What is Health Insurance?
Health is one of the most important facets of your life, and it is in your best interest to have insurance that can cover you in case you face any health-related issues. Health insurance is one such service that can take care of your finances if you or your family members have a medical emergency. Besides this having a health insurance policy gives you peace of mind in the time of crises and provides you access to quality health care services.
Following are the features and coverages of the health insurance policy offered by Bajaj Allianz:
Following are the benefits of the health insurance plan offered by Bajaj Allianz:
Why is health insurance mandatory?
Having health insurance is not mandatory in India as per the law, but it is a must-have for availing hassle-free medical treatment and handling your health care expenses.
A health insurance policy helps you manage your finances when you or your family members have to undergo medical treatment. The costs of medical procedures and medicines are sharply rising, making even basic treatments out-of-reach for common people. Thus, insurance becomes the best tool to minimize your out-of-pocket expenses, keeping your savings in reserve and giving you the benefit of cashless claims at network hospitals.
Health insurance plans are designed for customers with varied needs. There are multiple health insurance plans which provide cover to individuals, to family members, to expecting parents, to senior people etc. These plans protect you from the expenses you have to bear for treating a wide range of illnesses.
What is long term health insurance?
The shortest term offered for health insurance in India is one year. However, there is an option to get a health insurance policy for more than 1 year. You can extend the tenure of your insurance plan for up to 3 years, which offers you the coverage for a long time and saves you from the task of yearly policy renewal.
You might also earn discounts on your premium if you opt for a long term policy. You can also take advantage of cumulative bonus for each claim free year. Most of the health insurance policies also provide cover for pre and post hospitalization expenses, which have occurred 60 days prior to hospitalization or 90 days after hospitalization.
What are the different types of health insurance policies?
Health insurance policies have coverages and features that cater to customers with different health care needs. For instance:
While these are few of the plans that have been elaborated here, there are many more plans and top-up covers, which you can check on our website. All the plans come with a fixed set of features, inclusions and exclusions. It is best advised that you should thoroughly go through the policy wordings to avoid any confusion while filing the claim.
What is the claim process for health insurance?
Health insurance claims can be registered either offline or online.
For offline claim registration, you can call on our toll-free number - 1800-209-5858, where our executive will guide you with the complete claim registration process.
For online claim registration, you can follow the steps mentioned below:
Cashless Claims - For cashless claims, you need to approach the network hospital with your policy details. The hospital will verify your details and send the preauthorization form to the insurance company. This form is scrutinized by the insurance company and it conveys the policy coverage and details to the hospital if the claim is approved. The insurer might also send a query letter asking for more details from the hospital.
Reimbursement Claims - If you do not go to a network hospital, then you will need to file a reimbursement claim. In this case, you need to collect all the required documents from the hospital and submit the same to the insurance company. The insurance company will then verify these documents and then decide to either approve or reject the claim. In case it finds that some of the documents are missing, it will intimate the same to you and begin the claim process after you send all the remaining documents.
You can also opt for more than one health insurance plan and register the claim under multiple health insurance policies.
Hope this article answers the question 'What is health insurance?' and explains it's importance. We recommend that you get yourself and your family members insured to stay covered in the event of any medical emergency.
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