Rising medical bills ring an alarm bell for most Indians. Inpatient and outpatient medical expenses can significantly dent your wealth. While inpatient medical expenses tend to be higher, outpatient costs can accumulate over the year and cause a hole in your pocket. In this scenario, selecting a health insurance policy with OPD coverage is always wise. In this article, we will guide you through all the details of OPD coverage in health insurance. We’ll also understand how to calculate your health insurance premium accurately.
Understanding Health Insurance Premium
A health insurance premium is a monetary amount to keep your health insurance policy active. It is like a subscription fee you pay to your insurer regularly. You only get the required financial benefits during medical emergencies if you pay the premium on time. Make sure that you pay your health insurance premium promptly. It can be your best route to worrying less about excessive medical bills.
Health Insurance Premium Calculator
Getting an accurate estimate of your health insurance premium is now easy with a health insurance calculator. Selecting the right insurance coverage is your first step toward financial security for your medical needs. It is essential to stay clear about the type of coverage you seek. Identify whether you require extensive coverage or coverage only for your basic requirements. The premium of your health insurance policy would depend on your chosen plan.
A health insurance calculator is an online tool that you can use to get a fair idea about the premium of a health insurance policy. You must enter your details, such as age, insurance coverage amount, and medical history (if any). A health insurance premium calculator can provide the correct estimate of the premium you must pay for your health insurance policy. The best part is that you can even compare health insurance policies based on their premiums with the help of a health insurance premium calculator.
What is OPD Coverage in Health Insurance
OPD stands for outpatient services. OPD coverage in health insurance covers outpatient services not included in your regular health insurance plans. The reasoning that drives the primary use case of OPD coverage in health insurance is that you might only require hospitalisation for some of your medical issues. For example, you might have to visit your doctor for a not-so-major or critical medical issue at a clinic or a hospital. All you would require in that case would be consultation with your doctor, diagnosis at a pharmaceutical laboratory, and purchasing medicines at a pharmacy. You would be required to bear these expenses out of pocket if you do not have OPD coverage in your health insurance.
Benefits of OPD Coverage in Health Insurance
Having OPD coverage in your health insurance policy has several advantages. Some of the most important advantages are:
- You can easily claim your medical expenses without being hospitalised.
- An OPD coverage policy covers your doctor’s consultation fees, diagnostics charges, and pharmacy bills.
- You can save on your income tax deductions with an OPD coverage health insurance policy.
- Most importantly, you can save on any additional financial burden for treating pre-existing conditions or chronic illnesses that usually require multiple visits to the OPD.
Conclusion
Medical expenses in India have seen an exponential rise in recent times. According to the Health Report of Corporate India 2023, healthcare expenses have affected over 90 million people in India. They shell out more than 10 percent of their total expenditure on healthcare expenses. Both inpatient and outpatient medical bills can burn a hole in your pocket. This article shows how you can take the first step towards the right insurance plan by accurately calculating the premium with a health insurance premium calculator. You can visit the official ACKO website to get an accurate estimate of your health insurance premium.
