It cannot be denied that medical treatment expenses are escalating at fast pace and thus, are becoming difficult for the common man to afford. As a result, a large number of people are facing the related problems, when they meet sudden mishap or are diagnosed with the problem of serious health issues. The probable cause for these problems is that no one saves for these unexpected incidents that may knock the door. Even if people save, there is no sure shot guarantee that money saved would be sufficient for availing treatment, when required. The hefty bills generated are not easy to bear and thereby, starts the problems of financial management. Thus, the best way to curb down these issues of life and to seek quality medical treatment without any monetary strain is to invest in products, like medical insurance.
Medical insurance is an agreement between an insurance provider and a policy holder, whereby which a later is assured health coverage against enlisted medical contingencies such that paying for the treatment for the disorders is affordable and accessible. An insurance providers design various products to cater to the needs of people, who buy these products in order to stay protected financially. These products are deemed to be useful in overcoming financial issues associated with high rising medical expenses.
In order to help customers, insurance providers have brought in various facilities by which policy holders can seek coverage. An insured can either raise medical bills for reimbursement, after seeking treatment, provided the condition that insurer is already
intimated or can seek treatment on cashless basis. The facility of Cashless hospitalization that is offered by almost every notable medical insurance provider is included to keep people away from the maximum problems. Using this feature, an insured can visit any of the hospital that an insurer has tied up with and can seek treatment without worrying about the bills. Here, an insurer directly settles bills on behalf of an insured. Secondly, people do not have to worry about facing the problems of arranging money instantly. Looking into the ease and comfort of people, Apollo Munich, a joint venture between the Apollo Group of Hospitals and Munich Health, has tied up with more than 4000 hospitals, where customers can avail treatment on cashless basis.
has offered this facility to almost all its customers. They have brought a large variety of innovative products; each well thought and designed intelligently to cater to the health needs of people. One of the products that have been rated as 5-stars product is ‘Easy Health’. It is a pure health insurance product that s on the principle of indemnity that allows an insured to seek coverage for the medical expenses incurred, subject to maximum of the sum insured amount. The product offers vast coverage, giving the Indian people an option to choose the sum insured from Rs 1 lacs to Rs. 10 Lacs.
Looking into the needs of people of all sections of society, the experts at Apollo Munich has brought in three variants of this product, such that people can buy the one that is most suitable to them. The three variants of Easy Health are:
The coverage limits of each of these variants differ. The Standard variant gives people an option to choose from Rs 1 lac to Rs 5 lac of coverage. The Exclusive variant has brought a wider coverage for its customers. Here, they can opt for the sum insured range of Rs 3 lacs to Rs 7.5 lacs while with Premium variant; a person can enjoy the maximum number of benefits with wide coverage up to Rs 10 lacs.
The plan offers coverage to inpatient medical treatment, including pre- and post-hospitalization coverage, subject to terms and conditions of the policy. The coverage limits also include day-care procedure, (which are treatment for issues for which hospitalization is required for not more than 24 hours), organ-donor expenses, daily cash for choosing shared accommodation, domiciliary treatment and many other associated expenses that sum up to a huge amount and becomes difficult for the person to afford.
The policy holder can also avail the benefit of maternity coverage and Critical Illness Cover on paying of extra premium along with this plan. These two additional benefits are available only with two variants, i.e. Exclusive and Premium. Maternity coverage pays an insured lump sum payment in an event of child birth. The compensation made is subject to certain norms that are clearly stated in the policy wording. Likewise, Critical Illness cover also offers sum insured amount or half of it, as opted in an event of major serious illness. Few of the diseases covered under this benefit are Cancer, Stroke, Paralysis, Major Organ Transplantation, Sclerosis, First Heart Attack, etc. Here, an insured need not have to anything with regard to medical bills; these two benefits do not work on the principle of indemnity.
This plan can be purchased by anyone more than 5 years of age with no cover ceasing age. The maximum entry age of this plan is 60 or 65 years, depends on certain conditions and it can be renewed for the whole life, as there is a facility of lifelong renewal. Thus, it is said that ‘Easy Health’ customers can avail benefits of overall coverage.