Pinduoduohomes|Before knowing about health insurance

Why is health insurance important to have health insurance?

Before knowing about health insurance let’s have some general idea about insurance.

Insurance is a type of financial service that protects you against various risks associated with personal life or business activities. This risk can be due to sudden illness, accident, fire, or damage due to natural calamities, etc. These risks may cause you to suffer financial loss and financial compensation is provided against any loss you incur through insurance. Insurer or insurance company provides financial benefit in case of loss due to risk covered in insurance contract or insurance policy.

More simply, insurance is an agreement between the insurance company and you through which you can claim financial compensation for losses caused by certain risks. The insured person or organization accepts the insurance policy, entering into an insurance contract.

Pinduoduohomes|Before knowing about health insurance let's have some general idea about insurance.
insurance let’s have some general idea about insurance.

What is health insurance?

Health insurance is a type of insurance policy that provides financial assistance or compensation against the treatment of an unexpected illness, disease, or accident. The insurance policy determines and provides financial benefits or reimbursement for the insured’s medical expenses.

The use of health insurance in Bangladesh is still not very high as most insurance companies do not offer health insurance policies at the individual level. Although various organizations have group health and life insurance policies for their employees, not many people get insurance coverage through them. Because of this, it is still quite difficult for common people to get health insurance coverage. To come out of this problem, Bimafai is working with various reputed insurance companies so that the people of Bangladesh can easily understand and purchase health insurance policies. You can choose the health insurance policy according to your needs and preferences from the Bimafai platform.

Why should everyone have health insurance?

Each person should have health insurance, gaining them numerous benefits, some of which are listed below:

1. Health insurance provides you with financial protection against unexpected illnesses or accidents, allowing you to be financially prepared for any emergency.

2. Having health insurance allows you to get better quality health care because provides financial support to you **

3. Having health insurance means you don’t have to spend your savings on medical expenses, and you can rest assured

With health insurance, you can get a large amount of financial protection for the small amount of premium, so your medical expenses are reduced because you get reimbursement or a certain amount of compensation through insurance claims.

Types and details of various health insurance policies in Bangladesh

Although there is not much modern health insurance available at the individual level in Bangladesh, the following are the types of policies that are available:

1. Hospital Reimbursement Policy

The most common health insurance policy in Bangladesh is the Hospital Reimbursement Policy which various organizations take for their employees. These types of policies usually stipulate an annual sum assured (total coverage) and the insured gets reimbursement of medical expenses up to this amount against hospital treatment expenses. Sometimes these policies include life insurance and outpatient treatment (like outdoor visits, tests, etc.) coverage to ensure your complete protection.

For example, you have a hospital reimbursement policy with a total annual insurance coverage of Rs.50,000. All of a sudden you have a sudden illness and it costs 35,000 rupees to get treated in the hospital. In this case you can get refund up to Rs 35,000 by insurance claim. Certain medical expenses may not be covered by the policy (eg: disposable items, visitor’s meals etc.); In that case the insurance company will not pay those expenses. Therefore, before taking any health insurance policy, it is better to know its terms and conditions.

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2. Hospital Cash Policy

Hospital Cash (HospiceCash) is a simpler type of health insurance policy through which the policyholder receives a fixed amount of cash compensation on a daily basis against hospital treatment. These types of policies often come with life insurance and outpatient medical expense coverage, and the premiums for these types of policies are relatively low.

For example, your hospital cash policy provides financial compensation of Rs 3,000 per day for medical treatment in hospitals for valid reasons

You had to stay in the hospital for three days because of your illness. In this case, you will get a maximum compensation of Rs 9,000 irrespective of the amount of your hospital treatment expenses.

These types of policies usually do not have coverage for certain diseases and require waiting for certain days to claim the insurance. So, it is better to note these things before taking a health insurance policy.

3. Chronic Disease Policy

Critical illness policies usually provide a lump sum financial benefit for certain specific terminal illnesses (such as cancer, heart attack, stroke, coronary artery bypass surgery, organ transplant, etc.). Depending on the policy, this sum of money may be available for a fixed amount on diagnosis, and may also be subject to reimbursement against medical expenses. A critical illness policy is one that covers only certain critical illnesses in an insurance contract. The premium for this type of policy is usually very low and many times it can be of great benefit to you.

Pinduoduohomes|Critical illness policies usually provide a lump sum financial benefit for certain specific terminal illnesses
Critical illness policies usually provide a lump sum financial benefit for certain

 

Why is BIMFI the best platform for health insurance?

Bimafy (bimafy – bimafy.com) is Bangladesh’s first online insurance marketplace, where you can easily order your required insurance policy and submit insurance claims online. Bimafai is not an insurance company, it is an online platform through which you can take insurance services provided by various insurance companies online. This is a completely new service for the people of Bangladesh through which you can take various necessary insurance services more easily.

At Bimfy you will find health insurance policies from the best insurance companies at one place and compare and select the right policy for you. Currently, policies from Pragati Life, Green Delta, Guardian Life, and Chartered Life insurance companies are available on our platform. Our customer service representatives are always on hand to assist you in choosing the best policy within your purchasing power.

Also when you need to raise an insurance claim you can easily raise your claim online through BimFi without any hassle. Our Insurance Claims Processing Department forwards all claims to insurance companies and tries to settle them at the earliest. So you can rest assured that getting an insurance claim through BIMFI is now very easy.

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