Medical emergencies are one of the main reasons that can affect people’s financial stability. Various reports show that a large part of the Indian population is deprived of their financial independence solely due to spending on medical bills. However, with health insurance, one can deal with medical emergencies without spending their savings. However, only a small proportion of the Indian population enjoys the benefits of health insurance.
Research studies show that of the total healthcare expenditure in India, around 63% is out-of-pocket. Being the second most populous country in the world with a population of over 130 crores, this is a huge figure. This is because the awareness of health insurance has not yet reached the grass roots of the Indian society.
With health insurance, one can be sure that they will not have to deplete their savings, since the insurance will take care of the medical bills. There are many ways that health insurance can be used as a lifeline during times of emergency.
Not everyone keeps a mattress to meet medical needs when a health emergency occurs. Many people have to rely on their savings or sell their assets to pay for medical expenses. In that sense, Health Insurance’s cashless treatment center is a lifesaver for many. Insurance companies usually have links to several hospitals, called network hospitals. By receiving treatment at a Network Hospital, one can take advantage of medical treatments without having to pay out-of-pocket bills. Once the insured’s claim is approved, the Insurance Company will settle the medical bills directly with the Network Hospital.
Therefore, it becomes crucial to choose the Insurance Company wisely. With more than 13,000 Network Hospitals throughout the country, Star Health and related insurance They are providing quality treatment with cashless facilities to admissible claims.
Now a question may arise, what if one opts for treatment at an out-of-network hospital? Out-of-network hospitals are those that do not have an agreement with Insurance Companies. However, one may avail treatment at out-of-network hospitals and submit claims, but the insured person may not avail of a cashless treatment center. Initially, the policyholder must pay the actual medical bills and file a claim for reimbursement with the insurance company.
Many people are burdened with large medical bills even before they are admitted to the hospital and after they are discharged. But the Health Insurance, in addition to covering the cost of hospitalization, will also cover the expenses caused by pre and post hospitalization. This includes the cost of diagnostic tests, medications, follow-up visits, etc. Purchasing a medical insurance policy that covers pre- and post-hospitalization expenses can significantly reduce the financial burden on individuals.
Health insurance also helps to pay a lump sum to the insured for the diagnosis of major illnesses and critical illnesses like cancer, brain tumor, etc. Special health insurance policies specifically cover such major diseases and illnesses. The lump sum paid for these insurance policies will help cover the costs of treatment and meet your other financial needs. Some health insurance plans also cover the cost of transporting the insured from one hospital to another for better treatment.
Health insurance acts as a lifeline by providing coverage from transportation to the hospital until and after discharge. During emergencies, health insurance helps cover medical bills and allows people to focus on getting well.