Falling ill is terrible by itself, without having to worry about the medical bills that follow. However, with a good insurance plan, it is often possible to mitigate the expenses that accrue due to hospitalisation and ill health. One of the most ideal policies for people who are looking for comprehensive coverage without having to shell out a large amount of money is the basic medical expense insurance policy.
Hospitals and medical treatment can often be extremely expensive, and even for people who have a steady income, may be hard to navigate through. Further, certain types of illnesses often require repeated hospitalisation and care, and this can also add to increased expenses and stress for the entire family. It is estimated that most bankruptcy cases in the United States are filed due to medical debt.
Just as with any other emergency, medical emergencies are often not foreseen. Despite budgeting and having a decent amount of savings, medical bills can often soar, making it extremely hard for the individual or family to repay. It is for this reason that it is extremely important to have at least a basic coverage policy to protect yourself.
What exactly is a basic expense medical insurance policy?
As the name suggests, this is a type of basic policy that pays the benefit upfront in the event of a health concern, without any deductible based parameters. However, such policies typically have a specific pay-out amount and duration. Additionally, depending on where you choose to opt for the policy from, the type of coverage that may be provided (such as for which diseases or what type of medical services) may also vary. With a good basic medical expense insurance policy, you are likely to be covered for almost all types of medical services.
What do basic medical insurance policies typically cover?
Here are some of the expenses that a basic policy covers:
- Hospital expenses: Arguably, the most expensive aspect of medical treatment is the room / hospital costs. Basic insurance typically covers boarding and room charges and associated miscellaneous and ancillary expenses.
- Surgical expenses: Surgeries require the services of a variety of doctors (depending on the nature and duration of the surgery), such as the main surgeon, their assisting teams, anaesthesiologists, and nursing, amongst many others. These expenses are also typically covered under a basic policy.
- Nursing: Apart from the nursing care provided in the operation theatre or during the surgery, often, recovering patients also require nursing care.
- Physician’s expenses or consultation expenses: Before or after a surgery, patients are often recommended to visit physicians for various diagnostic and treatment-based reasons. A good policy typically tends to cover these expenses as well.
Should I opt for a basic expense insurance policy?
The importance of medical insurance cannot be overstated. Having at least a basic medical policy is not just sensible from a medical perspective but is also important in terms of financial prudence. Further, given that these policies typically do not involve any deductibles, it is often easier to navigate a claim under such basic policies.