Is Health Insurance Coverage For Critical Illnesses Available?
Updated On May 19, 2022
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Medical specialists are always working to better comprehend the human body. Our bodies have the ability to both fights and cause a broad variety of diseases. While some diseases, such as diabetes, are common, a significant number of people have unique problems. You may be wondering what odd diseases are and if Indian health insurance covers them. In the case of a medical emergency, health insurance serves as a financial safety net. Any medical expenditures incurred as a consequence of an accident, illness, or injury will be covered by health insurance. It is essentially an agreement between you and your health insurance company. In exchange for a premium, the insurer will cover all or most of your medical expenses (premium). Read on to find out more about health insurance coverage for rare diseases.
Critical Illness Insurance
Critical illness insurance policies are designed to offer coverage for pre-defined severe conditions that can be costly to treat and take a long time to recover from. Individuals and their families might be devastated by such diseases, which result in lengthy and costly diagnoses, as well as the inability to work and offset expenditures in some manner. Critical illness health insurance policies are designed to provide a safety net against major conditions such as heart attack, paralysis, cancer, organ transplant, bypass surgery, renal failure, coma, and stroke, among others.
Key Features Of Critical Illness Insurance
Critical sickness protection typically varies between Rs.1 lakh and Rs.10 lakhs, with more coverage possible if certain conditions stipulated by particular insurers are met. Th e following are key elements of critical illness health insurance:
- After diagnosis, there is usually a 30-day grace period (depending on the insurance), with compensation paid out if you survive.
- Following hospitalization, the money promised will be paid out in a lump payment.
- Pre-medical examinations are mandatory for those over a particular age (generally 45 years).
- Daycare operations, such as dialysis, which may be completed in a matter of hours, can also be covered.
- Pre-existing conditions are not covered under this health insurance plan, however, most insurers will cover them after a set time of consistent monthly payment (usually 4 years or more).
- Most insurers will have a list of cashless network hospitals where patients may receive care without having to pay cash (settled by the insurer itself).
Benefits of Critical Illness
Critical illness health insurance coverage are your greatest hope in the event of a life-threatening illness or condition. With the wide coverage offered by this plan, even months-long treatments may be fully reimbursed if the sum assured is adequate. The following are key benefits:
- Section 80(D) of the Income Tax Act provides tax breaks.
- A lump sum amount will be paid at the conclusion of the waiting period and can be utilised any way the insured sees fit.
- Simple documents for filing claims.
- A variety of options for sum assured, premium, and policy duration are available.
- Additional riders can be purchased in accordance with business rules.
- Once all documentation are received by the insurer, claim payouts are simple.
- Pre-hospitalization charges are reimbursed for up to 30 days before being admitted to the hospital.
Critical insurance health policies are available to Indian nationals above the age of 18 and under the age of 65. Applicants above the age of 45 may be required to undergo a pre-policy medical examination. Since a general rule, health insurance policies should be purchased when you are young and healthy, as this directly influences the price charged by the insurer. According to policy papers, family members can also be covered under a single plan. If more than one person is covered by a single critical illness insurance, each member is only eligible for coverage once throughout the policy's term.