Problems with regular Health Insurance Plan

A good health is a blessing itself. People do spend a lot on dietitians to spend a healthy life. To enjoy life, health is very important. We tend not to appreciate our health until we don’t have it. But still the fear of getting hospitalized due to unforeseen events remains. This brings us to Health Insurance.

What is Health Insurance?

It is a type of insurance which covers the insured’s medical and surgical expenses. Either the insured pays from his own pocket and later gets reimbursement from the insurance company or the insured pays directly to the care provider. It includes consultation fees of the doctor or the physician, pre - post hospitalization charges, ambulance charges, pregnancy, pharmacy bills etc. To be liable to avail benefits you need to pay the premium regularly.

Why is Health Insurance important?

Health Insurance is important for diverse reasons. Life’s uncertainty and growing medical inflation persuades us for buying a Health Insurance. The benefits that come along with these health plans outweigh the cost of premiums. The treatment cost of lifestyle diseases is generally high. This puts you and your family into financial burden. Here your burden will be lightened with the help of Health Insurance. Cashless facility offered by the insurance companies helps you get a fully covered treatment at network hospitals. The policy company deals directly with the network hospitals for the treatment aided to the insured. Health Insurance Companies helps the policy holder with additional riders like critical illness, ambulance cover, dental cover, hospital cover etc. You can choose from a pool of Health Care insurance with different premiums that fits according to your budget and needs.

Some of the key points to the problems with regular health insurance are as follows-

• Third Party Administrators - The TPAs act as a link between the insurance provider and the insurer. They help in claim settlement. The policy holder informs the TPA at the time of claim. The policy holder then gets directed to a hospital the TPA has a tie up with, where they get information about the bills and other charges. This is a tedious process as such many TPAs fail to meet the deadline. This happens due to the logistics involved to handle claims and make settlements.

• Customers- Many customers are not aware that health insurance does not cover pre existing diseases. They buy a policy after they are diagnosed with a certain disease. There is a waiting period which differs from insurer to insurer. Never make a false claim. Read the entire policy documents before opting one.

• Companies - The agents or the middle men often sell wrong products to the customers in lure of incentives. Wrong product is sold for high commission. Customers fall prey to the agents or salesman and go in for a wrong policy.

• Hospitals - There is a fair chance that the network hospitals will charge more. High charges means the payout to the insurance company is also high. Which in turn makes the customer pay more premium to the insurance companies.

Regardless of the problems with the Regular Health Insurance Plans , it makes sense to select a good health insurance plan.