What is health insurance? How to invest in health insurance plans? What are the coverage guidelines? What are insurance benefits? Those new to insurance are usually seen finding answers to these questions. But before getting into the details, let’s get a basic understanding of health insurance.
Accidents, illnesses or disabilities never come informed. These sudden health issues might cause you a major financial loss. This is why it is suggested to save beforehand. But, how does one do that? This is where insurance policies come in. A type of Insurance Coverage, health insurance compensates you for various medical and surgical expenses incurred. It is a coverage provided by the Insurance companies to protect you from unforeseen medical expenses that might occur in the future.
With rising healthcare costs, the need for health insurance plans is increasing as well. The health Insurance Claim can be settled in two ways. It is either reimbursed to the insurer or is paid to the care provider directly. Also, the benefits received on health insurance premiums are tax-free.
The health insurance companies offer various types of policies as mentioned below:
This insurance covers the risk of any serious illness. It protects you from any critical illness that might occur in the future. The premium you pay for this insurance gets you a cover for a certain sum assured. In case of illness, the insurance company honors claim till the sum assured value.
For example, you buy a health policy for which you pay a premium of INR 10,000 and the coverage that you get is INR 10,00,000. So, when you are diagnosed with any critical illness in future, the insurance company will cover your medical expenses up to the sum assured of INR 10,00,000. Some of the various crucial illnesses covered by insurance firms include cancer, major organ transplant, stroke, first heart attack, kidney failure, paralysis, multiple sclerosis etc.
It is a type of insurance where the insurer is reimbursed for the hospitalisation charges. Also, the cost of medication or surgery, that you or your family members went through for diseases covered in this insurance are reimbursed. These policies are commonly known as “Mediclaim Policies”.
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It is one of the simplest types of health policies. Under the individual mediclaim policy, you receive compensation for the hospitalisation expenses occurred by you up to a certain assured limit. Let’s understand with an example. If there are three members of your family and each one of you gets an individual cover of INR 1,00,000 under this policy then all the three policies are different. Each one of you can claim separate INR 1,00,000 if needed.
Under the family floater Plans, the sum assured limit covers the medical expenses of the entire family or certain individuals that come under its cover. The premium paid under this plan is comparatively less than that paid under the Individual Medical Plans. Let's understand with an example. Assume that a family of four members gets a Family Floater Plan and is allowed a claim of INR 10,00,000. Now, any individual from that family can claim an amount up to INR 10,00,000 as mediclaim. Also, if a person has claimed INR 4,00,000 in a specific year, the mediclaim amount for other family members gets reduced to INR 6,00,000 for that particular year. From the next year, the amount again gets refreshed to INR 10,00,000.
Unit Linked Plans or ULIPs are plans that are linked to investments in which one can earn returns. So, when you choose a Unit Linked Health Plan you associate a health insurance with that investment. With this insurance, you earn returns at the end of the insurance term depending on the Market performance. Though these plans are expensive, they are recommended to those having a sound market knowledge.
Group health policy or Group Mediclaim guards the regular employees and their dependents covered under the policy in case of hospitalisation due to certain disease or injury.
There are numerous types of health insurance offered by New India Assurance Company. Almost all the pans have cashless Facility for you.
Oriental Health Insurance helps you to pick a plan that fulfills your insurance expectations. There are various plans offered to you which covers wide facilities like cashless treatment, daily cash allowance, attractive discounts of premiums, quick claim settlement, etc.
Oriental health policies offer insurance cover to the following category of population -
a. Persons with Disabilities (PWD) b. Persons affected HIV/AIDS c. Persons affected with Mental illness diseases
Here's are the following health insurance products by Oriental -
Apollo Health Insurance is packed with diverse plans that caters to your needs. It helps you meet your medical expenses by Offering financial assistance. You can buy a health insurance plan for your family or individual.
A reliable health insurance plan protects you from sudden medical expenses. It reimburses your bills or pays the medical care provider directly on your behalf. The health plan offered by ICICI Lombard covers the cost of hospitalisation, daycare procedures, medical care at home (domiciliary hospitalisation), ambulance charges, etc. It also helps you boost tax savings under section 80D of the income tax Act, 1961.
Below are some of the mentioned health insurance plans by ICICI Lombard:
With Bajaj Allianz, you can check out various health insurance quotes online and figure out the one that is most suited to your budget. Also, you not only get covered for the medical expenses, but also get facilities such as cashless treatment, quality health care, tax benefits, extensive coverage, cumulative bonus, free health check-ups, etc.
Below-mentioned are the types of Bajaj Allianz Health Insurance plans you can opt:
To cater to the diverse needs of the customers, Max Bupa Health insurance provider has come up with different types of health insurance policies such as individual health insurance, family floater insurance policy, critical illness health cover, top-up insurance cover, and senior citizen health plan. Additionally, the plans offers various features like cashless hospital & health network, quick and convenient doctor consultations, doorstep connect for diagnostics & pharmacies, hassle free claims reimbursement process, etc.
The health insurance plans by Reliance not only gives you security from unforeseen medical expenses, but protects your life savings as well. The multiple benefits offered by the plans are - Cashless hospitalization in 7300+ hospitals across India, tax benefits under section 80D of the Income Tax Act, better discounts under special conditions, no claim bonus discount, pre and post hospitalization expenses, annual health check-up, etc.
TATA AIG offers a unique Range of health insurance plans that fulfil various needs of the customers. The company also ensures facilitating with various features such as paperless policies, cashless claims, tax benefits, ambulance cover, no-claim bonus, Ayush cover, no co-pay, etc.
The purpose of buying a health plan is to get financial support at the time of medical emergency. HDFC Ergo Health Insurance offers various types of health plan that will secure your finances during emergency medical issues.
Aditya Birla Health Insurance offers a range of personalized health plan features such as - maternity benefits, organ donor treatment, emergency ambulance cover, cumulative bonus, pre-hospitalization cover, etc.
Some of the medical plans offered Aditya Birla Insurance are:
You must not pick the plan randomly. Rather compare between different health policies and go for the best. This exercise may consume some time, but will be beneficial for a lifetime, as the policy will stay with you for the long-term.
Your prospective plan should offer cover against a wide range of medical expenses. Depending on your family medical history, you should take adequate cover on your policy.
Pick such policy which can be customized with other riders.
Paying premiums regularly on-time for a long-term is a commitment. Therefore, ensure you opt such a policy which is affordable for you in all situations.
As a matter of fact, health is an essential wealth. And to maintain a healthy life getting a health insurance is important. It creates a safety net in case of any unforeseen medical expenses.However, it is suggested to choose a health policy wisely. Do not just look for low-premium plans, know the best-suited plans for you, the claim ratio (of the insurer) and the claim process well before you buy. So what are you waiting for? Get a health insurance now! Insure your health for a better future.
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