Everything you need to know about Health Insurance

In this era of uncertainty and new illnesses being discovered everyday, a medical emergency can strike any of us at any time. With healthcare costs shooting through the roof, a single medical crisis can drain a person or even a family’s entire savings pot , resulting in substantial emotional and financial duress.

Why Health Insurance ?

Health Insurance Coverage can protect you from an unprecedented medical emergency by covering your medical expenses like hospitalization and surgery costs, laboratory tests, and post hospitalization care etc. Health insurance policies provide benefits like Cashless Treatments, Critical Illness Care, No Claim Bonus (NCB) and even Tax Benefits.

Types of Health Insurance:

While everyone requires a health plan, a one-size-fit-all health plan is not possible because not all of us have the same medical needs. Hence, depending upon your requirements, health insurance plans are divided as follows:

  • Individual Health Insurance Plans are basic health insurance cover at a minimum premium rate for an individual’s cost of care (hospital fee, reimbursement of treatment cost, etc.). There is an option of add-on covers to suit individual health needs.
  • Family Health Insurance Plans offer medical cover for all members of a family against a single premium. A fixed sum is divided equally among policy members and is available to one or all members of a family for one or more claims.
  • Senior Citizen Health Insurance Plans cover people aged 60 and above and are customized to suit their needs like daycare procedures, in patient expenses and tax benefits u/s 80 D of Income Tax Act, 1961.
  • Critical Illness Insurance Plans offer a pre-specified, lump sum amount in case of diagnosis of critical or terminal illness such as kidney ailments, Cancer, AIDS etc.
  • Maternity Health Insurance Plans cover maternity benefits like delivery, pre and postnatal care. Some maternity plans cover vaccination costs of newborn and transport fee to network hospitals.
  • Personal Accident Cover offers coverage to riders in case of a motor accident, leading to disability or death. A fixed sum is offered in case of an accident leading to loss of income.
  • Group Health Insurance Plans are purchased by employers to cover employee’s and his/her family’s medical expenses. The employee can opt for a mediclaim policy where the premium is paid by the employer.
  • Unit-Linked Insurance Plans are insurance-cum-investment plans which can help you manage your savings and accumulate a corpus to cover additional medical expenditures which are not covered under your health insurance coverage.

Advantages of having a Health Insurance Cover include:

  • Coverage of pre and post hospital expenses
  • Cashless Treatments
  • Ambulance Fee
  • No Claim Bonus
  • Tax Benefits
  • Room rent coverage
  • Medical Check Up Facility

How is Health Insurance different from a Mediclaim Policy ?

A mediclaim policy only covers hospitalization costs in case of an accident/illness up to a pre-decided sum, usually not beyond ₹5 Lakh.

A health insurance plan is a more holistic policy which covers pre and post hospitalization medical expenses along with covering accessory treatment costs like laboratory test costs, room rent, daycare etc. and offers many benefits.

Read carefully about the various health insurance plans available today and choose one which covers your medical needs at the right price.

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