Health insurance

Life Planning Guide: – How to Plan for Medical Emergencies

A medical emergency is a sudden injury or a severe illness that could cause death or serious harm if not treated on time. Healthcare expenses are continually rising, and with the ever-rising increase in diseases, medical insurance today is necessary.

Medical insurance provides people with a much-needed financial backup at times of medical emergencies. Life is extremely unpredictable. One cannot plan and get sick, but one can certainly be prepared for the financial aspect.

What is Medical Insurance?

Medical insurance is a type of insurance coverage that pays for a prescription drug, surgical, and sometimes dental expenses. With medical insurance, you can get the expenses incurred from illness or injury reimbursed, or the insurance provider settled the bills directly with the hospital. You can choose from several medical insurance plans, such as individual health insurance plans, family health insurance plans, and critical illness insurance.

As per various reports, India continues to have low health insurance penetration in the world. However, the government’s focus on health schemes, new initiatives like Ayushman Bharat Yojna, and capital expenditure towards healthcare may improve the situation.

Importance of Medical Insurance in the Present Scenario

Over the last few months, Covid-19 has completely changed lives across the globe. With national and global health agencies continuously stressing the need to keep the immune system healthy during the pandemic, people have slowly prioritized their health.

Most people are maintaining proper hygiene, exercising more, increasing their water intake, and eating healthy to get through these challenging times. Apart from eating healthy and exercising regularly, people have started buying medical insurance.

According to the directions given out by the Insurance and Regulatory Authority of India (IRDAI), many insurance companies are extending their coverage for Coronavirus for various medical insurance plans.

  1. With comprehensive medical insurance, you can assure the safety and security of the senior members of your family. The deadly virus affects mostly the senior members and people with low immunity.
  2. Medical Insurance will keep you financially secured and safe. It covers all the expenses made towards medical tests, doctor consultation, pre-hospitalization costs, ambulance charges, and quarantine costs if you seek treatment at the hospital. This will help in reducing financial stress in case of a medical emergency.

Steps to Plan for Such Emergencies

  1. Don’t Panic and Start Preparing

Panicking is not the solution. You must get your facts right, be aware, and be prepared. It’s always a good idea to keep a track of healthy food stock, so whenever you shop at the grocery store, you can pick up some extra items for yourself. Following are some of the tips that will be useful for you-

  • Check if you have enough medication
  • Request your employer for work-from-home option
  • Keep a good supply of your medicines
  • Create Your ‘Go Bag’

You can consider the option of creating a medical go bag that you can use it in an emergency. This bag can consist of documents that you may require in the hospital and a small supply of emergency medications and devices. Talk to your doctor, your family, and your medical insurance provider to meet your personal needs.

How to Buy a Medical Insurance Plan?

To find the right medical insurance, you need to follow these steps-

  1. Buy Insurance that Fits Your Requirements

Medical insurance has evolved drastically in India, with different features and specifications. Today, various health plans are available for students, senior citizens, couples, young families, and people who develop illnesses like diabetes, heart diseases, and cancer.

Amidst all the choices, it is natural to feel lost and confused. Therefore, identifying your needs is the first thing to do. Once you are aware of your needs, then decide on the coverage you require.

  • Find a Cashless Hospital Network that Covers Top Hospitals

Cashless service allows you to seek medical care without paying bills. The insurance company will directly settle the medical bills with the hospital. This network varies from one insurer to another.

  • Look for the Exact Coverage Offered

Read the medical insurance terms and conditions to understand the exact coverage that is being offered to you. There are five components of a policy coverage-

  • In-patient hospitalization coverage
  • Coverage for day-care treatment
  • Room rent allowance
  • Pre and post hospitalization expenses coverage
  • Sub-limits for certain expenses
  • Examine the Plan’s Waiting Period and Exclusions

It is always ideal to thoroughly go through the medical insurance terms and conditions to understand the waiting period and exclusion clauses that your policy comes with. The waiting period is a period during which no claims will be admissible. Also, look for the exclusions, which are medical conditions or healthcare expenses that are not covered by your medical insurance plan. That means you will have to bear those expenses.

Plan Your Medical Emergency with a Reliable Insurer

We all understand the importance of good health, and taking care of health has become a costly affair these days. With reliable insurers like Tata AIG, you don’t have to worry anymore. They provide you with extensive yet simplified health insurance policies based on your needs.

Stop worrying, and start planning!

More from the Author