Health Insurance
Health insurance is a financial tool that provides financial coverage for medical expenses. A health insurance policy is a contract between the insurance company and an individual. The individual pays a premium to the insurer and the insurer offers financial protection against healthcare expenses to the individual in return.
Health insurance covers wide-ranging medical expenses like the cost of medicines, surgery, doctor's consultations, room rent, ambulance charges and more.
Types of Health Insurance
There are two basic types of health insurance:Mediclaim or hospitalisation plans are the most basic type of health insurance plans. They cover the cost of treatment when you are admitted to the hospital. The payout is made on actual expenses incurred in the hospital by submitting original bills. Most of these plans cover the entire family up to a certain limit.
Critical Illness Insurance Plans cover specific life-threatening diseases. These diseases could require prolonged treatment or even a change in lifestyle. Unlike hospitalisation plans, the payout is made on Critical Illness cover chosen by the customer and not on actual expenses incurred in the hospital. The cover gives the flexibility to use the monies for changing lifestyles and medicines. Also, it's a substitute for income for the time you could not resume work due to illness. Payouts under these plans are made on the diagnosis of the disease for which the original medical bills are not required.
A family health insurance plan covers multiple members within the same family, such as the individual, as well as their spouse, father, mother, children and sometimes in-laws. These policies offer coverage to the entire family on a single health insurance premium, making it ideal for families who want a simplified and structured approach to health insurance.
Senior citizens health insurance plan offers financial coverage against medical expenses incurred by senior citizens. This health policy is catered to the needs of the elderly and ensures that their healthcare needs are adequately met without any financial constraints. It covers age-related health conditions, pre-existing illnesses, and other treatments resulting from illness or accidents.
Personal accident insurance plans offer financial protection against health complications arising out of an accident. These plans cover expenses like ambulance costs, surgeries, medicines and post-operative rehabilitation expenses, among other things.
An individual health care insurance plan covers a single person. It functions like any other health plan and offers financial coverage for medical expenses like surgeries, doctor’s consultations, medicines, ambulance costs, room rents and more.
Benefits of Health Insurance
Below are some benefits of health insurance plans:
Critical Illness Cover
Apart from basic healthcare expenses, health insurance also covers critical illnesses, such as cancer, health diseases, kidney ailments and more. These illnesses can require long-term medical care and burden you with high costs. Health insurance can be suitable to deal with these expenses so you can focus on your treatment and recovery.
Coverage for Pre-existing Illnesses
A health policy not only covers any future health complications that you may have but sometimes also pre-existing illnesses. At the time of purchasing the plan, you may have pre-existing illnesses, such as thyroid, diabetes, high blood pressure or others. Health insurance will cover the costs of these conditions after a brief waiting period and ensure optimal financial protection for you.
Quality Healthcare
Health insurance lets you access healthcare from a wide network of hospitals and healthcare providers affiliated with the insurance company. This ensures timely and quality medical attention when you need it the most.
Cashless Claims
Health insurance is a convenient tool that prioritises your well-being in your hour of need. You can avail of cashless claims without having to go through any lengthy claim procedures. The insurance company settles the bills with the hospital on your behalf. This streamlined process ensures you do not have to pay upfront and seek reimbursement later.
