What is Health Insurance?
Health Insurance also known as Health Coverage is there cover some or all of the costs related to any health service you may receive via doctors, hospitals and emergencies. Depending on your requirements an advisor will be able help you choose the best plan out of 4 options available.
Why do you need health Insurance?
- Knowing that you will not be paying for the high medical bills you can opt for the best health care
- Unless you are able to predict the future, you have no idea when you may be faced with serious illness and thus unable to predict your high medical bills
- Health insurance helps protect your lifesavings by covering the huge costs associated with medical services.
- Health Insurance coverage can also significantly reduce medication costs
Types of Health Insurance
Personal Health Insurance provides cover in the event of illness or accident by providing the following:
- Cover for any medical service fees
- Cover for most medication expenses
- Provides cover in case of an emergency and or hospitalization
An advance in technology also brought about an increase in survival rates for individuals suffering from life threatening illnesses such as cancer but this also means the costs of such treatments are huge. Critical Illness Insurance will cover most of these costs and help you by:
- Reducing your debt.
- Replacing any lost income to your spouse/husband for time off taken to care for you.
- Assist in bringing additional help at home to care for you.
Long Term Care Insurance provides cover to individuals who are unable to perform daily living activities, normally due to aging but can also be due to injury or illness. Long Term Cover provides:
- Covers costs up to a pre-set daily limit
- Allows family or loved ones to choose where he/she will receive care.
- Money will be for you and your family to use as required without the need for receipts for reimbursement.
Following and injury or illness that renders you disabled, disability insurance is there to partially or fully replace your income in case you are no longer able to work. Disability helps enable a steady income protecting yourself and your family from debt and financial crisis.
What is Disability insurance?
Should you suffer any injury or illness that renders you disabled and unable to work, disability insurance will compensate for this loss of income by replacing it. Some employers will offer disability insurance as part of the contract. It is thus wise to check your employee contract to see if you are covered for disability.
When it can happen?
Unfortunately no one can predict the future and as such we cannot foresee if or when we can get disabled. We must remember that disability can not only arise due to accident but also through illness.
Why should you consider this plan?
Such a plan should always be considered as we never know when we could be disabled. Nevertheless such plans should always be considered if you work in a dangerous environment such as Search and Rescue or construction work.
Disability rate by age and sex, Canada, 2001
- Why do I need a health insurance?
Health insurance is important because everyone have good and bad situation in their life. So if you have good situation than it doesn’t means that bad will not come in your life even the god has faced it so for that if you want be prepared than you need to have a health insurance. Like if you are stuck in type of situation where you urgently need a lot of money and all your relatives have left you than who will help you just think.
- What is a health card?
Health card is a type of card which will be given to you when you will go for a policy under this card you can just take advice from doctor, buy medicines, and give your tests like blood tests and many other tests for free. When you will buy a policy than they will give you a card and under that there will be some hospitals where you can use this card.
- Can i renew his/her health insurance policy after one year?
Don’t worry you will get proper notice by us when your policy will be expired via courier. And you can just collect it and renew it and if you want to renew it before the expiry than also you can.
- I don’t know what this term cashless hospitalization means?
Cashless Hospitalization is really a very simple fact under this at the time of discharge you don’t have to pay anything all the expenses will be paid by maxxlife insurance.
- How much time I can claim?
You can claim as much as you want under the policy period but the amounts don’t have to cross the limit of policy.
- Is income tax exemption is also Comes under health policy or not?
Yes the premium which will be paid comes under the income tax section 80D and if the individual cover his family dependent children than amount which will be deducted are 15,000 rs.
- What is the family floater policy?
It is type of policy under which your complete family hospitalization expenses will be given by us.
- Do I need to pass any type of medical exam also?
In some you have to undergo from medical exams depending on your type of condition as well as age also.
Long term care insurance
As we age we also become more and more dependant on others in order to perform essential daily activities such as eating, bathing, walking, dressing and toileting.
Long Term Care insurance protects you and your families’ life savings and assets by providing cover for the high costs involved with long term- care.
One major advantage of Long Term Care Insurance is that most policies are able to cover home care as well as assisted living care. This means that you are able to find the best carers to take care of your loved ones at the comfort of their own homes.
Long Term Care will also reduce the of care that more often than not will fall on family members.
Critical Care Insurance
Recovering from a life threatening illness such as cancer or heart disease can be difficult and very expensive. Most health plans are not designed to cover such high costs and this is why a critical illness insurance plan will help you pay for expenses that are not covered by your existing health insurance plan.
Individuals diagnosed with a critical illness will receive a lump sum payment, paid directly regardless if they hold any other existing insurance coverage.
Some advantages of Critical Illness Insurance include:
- -Tax-Free Lump sum to be used as the beneficiery desires eg.. to pay for or make up coverage gaps, supplemental income, pay for travel while seeking treatment
- -Covers a wide variety of diseases such as cancer, heart attack, coronary artery bypass and strokes