Importance of medical insurance and its features

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Medical Insurance
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Importance of medical insurance and its
features Financial planning is very important
part of your life as it helps you create cash
reserves for your future needs. Just like you
plan for good future your health is also an
important goal to achieve. If you have good
health you can work well, prosper, look after
your family, enjoy life and perform the duties
with full responsibility. However, in todays
time of growing uncertainties and hectic
lifestyle maintaining an exceptionally good
health is a myth. Therefore, owning a suitable
medical insurance policy is very much important
along with your financial planning goal. While
youre young and just started to earn, it will be
a right time to give equal importance to health.
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At younger age, you medically fit and not prone
to any disease therefore, you get better coverage
at low premium rate. But however, as you
gradually grow old your health gets impacted and
finally you will have to bear the pain of your
hard earned money spent on hefty hospitalization
charges. Also, inflation is an added burden take
affects your financial savings. Therefore, it
becomes essential to have a proper medical
insurance plan in place that would take care of
your health if required by taking care of
financial implications.
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A medical insurance is basically a contract
between the insured and the insurance company
where you promise to pay a certain amount as
premium towards your policy and in return the
insurance company promises to pay for your
medical expenses in case of hospitalization if
you want to undergo treatment.
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There are various types of medical insurances
available for everyone as per their pockets and
affordability. Insurance companies have
introduced online tools where you can compare the
policy in terms of benefits features, discount
and deals, premium payment flexibility, claim
settlement ratio, preferred specialists, etc. and
purchase the one as per your requirement and the
one that fits into your budget. It is advisable
to go for a comprehensive medical plan as it
covers some of the most important charges such as
Cashless facility in network hospital, Ambulance
charges, Pre and post hospitalization expenses up
to specified time, Lab and investigating report
charges and Easy claim process.
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A proper policy in place helps you ease out the
financial strain thus giving ample time to focus
primarily on the health. Always remember that the
insurance is after all a commitment between the
purchasing party and the company. So, just
signing and sitting back wont be sufficient. You
will have to understand that once you sign the
form means you declaring that youll abide the
rules and agreed with all the clauses. So, it
becomes very important that you read the
documents calmly and carefully.
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Your information and declaration are basis on
which the medical insurance companies will
customize your health plan, evaluate risks and
estimate the premium to insure that risk. At the
time of claims, insurance companies in India
checks the authenticity of these declarations.
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Some factors that will determine the coverage
amount for your medical insurance plan would be
your income source, risk appetite, family
members, place of living, occupation,
pre-existing or hereditary disease, etc.
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