The times may have changed but the old adage 'health is wealth' still holds true, perhaps more today than ever before. With the certain degree of uncertainty that surrounds one's health, it is important to exercise some level of control to prepare for health-related expenses. That is where medical insurance comes in!
A health insurance policy is a product that protects you against the financial implications of a wide variety of health-related expenses, ranging from those caused by minor illnesses and injuries to critical diseases. Therefore, health insurance plans and the sum insured serve as a protective financial shield for you should you be faced with a major medical expense.
Types of Health Insurance
Individual Health Insurance
An Individual Health Insurance plan is meant for a single person. The individual who gets himself insured with this plan is compensated for the expenses incurred for illness and medical expenses. It cover all the hospitalisation, pre and post medication expenditures till the insured limit is reached.
Family Health Insurance
Family Health Insurance Policy secures your entire family under a single cover. Health insurance plans for family covers all the members of your family including your spouse, kids, and elders. Only one member of the family has to pay the premium, and the entire family gets insured in a single premium.
Critical Illness Insurance
The Critical Illness Insurance plan insures the person by offering a lump sum amount of money for life-threatening diseases. At the time of buying the insurance, the chosen health problems are included, and if you get affected by any of the pre-selected conditions, you can claim your critical illness insurance.
Senior Citizen Health Insurance
The Senior Citizen Health Insurance will offer you coverage for the cost of hospitalisation and medicines, whether it arises from a health issue or any accident. It covers hospitalisation expenses and post-treatment costs too. On top of this, some other benefits like Domiciliary benefits are also being covered.
Illnesses and accidents do not come with a pre-notification. The same goes for the expenses that one has to bear once the person gets hospitalised for any of these. Therefore, one should go for buying a Mediclaim Policy. The Mediclaim Policy ensures compensation for your hospitalisation expenses in case of any illness and accident.
Group Health Insurance
Group Health is one of the up and coming types of health insurance plans trending these days. Many medium and large-scale enterprises are offering this insurance policy to the employees. This type of health insurance is bought by the employer of the company for its employees. Its premium is comparatively lower than the Individual Health Insurance Policy.