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Even the healthiest individuals can get sick unexpectedly and require expensive medical treatment. The inflation rate is very high in the country and medical treatment has become very expensive. Not being financially prepared to cover the cost of necessary medical treatment is not an option in such a situation. This is where a comprehensive health insurance plan comes into play to protect you and your family’s finances. It covers the cost of hospitalization, daycare treatment, ambulance charges, etc.
What is Health Insurance?
Health insurance is also known as medical insurance. A health insurance plan is a contract between the insurance company and the policyholder in which the health insurance company provides you with financial coverage against medical expenses incurred due to accident, critical illness, minor or major injuries, etc.
Policyholders need to pay a pre-determined amount (health insurance premium) to avail the coverage benefits of a health insurance policy. A health insurance plan offers various coverage benefits such as pre and post-hospitalization, home hospitalization, coverage for daycare treatment, annual medical check-up, etc.
Types of Health Insurance Plans
Health insurance can be a savior in the time of a medical emergency. There are 6 different types of health plans available in India to meet your unique healthcare needs. Let us discuss the different types of health insurance plans in detail:
1. Individual Health Insurance
Individual Health insurance is a type of health insurance plan that offers coverage on an individual basis. This type of health insurance plan covers the cost of medical expenses that arise due to accidents, critical illness, major or minor surgeries. Individual health insurance plans offer comprehensive coverage to an individual at the time of medical emergencies. It covers the cost of in-patient hospitalization, daycare treatments, OPD charges, etc.
2. Family Floater Health Insurance
Family health insurance is a type of health insurance plan that provides medical coverage to the entire family in a single health insurance plan. A policyholder can cover a maximum of 6 family members (spouse, dependent children, parents, and parents-in-law) under a family health policy. The sum insured amount will be split among all the members covered under the Family Health Insurance plan.
3. Senior Citizen Health Insurance
Senior citizen health insurance is a type of health insurance plan that provides medical coverage to individuals above the age of 60 years. If you want to buy a health plan for a parent or a senior citizen, you should opt for senior citizen health insurance. A senior citizen health policy covers the cost of medicines, doctor's consultations, pre and post-hospitalization, etc.
4. Critical Illness Health Insurance
Critical illness health plan is a type of health insurance plan that provides a pre-defined lump sum amount to the insured if he/she is diagnosed with a critical illness such as cardiovascular disease, cancer, renal failure, etc.
5. Group Health Insurance
Group Health Insurance is a type of health insurance plan that is designed to provide medical coverage to a group of people. Generally, a company or employer provides a group health insurance plan to its employees. Group health plans come with a low premium cost as compared to other health insurance plans. You can add your family members to the same policy. A group health insurance plan covers the hospitalization cost incurred due to injuries, illnesses, accidents, etc.
6. Top up Health Insurance Plan
Top up health insurance plans act as additional protection for you and your family at the time of medical emergencies. Top up health insurance is a type of health plan that replenished the sum insured amount up to a certain amount. It offers the higher sum insured amount over and above the basic sum insured amount.
How Does Health Insurance Work?
Health insurance works by providing financial protection to the insured person in case of a medical emergency. The insured person pays a premium to the insurance company. In return, the insurance company agrees to pay for the medical expenses incurred by the insured person up to the policy limit. In case of a medical emergency, the insured person can either get treatment at a network hospital where the insurance company has a tie-up, or they can get treatment at a non-network hospital and then claim reimbursement for the expenses incurred.
Importance of Health Insurance
As we all know that inflation in India is increasing day by day due to which the treatment is becoming costlier. In such situations, a health insurance plan can play a vital role in everyone's life. Buying a health insurance policy is the only way to deal with these situations and afford quality medical treatment in times of medical emergencies. Given below are some reasons to buy health insurance plans in India:
Lifestyle changes
Health insurance helps you fight against lifestyle diseases such as kidney failure, liver damage, heart disease, cancer, etc. These diseases are common in people over the age of 40 due to a sedentary lifestyle. A health insurance plan not only helps you identify these diseases at an early stage but also helps in providing financial protection in terms of their treatment.
Counter Medical Inflation
As you know, medical treatment is very expensive these days due to the high inflation in the country. A comprehensive health insurance plan helps you deal with this medical inflation as it provides financial protection in case of medical emergencies. Health insurance covers your entire hospitalization expenses such as pre and post-hospitalization charges, room rent, doctor's consultation charges, etc.
Secures Your Entire Family Members
A health insurance plan not only covers you but also provides coverage to your entire family members in a single health insurance policy (Family Health Insurance). Almost every health insurance company in India offers a family health insurance plan that allows you to cover yourself, your spouse, dependent children, your parents, and your parents-in-law. It reduces the hassle of buying multiple health insurance policies for every individual.
What is not covered under Health Insurance Plans?
The following situations and conditions are not covered under Health Insurance Plans:
Self-inflicted injury
Dental treatment
Obesity Treatment
Abuse of drugs and alcohol
Adventure sports
IVF Treatment
Cosmetic Treatment
injuries arise during a war-like situation
Breach of law/criminal activity
