Medical Insurance: What to choose Indemnity Plans or Fixed Benefit
Let’s Say You Are So Sick That It May Be a Strain On Your Income For Some time. What to do then?
Buying Health Insurance
In The Early Days of Covid, there was a Headline In A Newspaper Or Television. And That Is The Cry Of Many Families Under The Stress Of Paying Only for PPE Despite Having Health Insurance. And Behind This, Of Course, Was The Bad Habit Of Not Looking At Our Various Risks While Buying Insurance. Are You Nervous? No, No There is Nothing To Panic.
In Fact, In Terms Of Buying Insurance, We Started By Buying Endowments, Then Forgot That There Is A Lot Of Space in The Insurance Market. For Example, Take Health Insurance. Everyone Says To Buy One, And You Did. He Didn’t Even Think About His Own Needs. If You Are Sick, Paying The Hospital Bill Is Not Your Only Problem! Well, Let’s Say You Get Sick Enough That it Puts A Strain On Your Income For Some Time. What To Do Then? Or Thought About The Cost Of Treatment. But He Didn’t Think About The Thousands of Expenses With Him. But When He Entered The Hospital, He Realized That No. The Stress Of Medical Expenses is Not The Last Stress. You Are Also Losing A Lot Of Money Due To House People Coming And Going Etc. Then?
In Fact, Not Only Medical Insurance, but Before Buying All The Insurances, you Have To Think About The Incidental Expenses And How To Handle Them. And Here Comes The Talk Of Indemnity And Fixed Benefit Insurance.
Fixed Benefit Plan
The Amount Of Known Profit Is Fixed In Advance. This Insurance Is To Be Purchased To Meet The Needs Of Retail Hospital Expenses, to meet the Risk Of An Accident, Or To Meet The Expenses Of A Particular Critical illness Outside Of Bemakka Insurance. There is No Need For A Document Like Health Insurance To Get This Insurance Money. This Claim Can Be Settled Only On The Basis Of A Certificate From The Doctor or The Concerned Officer. The Money Comes Instantly, So There Is No Pressure.
Now Imagine That You Bought Health Insurance. Difficult operation. Along With The Hospital Bill Came A Long bill Which You Had To Pay From Your Own Pocket. And That Too Is About lakhs of Rupees. What To Do Or Returning Home From The Hospital, Requiring a Long Recovery Process. Even if you get Something For This, Your Health Insurance Will Not Cover This Cost. To Cover This Cost, You Need To Buy A ‘Fixed Benefit Plan’ With Health insurance.
Indemnity Based Health Insurance Plan
When You Bought Health Insurance, No One Explained This Difference To You. The Health Insurance You Buy Is Actually An ‘Indemnity’. No Matter How Much Money You Buy Insurance, This Insurance Will Not Pay Even A Penny Beyond What You Have Spent Under The Terms Of The Insurance! And That Too Up To The Sum Assured Or Upper Limit Of Your Purchased Insurance Policy. And This Insurance Will Not Cover All Your Hospital Expenses. Such As Expenses Like Surgical Gloves Or PPE.
In The Insurance Market, However, Insurance Is Now Available To Cover Almost All Of Your Risks. And Many Of Them Are Within Our Control. Because We Don’t Know, We Become Helpless In The Face Of Danger. And When Someone Says, “Hey, That Should Have Been Done With Insurance.” But Then We Have No Choice But To Bite Our Hands. So Think, Ask Questions, Then Buy Insurance. And Know The Language Of Insurance. But it is Not A Very Difficult Task.
Also Read – Different Types Of Life Insurance