Understand Your Medical Insurance Plan Carefully

Posted by Aman / on 10/05/2012 / 0 Comments

It cannot be denied that medical treatment expense is one of the areas that people need to be pondered over. It is because of the uncertainty factor that each and everybody of us have in life. One never knows at what stage of life he or she falls sick and becomes victim of mounting medical expenses. Once a person is diagnosed with any critical illness or major health issues, the hefty bills becomes the cause of concern. The hospitalization charges, diagnostic charges, pharmacy costs, and several other miscellaneous charges add up to a huge amount, which drains off the wealth like water and reduce bank balance terribly. As a result, people have started pondering over the ways to combat with these expenses and the best means they should opt for this unplanned costs is to buy medical insurance policy.

Medical insurance is an agreement between an insured and an insurer, wherein which an insured is promised financial coverage against treatment of covered perils, as stated in the policy wordings. In order to enjoy this benefit, an insured need to pay a certain amount as premium and it is to be renewed after specific interval of time. The amount of premium is very less as compared to the coverage offered. Thus, a person can pay this mount annually or biannually and can stay cool without any anxiety for rising medical expenses. An insured gets financial coverage for medical treatment.

There are many insurers that have turned up with innumerable plans to offer coverage to the people. The wide assortment of products available has given people the increased option to choose the plan, as per their healthcare needs. A person can choose basic health cover plan that offer coverage for inpatient expenses or can opt for different plans, like dally cash hospitalization plan or other top-up plans for extended coverage. These plans generally work on principle of benefit or principle of indemnity. The plans that work on principle of indemnity pays for the medical expenses incurred. An insured has to intimate insurer about the required medical treatment and then, has to submit valid proof of being fallen ill or inpatient treatment. It is only after submission of the required documents; he or she is eligible for the coverage.

On the other hand, there are plans that work on principle of benefit. These plans pay lumpsum amount, as promised in the contract on occurrence of certain diseases or event. Here, the amount of medical expenses incurred is not taken into consideration by an insurer. For example, in case of an accident, the amount of compensation made to an insured depends upon the injuries incurred. Hence, one is paid accordingly without any concern about the treatment expense.

Thus, one should know about these different products and ways the claim is settled in order to seek benefits in the best possible manner. Another point of consideration is to be familiar with the insurance terminology that create lots of confusion or can keep you away from the coverage. One should buy the plan only after carefully reading the policy wordings.

Apollo Munich is one such insurer that has brought a variety of plans, each with simple policy wording to avoid confusion among people. The definition and the meaning of each and every term is clearly explained to keep the related hassles away.


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