Insurance is the best way of securing yourself financially in case of sudden mishaps. Insurance dost not mean that you wish ill for yourself, but you are simply taking precaution for the future. All forms of insurance are important, but health insurance probably holds higher priority. For those who are new to health insurance, let’s begin with the basics:
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What Is Health Insurance?
Health insurance is a part of General Insurance. Do not confuse Health Insurance with Life or Term Insurance. Even though, all the three are related to a person’s well being they do not belong to the same category of insurance policies. Health insurance is supposed to lend financial help for short or quick health issues resulting in medical attention. Whereas, Life and Term insurance are long-term policies that assure a lumpsum amount of money after certain conditions are met.
You might have heard of mediclaim policies which prove to be helpful in case of hospitalization. These mediclaim policies are a part of Health Insurance. It provides a financial support, not only in case of hospitalizations but also for an array of things associated with your health.
What Are The Types Of Health Insurance Plans?
The type of a Health Insurance policy depends upon the coverage it offers. Here are the different types of Health Insurance policies available in India:
Personal Accident Insurance
With this plan, you can safeguard yourself financially in case of major accidents that leads to temporary or permanent disability. In case of death of the policyholder, the next of kin is given a lump sum amount.
Mediclaim or Comprehensive Health Insurance Plans
This is a comprehensive plan that covers the cost of hospitalization up to a predefined limit. It is possible to add your family members to this plan.
Family Floater Plans
As the name suggests, this is a consolidated plan which covers the whole family. Thus, members of a family need not buy separate health insurance plans.
Health Insurance Plans for Senior Citizens
This plan is specially designed for the cost of treating elderly people as their health issues might not be similar to other people. With health insurance, a senior citizen can avail medical facilities seamlessly.
Critical Illness Plans
Nowadays, it is possible to financially safeguard yourself beforehand if you feel you are susceptible to certain critical illnesses. Specific illnesses like cancer, stroke, a heart attack can be covered under this plan as the cost of treatment of these illnesses is higher in the advanced stages as compared to others.
Disease-Specific Plans
This plan is similar to a Critical Illness Plan, however, the difference is that a Disease-Specific Plan covers the cost of treatment from the very beginning of the diagnosis of an illness.
Daily Cash Benefit Plans
You can set a fixed amount for the daily spend during hospitalization with the help of a Daily Cash Benefit Health Insurance. The amount paid will be as per the terms and conditions of the health insurance plan.
Top-up and Super Top-up Plans
Every health insurance plan has a limit till which it can pay for the cost of treatment and hospitalization. Top-up and Super Top-up Plans are beneficial if you have exhausted this limit. A top-up plan will help you pay the remaining amount after the limit of your health insurance plan is met. A super top-up plan works in a similar manner but irrespective of the limit or number of claims you make in one policy year.
Now that we have introduced you to health insurance, please feel free to explore more articles below.
