With the cost of medical interventions going up, it has become imperative that the financial resources of a family unit are utilized judiciously to maximize & protect the family health. Getting health insurance at a young age is a good option for covering risks from ever increasing healthcare costs.

Personal Health Financing & Insurance

• Health insurance in the form of Family floater, Critical care and personal health policies are all available and should be accessed early to minimize costs.

• Access to various network hospitals & services provided by network of cashless claim plans must be carefully examined before taking a policy.

• Terms & conditions, including the understanding of which diseases are covered, which are excluded in synchronization with your risk factors must be considered carefully before buying a policy

• There is a period of time before a policy begins to cover some diseases which should be considered alongside the amount of cover being taken.

• Tax exemptions can & should be availed against sec 80 for insurance premiums

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The key elements in health insurance are advance payment of premiums, pooling of funds, and eligibility for benefits on the basis of contributions or employment without an income or assets test.

Health insurance may apply to a limited or comprehensive range of medical services and may provide for full or partial payment of the costs of specific services. Benefits may consist of the right to certain medical services or reimbursement of the insured for specified medical costs and may sometimes include income benefits for working time lost owing to sickness or maternity leave.

A health insurance system that is organized and administered by an insurance company or other private agency, with the provisions specified in a contract, is private, or voluntary, health insurance. Private health insurance is usually financed on a group basis, but most plans also provide for individual policies. Private group plans are usually financed by groups of employees whose payments may be subsidized by their employer, with the money going into a special fund. Insurance of hospital costs is the most prevalent form of private health insurance coverage; another type is major medical expense protection, which provides protection against large medical costs but avoids the financial and administrative burdens involved in insuring small costs.

If a system is financed by compulsory contributions mandated by law or by taxes and the system's provisions are specified by legal statute, it is a government, or social, health insurance plan. (See social insurance USA.) This type of medical insurance plan dates from 1883, when the government of Germany initiated a plan based on contributions by employers and employees in particular industries. In the United States, Medicare (medical insurance for the elderly) and Medicaid (medical insurance for the poor) are government health-insurance programs. The distinction between public and private programs is not always clear because some governments subsidize private insurance programs.

Quite different, however, are socialized medicine and government medical-care programs. In these systems, which are usually financed from general tax revenues, doctors are employed, directly or indirectly, by a government agency, and hospitals and other health facilities are owned or operated by the government. The National Health Service in the United Kingdom and the hospitals operated by the Department of Veterans' Affairs in the United States are examples of such systems. ____________________________________________________

Is insurance enough...

Prevention is better than cure. Keeping fit and regular exercise with regular health checkups helps. However, insurance is a additional safety net. Adequate insurance is usually a good start keeping in mind you risk factors. Nonetheless, adequate finances from insurance do not necessarily guarantee that you get good treatment, you will need to carefully select you doctor & specialist to get proper treatment.

How to find a good doctor; making the right choice...

• illaaj provides a transparent rating system for selecting the doctors you need nearest to you. This includes the services provided, waiting time, patient feedback and outcome analysis etc. which can help you choose carefully.

• Usually, it is best to have a family doctor who is well trusted and to ask for his advice on other specialists & tests, however, your own research & how much you understand & know about your disease would help you take the best decisions.

• illaaj recommends that you get involved in your own treatment by asking questions & equipping your self with knowledge & information especially regarding treatment options to take good judgment calls. illaaj can assist you in finding many of the answers that you want.

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