
The scope of coverage
Different health plans have a different scope of coverage. If the coverage is wide, the premium would be high. Alternatively, if the coverage is limited, the premiums would be low.
The city in which you live
Insurers also follow geography-based pricing wherein premiums are categorised for metro and non-metro cities. If you are living in a metropolitan or Tier 1 city, the premium would be high. If you live in a non-metro city or a town, the premium would be lower.
The add-ons selected
You can add coverage benefits to the policy by paying an additional premium. So, if you choose add-ons, the premium would increase.
The claim experience of the insurer
Lastly, every insurance company fixes the premium of its insurance policy differently. The claim experience of the company determines the premium that it would charge. If the company has incurred a high amount of claims in a financial year, premiums would be higher in the next financial year and vice-versa.
Age
The older you are, the higher would be the premium and vice-versa.
The sum insured
The higher the sum insured that you choose, the higher would be the premium and vice-versa.
The number of members covered
If you opt for floater coverage, the premium will increase for every family member that you cover under the policy.
The scope of coverage
Different health plans have a different scope of coverage. If the coverage is wide, the premium would be high. Alternatively, if the coverage is limited, the premiums would be low.
The city in which you live
Insurers also follow geography-based pricing wherein premiums are categorised for metro and non-metro cities. If you are living in a metropolitan or Tier 1 city, the premium would be high. If you live in a non-metro city or a town, the premium would be lower.
The add-ons selected
You can add coverage benefits to the policy by paying an additional premium. So, if you choose add-ons, the premium would increase.
The claim experience of the insurer
Lastly, every insurance company fixes the premium of its insurance policy differently. The claim experience of the company determines the premium that it would charge. If the company has incurred a high amount of claims in a financial year, premiums would be higher in the next financial year and vice-versa.
Things to check when getting Health Insurance
When you are taking a Health Insurance policy, make an informed choice. Hasty decisions might result in you choosing the wrong policy. So, when getting a Health Insurance, here are some things that you should check:
Always opt for an optimal sum insured
Always opt for an optimal sum insured
Always opt for an optimal sum insured. Medical costs have touched the roof, so you need a high sum insured to cover your medical bills sufficiently.
Parents to opt for an independent plan
Parents to opt for an independent plan
For parents, opt for an independent plan. Adding parents to the floater coverage would considerably increase the premium, and there might be coverage restrictions.
Look for the coverage benefits of the plan
Look for the coverage benefits of the plan
Look for the coverage benefits of the plan. Choose a plan that offers a comprehensive scope of coverage. Moreover, ensure that the coverage benefits suit your needs.
Always compare
Always compare
Always compare. Comparison helps you check the coverage benefits and choose a plan that offers the most inclusive scope of coverage at the most affordable premium.
Get the policy online
Get the policy online
Try and get the policy online. It is quicker, convenient, and cost-effective too.
Claiming from your Health Insurance plan
When you incur a claim in your Health Insurance plan, there is a process that you should follow. Here’s a look:
Inform the insurance company
Inform the insurance company immediately if you incur a claim.
Submit a pre-authorisation claim form
If you get hospitalised in a network hospital, your claims would be handled on a cashless basis. You should fill and submit a pre-authorisation claim form for getting approval for cashless claims.
Non-networked hospital
In a non-networked hospital, you need to pay the bills yourself till you are recovered. After that, submit the bills to the insurer. The company would reimburse you for the medical expenses you bore.
Submit all your medical bills
Make sure to submit all your medical bills, reports, and hospital documents to the insurance company to settle your Health Insurance claim.
Getting or renewing Health Insurance - the PhonePe way
PhonePe offers you a convenient platform to get or renew your Health Insurance plan. Here are the steps on how you can get a Health Insurance plan from PhonePe:
STEP 1/5
1. Select 'Health' Insurance
Select the Insurance tab and choose a Health Insurance type
2. Enter Details
Select the persons you wish to insure, cover amount & postal code
3. Select Plan & Add aditional details
Select the plan & add additional details such as nominee details
4. Health Declaration
Health Declaration
5. Make Payment
Review & Buy
STEP 1/5
1. Select 'Health' Insurance
Select the Insurance tab and choose a Health Insurance type
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Got questions?
Read on to find out more!
Does the Health Insurance policy cover COVID-19 treatment?
How to compare Health Insurance plans?
How to calculate Health Insurance premiums?
What are the documents required for Health Insurance?
What is the age criteria to get Health Insurance?
When should I make a Health Insurance claim?
What is the sum insured in Health Insurance Plans?
What are pre-existing diseases & conditions?
How to port a Health Insurance policy?
PhonePe Insurance Broking Services Private Limited. IRDAI Direct Broker (Life & General)
Reg. 766 and Broker Registration Code IRDA/DB 822/20 Valid till 10/08/2027.
Regd. office - Office-2, Floor 4,5,6,7, Wing A, Block A,Salarpuria Softzone, Service Road,
Green Glen Layout, Bellandur, Bengaluru, Karnataka-KA, Pin- 560103
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