How Does Health Insurance Help During Medical Emergencies?


Health Insurance: Medical emergencies are one of the prime reasons that can impact people’s financial stability. Various reports show that a major chunk of the Indian population is deprived of their financial independence solely due to spending on medical bills.

However, with Health Insurance, one can tackle medical emergencies without having to drain their savings. Yet, there is only a small proportion of the Indian population that reaps the benefits of medical insurance. Research studies show that, of the total health expenditure in India, around 63% are out-of-pocket expenses. Being the second most populous country in the world with population numbers counting more than 130 crores, this is a huge figure. This is because the awareness of Health Insurance is yet to reach the grassroots of Indian society.

With medical insurance, one can rest assured that their savings will not have to be drained as the insurance will take care of medical bills. There are many ways that Health Insurance can be used as a lifesaver during emergency times. Not everybody keeps a buffer to meet medical needs when a health emergency strikes.

Many people have to depend on their savings or sell their assets to afford medical expenses. In that regard, Health Insurance’s cashless treatment facility comes as a lifesaver for many. Usually, Insurance Companies have tie-ups with a number of hospitals, which are called Network Hospitals. By taking treatment in a Network Hospital, one can avail of medical treatments without having to pay the bills out-of-pocket. On approval of the policyholder’s claim, the Insurance Company will settle the medical bills directly with the Network Hospital. So it becomes crucial to choose the Insurance Company wisely. With more than 13,000 Network Hospitals across the country, Star Health and Allied Insurance are endowing quality treatment with cashless facilities for admissible claims.

Now a question may arise what if one opts for treatment in a non-network hospital? Non-network hospitals are the ones that do not have tie-ups with Insurance Companies. However, one can avail treatment in non-network hospitals and raise claims, but the insured person cannot avail cashless treatment facility.

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The policyholder initially needs to pay the actual medical bills and raise a claim for reimbursement with the Insurance Company.

Many people face the burden of hefty medical bills even before getting admitted to the hospital and after getting discharged.

But Health Insurance, in addition to covering the cost of hospitalization, will also cover the expenses incurred for pre and post-hospitalization. This includes the cost of diagnostic tests, medicines, follow-up visits, etc. Purchasing a medical insurance policy covering pre and post-hospitalization expenses can significantly reduce the financial burden on people.

Health Insurance also helps in paying out a lump sum to the policyholders on the diagnosis of major diseases and critical illnesses like Cancer, Brain tumors, etc. Special medical insurance policies specifically cover such major diseases and illnesses. The lump sum paid by these insurance policies will be helpful in covering the treatment costs and meeting their other financial needs. Some medical insurance plans also cover expenses for transporting the insured person from one hospital to another for better treatment.

Health Insurance acts as a lifesaver by providing coverage right from transportation to the hospital till discharge and even post that period. During emergencies, medical insurance helps take care of medical bills and lets people focus on getting well.

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