Corporate Wellness

Is Health Insurance Really That Important? 10 FAQs Answered

Discover why health insurance is essential and get your top questions answered. Read on to understand the ways health insurance coverage can protect your health, finances, and well-being.

By URLife Team

13 Jan 2023

What is Health Insurance?

Health insurance is a type of insurance that covers the cost of medical care. It can help pay for expenses such as doctor visits, hospital stays, prescription medications, and other medical treatments.

As a working professional, there are several scenarios in which having health insurance can be beneficial:

If you have a chronic medical condition that requires regular treatment or medication, health insurance can help cover the costs of those treatments and medications, allowing you to focus on your work and career without worrying about the financial burden of medical expenses.
If you have a serious medical emergency, such as a heart attack or stroke, health insurance can help cover the costs of hospitalisation, surgery, and other medical procedures, allowing you to focus on your recovery without worrying about the financial implications.
If you are planning to travel for work, having health insurance can provide peace of mind and financial protection in case you need medical treatment while abroad.

Overall, having health insurance can provide financial protection and peace of mind in the event of unexpected medical expenses, allowing you to focus on your work and career without worrying about the financial implications of medical care.

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Securing Your Future With Health Insurance

Having healthcare insurance is an important step in safeguarding your future and that of your loved ones. It can provide financial protection and peace of mind in the event of unexpected medical expenses, such as a serious illness or injury. Healthcare insurance can help cover the costs of medical treatments, allowing you to focus on your recovery without worrying about the financial burden.

As a working professional, it is important to consider getting healthcare insurance as soon as you start your career. Many employers offer group health insurance plans as a benefit to their employees, so it may be worth inquiring about this option when you are offered a job. It is also important to be mindful of renewing your health insurance policy when it is time to do so, as this will ensure that you and your loved ones are protected in the event of unexpected medical expenses.

There are several options for obtaining health insurance, including group health insurance plans offered through an employer, affordable individual health insurance plans, and government-sponsored health insurance programs.

When choosing a health insurance plan, it is important to carefully consider which type of health insurance is right for you. Consider factors such as the types of coverage offered, the premiums and deductibles, and the terms of the policy, including the process for making claims and receiving benefits.

10 Questions To Ask Before Buying Health Insurance

1. What happens if I have health insurance through my employer and I leave the job?

If you're in the process of leaving your job and have healthcare insurance through your employer, you may be feeling a little anxious about what happens to your coverage. You probably already know that staying on an employer-provided plan is no longer an option once you leave, but that doesn't mean you don't have options.

Typically, once you separate from employment, you'll need to find another source for health coverage. If there's a gap between when your employer plan ends and when the new one begins, you can purchase temporary medical insurance to cover the transition period. This type of policy typically provides basic benefits like hospital care and doctor visits with pre-set limits on how much will be paid out in claims.

Fortunately, most employers provide employees with resources or materials needed to make sure they understand their options for health insurance after leaving a job.

2. What happens if I have a pre-existing condition?

When it comes to health insurance, one of the most common questions is what happens if you have a pre-existing condition. It's understandable to be worried, a pre-existing condition could affect your eligibility for coverage or the cost of your premiums. So let's break down the basics and explain what you should know about pre-existing conditions and health insurance.

Generally speaking, having a pre-existing condition won't prevent you from getting health insurance coverage. However, some insurers may set limitations on certain services or treatments that relate to your pre-existing condition. Additionally, in some cases, insurers may charge higher premiums when covering people with pre-existing conditions as opposed to those without them. Ultimately this means that it pays to do research and shop around for an insurer who offers good coverage at an affordable rate, especially if you have a pre-existing medical issue.

3. What do I need to know about the waiting period clause?

All healthcare insurance plans have some kind of waiting period associated with them. The waiting period clause in a health insurance policy refers to the length of time that must pass before certain benefits or coverage under the policy become effective. This waiting period may apply to pre-existing conditions, certain medical procedures or treatments, or other types of coverage.

It is important to carefully review the waiting period clause in your health insurance policy to understand any limitations or restrictions on coverage that may apply. For example, you may need to wait a certain number of months or years before certain benefits or coverage under the policy become effective. This waiting period may vary depending on the specific terms of the policy and the type of coverage being sought.

4. Should my insurance offer Preventive Health Check-up Facility?

The answer to this question depends on several factors, such as your age, lifestyle habits, family history, and risk factors. For instance, if you are below 40 years and generally lead a healthy lifestyle without any major risk factors like diabetes or hypertension, then this facility may not be that important for you right away. However, if you have higher risks due to age or family history, then opting for a preventive health check-up could help identify any potential health concerns early on and save you from more expensive treatments in the future.

5. What is a Co-Payment clause?

When it comes to health insurance, there are many clauses and terms that can be confusing. One of the most common questions is: what is a co-payment clause?

A co-payment clause is an agreement between you and your health insurance provider. When you utilise your affordable healthcare services, the clause states that you will pay a pre-determined amount or percentage of the total cost. The remaining balance will then be taken care of by your health insurance plan. This kind of payment structure gives patients more control over their healthcare costs, as they can budget ahead of time for their share of the expenses.

6. What is the method of claim processing followed by the company?

The method of claim processing followed by a health insurance company will depend on the specific terms of the policy and the insurance company's procedures. In general, the process for making a claim typically involves the following steps:

Gather the necessary documentation: This may include medical bills, receipts, and any other documentation required by the insurance company.
Submit the claim: This can usually be done online, by mail, or by phone.
Wait for the insurance company to review the claim: The insurance company will review the claim to determine whether it is covered under the policy.
Receiving payment: If the claim is approved, the insurance company will typically pay the claim either directly to the provider or to the policyholder.

It is important to carefully review the terms of your health insurance policy and the insurance company's procedures for making claims to understand the specific process for making a claim and receiving payment.

7. Whom do I call at the time of emergency hospitalisation?

When it comes to medical emergencies, most health insurance companies provide 24/7 customer service support. You can typically call the phone number on the back of your health insurance card for immediate assistance. The representative will be able to answer any questions you may have regarding coverage and direct you appropriately.

8. What is the maximum number of claims you can make in a year?

The maximum number of claims you can make in a year under your healthcare insurance policy will depend on the specific terms of the policy. Some policies may have a limit on the number of claims that can be made in a year, while others may not have a limit.

9. What are the documents required for claiming?

To claim a health insurance policy, you may need to provide documents such as a claim form, proof of loss, receipts for medical treatment, and any other relevant documentation as required by the insurance company.

10. What are out-of- pocket costs?

Out-of-pocket costs for health insurance may include deductibles, co-payments, and co-insurance. These are expenses that you are responsible for paying even when you have insurance coverage.

Taking care of your health is important for overall well-being and quality of life. It is essential to take necessary action to safeguard your health by maintaining a healthy lifestyle, seeking medical care when needed, and protecting yourself from illness and injury.

Need all your wellness solutions in one place? A whole new world awaits just a click away.