A life insurance plan is meant to financially secure any individual who owns a policy in terms of medical health. The plan is intended to make sure that the insured gets treated properly without having to worry about the subsequent bills. A health insurance plan can protect not only an individual, but it can also protect an entire family under a single plan.
Generally, people think that having a health insurance plan is a luxury that could only be bought by those who have a high wage salary. However, in today’s day age in order to deal with the skyrocketing price of healthcare and medical treatment it is very important to have a health insurance plan.
There are also several different insurance companies that provide comprehensive life insurance product and health insurance plans for individuals. There are different types of health insurance plans meant for different purposes. It is the decision of the individual on the type of health insurance plan that they want to buy.
Source: Irish Times
Contents
Why It is Necessary to Buy a Life Insurance Plan
Having a health insurance plan is nothing more than a benefit for anyone who is insured under the plan. Being insured under a health insurance plan of any sort can be superbly beneficial for any person. Some of the reasons why having a health insurance plan can benefit you include:
- Being insured a life insurance plan can save your life. It is the responsibility of the life insurance plan to make sure that all medical expenses are taken care of on behalf of the insured at the time of a medical emergency. The life insurance plan makes sure that the best treatment is given to the insured in order for them to have a speedy recovery and also to make sure that they do not have to worry about the expenses that come along with it after.
- Health insurance plans are extremely cheap and affordable for everyone. Anyone and everyone can afford a minimalist health insurance plan for themselves and their families due to the great amount of choice that comes along with having a health insurance plan. There are term insurance plans that are some of the cheapest of all the insurance plans that are present.
- Having a life insurance plan or any sort of insurance plan can save taxes. According to Tax act, anyone who posses insurance of any type is exempted from paying a certain amount of money from their income to the Government in the form of tax.
- A life insurance plan can provide medical and financial help to an individual throughout the course of their lives. The life insurance premium for any plan can be continued to be paid in order to continue the insurance plan throughout the life of a person. In certain cases, there can be an agreement between the policyholder and the insurance company to extend the term of the insurance plan.
- A life insurance plan comes with add on covers as well. Different insurance plans have different add on covers that can be included in one’s insurance. Depending on the need of the policyholder, the terms and conditions of the plan and even the term policy of the plan can be decided by the policyholder in the case of certain health insurance plans.
- A health insurance plan takes care of all the medical expenses on behalf of the insured. This includes taking care of the hospitalization fees, the fee for medical treatment and even the price needed to be paid for medicines and so.
- A health insurance plan can also take care of the entire family’s health insurance as well. There are health insurance plans that takes care of the policyholder and his/her entire family.
- A health insurance plan can also help an individual by turning into an investment plan for the future. The health insurance plans for children and retired individuals are a sort of investment plan that saves up the money from the premiums paid and gives it as a return to the insured individual or their family.
Source: Coverfox.com
Life Insurance Plans for the Disabled
For anyone who is disabled, it can be extremely difficult to for them to get a life insurance plan to cover for them. In the cases where the disability is life-threatening, the premium for the insurance plan itself can be huge. However now, there are many different life insurance plans that are available for disabled individuals as well.
For a company that provides insurance for the disabled, there are different ways of evaluation. Companies evaluate an individual on the overall health of the individual and how the disability can affect the daily life of the insured. Depending on these factors, the premium for the life insurance plan is decided. The more the impact of an individual’s disability, the more will be the premium for the life insurance plan.
Plans for the Disabled
Life insurance plans for the disabled have a limited number of terms that are under their policies. Some of the types of life insurance plan include:
- Certain life insurance plans for the disabled come without much interrogation. The minimum requirement for anyone to get such a life insurance plan is to pass a medical exam that is conducted by the insurance company. Depending on this medical test, the rest of the terms of the insurance and the premium of the insurance are decided.
- In certain cases, when it is difficult for someone to get an individual life insurance plan for themselves due to their disability, it is advised for them to get a group life insurance plan. In such a type of plan, the medical history of the individual are not looked into with such detail.
- There are different funds that are meant to cater to the needs and help out disabled individuals with their daily lives. So, even if a health insurance company does not have a special life insurance policy that caters to taking care of the health of the individual and their families, there are trust funds that provide policies for the same.
Claims Process for Life Insurance Plans
The claiming process for a health insurance plan is the essential part of the insurance plan itself. At the time of a medical emergency, it is the claims process that makes it possible for the policyholder to be properly treated medically. There are two possible ways in which a policyholder can claim their life insurance plan. These include:
- No Claims Bonus – This situation occurs when the policyholder is treated for his/her medical conditions at a network hospital that is directly linked to the insurance company. The treatment is taken care of completely free of charge on the part of the policyholder and the bills and respective receipts are sent to the insurance company. In such a claims process, the insurance company itself takes care of all the outstanding amounts in the place of the policyholder.
- In the case of a reimbursement method of claim, it is the duty of the policyholder to provide the insurance company with sufficient proof about a claim being made to the insurance. In such a case, the medical treatment for the insured has already taken place at a hospital that is not a network hospital of the company. The bills and receipts for the treatment need to be retained by the policyholder to show and submit as proof to the insurance company. Along with this, the policyholder must also fill a form and submit it to the insurance company. Once the insurance company receives all the necessary documents, they decide on the amount of money that they will reimburse the insurance holder.
Source: Turtlemint
Ways to Claim Your Life Insurance Plan
Insurance plans can be claimed in a number of ways. For someone who is undergoing medical treatment and they need money for the procedure, they can make a claim on their health insurance plan so that the insurance plan itself can take care of the finance part of the medical treatment. The steps for claiming a health insurance include:
- A health insurance plan needs to be firstly registered with the health insurance company from where the policy was bought. The company should be noted that there is a claim that is wished to be made and they need to prepare themselves to guide the insurance holder on how to make a claim.
- The claim can either be made through the no claims bonus or the individual can be compensated from their life insurance plan. Either way, there is evidence that needs to be provided to the insurance company as collateral proof for wanting to claim on their health insurance. This proof can either be in the form of medical bills, medicine receipts and other certificates of medical history and health.
- The health insurance company looks at the bills and other receipts provided by the insurance holder. They examine the receipts in the case of claiming where the insured needs to be compensated. There are a group of specialists from the health insurance company that decide the exact amount that should be reimbursed to the policyholder under the situation of reimbursement. In the case of a No Claims Bonus, the insurance company simply compensated the hospital for the bills on behalf of the policyholder.
- The last step for claiming insurance is when the policyholder is compensated for the amount that they had to spend on their insurance or when the hospital has been compensated for the same.
Enhancement in the Field of Health
If we talk about enhancement in the health sector globally, then the healthcare sector is steadily on the rise. This is primarily because of the improved economic conditions of the developing countries. Due to the improvement in the economic conditions of the different developing countries, there are more jobs that are available for everyone. More individuals are being able to afford food and health care for their families. The overall wages of workers in every section of these countries has also improved drastically. In terms of health insurance, more individuals are being able to afford health insurance plans for themselves and their families. In a country like India, there are several health insurance plans with a minimum premium that are available for this specific reason.
Source: Richardson Insurance
