Health Insurance will protect you from medical bills if any arises, with medical inflation skyrocketing in coming years you cannot survive without a medical insurance.
Advances in Health care industry has raised the cost of health care, main purpose of Health Insurance is protect you from raising medical bills. We have seen many people around us or heard about people whose life style or status changes due to any health related issues. Advances in health Industry has provide cure for almost many disease where cure was not possible 15yrs back only concern now is whether it’s affordable, if then you could come out of health related problems.
For a family of 2Adult + 1Child with head of the family Aged 30yrs, with a cover of 5lakh they will be paying 6.5lakh totally in next 30yrs(till he become 60yrs), so you will be paying 6.5lakh in 30yrs for the risk of 5lakh every year. With tax exemption on premium you contribute your total premium will come down even further.
Group cover provided by your employer is valid as long as you work in the company, your cover become void as soon as you leave the company, the main difference between Group Health cover and Personal Health cover is Continuous renewability. Personal health cover provides you the continuity as long as you renew it on time irrespective of your health condition whereas in group health cover you tend to lose your job if your health condition doesn’t allow you to work.
Medical Bills incurred during admission, Pre Hospitalization Expenses (Test and Diagnostic Charges incurred before admission), Post Hospitalization Expenses (Tests and medicine Charges incurred after admission) and Emergency Ambulance Charges.