Today, chances of getting sick is increased in very high rate, same as medical expanses. it will cost you around 1,000-10,000 for very minor and normal medical problem and may rise high in case of abnormal illness. this expanses can dig a big hole in your pocket, make your financial cycle unstable and may impact your savings or future plan as well. Hence, to avoid all these problems, Taking a health insurance is better option today.
What is Health insurance.
Health insurance is a financial package provided by the insurance company to group / individual in case of medical emergency of the insurer to met his/their medical as well as surgical expanses.
Health insurance will helps insurer financially and mentally while having medical emergency by providing cashless services where insurer doesn’t need to arrange the cash for treatment or to pay any bills for medical treatment. If case of non-cashless services, insurer can claim his medical expanses in later stage.
Type of Health Insurance
- Personal Health insurance
- Mediclaim insurance
- Family Health insurance
- Senior Citizen Health insurance
- Corporate Health insurance
- Group Health insurance
- Critical illness cover
- Accidental cover
- Corona Cover
Personal Health Insurance
Individual health insurance plans offer insurance assurance with advantages, for example, credit only hospitalization, reimbursement, remuneration for costs caused on pre and post hospitalization costs, inclusion for domiciliary treatment and some more. Individual health plans accompany add-on covers too to improve the fundamental health insurance inclusion, at an insignificant charge.
Mediclaim insurance
A Mediclaim is a form of insurance wherein the insurance providers reimburse the policyholder for any medical expenses that he/she might have incurred in the policy period. The insured can either submit the relevant bills to get reimbursed or avail completely cashless facilities at the insurer’s network hospitals.
Family Health insurance
Family health insurance offers insurance coverage to entire family against a single premium. Under this health plan, a defined sum insured is divided among the policy members equally, which can be availed either by one or all members of a family for one or more claims during the tenure of the policy. With a family health plan, almost all the family members can be added under a single health insurance premium.
Senior Citizen Health insurance
Senior Citizen health insurance plans offer insurance coverage to the age group between 60 and above. The health insurance plan covers hospitalization expenses including in-patient expenses, OPD expenses, Daycare procedures, pre, and post-hospitalization expenses along with tax deduction benefit u/s 80 D.
Corporate Health insurance
More than 80% of employers these days provide health coverage to their employees. The health insurance offered by an employer covers hospitalization expenses of the employee and his/her family including spouse, children or parents. It is a wise decision to opt for the mediclaim offered by your company as you need not pay any premium. This comes under a group health insurance policy and the premium is paid by the employer, based on the group size and the benefits offered.
Critical illness cover
Critical illness health insurance plans offer a lump sum amount in case the insured is diagnosed with a critical illness such as kidney failure, paralysis, cancer, heart attack, etc. Usually brought as a standalone policy or as a rider, the sum insured is pre-defined, where the insured has to survive a particular survival period after being diagnosed to avail the policy benefits.
Accidental cover
Personal Accident Insurance is a arider cover that offers insurance coverage in case of an accident leading to disability or death. The policy coverage includes hospitalization and bears the medical outlay in the event of an accident. A fixed monetary benefit is offered in case of an unfortunate event leading to loss of income.
Corona Cover
Post COVID-19 outbreak, the IRDAI has also launched two Coronavirus specific health insurance plans i.e. Corona Kavach health plan and Corona Rakshak health insurance plan. Corona kavach is a family floater plan while Corona Rakshak is an individual coverage based plan. Both the polices cover COVID-19 hospitalization expenses, including the cost of consumable items like masks, gloves, PPE kits, oximeters, ventilators, etc. that make the major portion of the hospital bills. If someone has a health insurance policy then also any of these coronavirus health insurance policies can be purchased to ensure safety of your loved ones during the ongoing pandemic.
Reference : – Policybazar.com, Bankbazar.com
