Health Insurance – it’s one of those things people tend to put in the back seat, mostly because none of us believes that we may get sick and not be able to pay the bills. But can you imagine how tough a situation can become if the sole earner of a family is now in a hospital bed? Well, the statement is not to scare you – it’s just to throw light onto a scenario wherein we already know that these things can happen yet choose to do nothing about it. It’s one of the main reasons why more than 70% of medical expenses are borne by individuals when they could be easily covered with a health insurance policy.
So, what is health insurance and how can it benefit you?
Basically, it is an agreement where a health insurance company agrees to pay the compensation for medical expenses in case the insurer meets with an accident or falls ill. A health insurance policy would usually cover expenses such as consultation fees of a doctor, ambulance charges, cost of various medical tests, hospitalization, surgery and post recovery charges to some extent. The insurance companies also provide compensation in case of loss of income due to an accident. As without health insurance, the hospitalization cost can burn a hole in your pocket and can derail your finances.
Today, in the market we have so many insurance companies who are offering their health insurance products; there is no dearth of choice. So, what’s the right time to buy a health insurance plan? It’s now! Yes, when you have good health and you are in your 30’s is the best time to plan and buy a product for you and for your family. Here, we are listing out the type of health insurance plan guidewhich you can select accordingly:-
Types of Health Insurance Plan
For Individual: – The plan covers all the health and hospitalization expenses of the insured. The premium for such health insurance policies is decided as per your age, existing medical conditions, etc.
For Family: It is also known as ‘floater plan’. This sort of plan provides coverage for you and for your family members against multiple diseases. With this policy, you get cover for the family members you choose to include under the plan. Under the plan, the benefits can be availed by all the members of your family or by any one individual in the family.
For Senior Citizens: Health insurance plans for senior citizens are designed in a way that any individual who is in the age group of 55 years to 65 years old can be covered from the various health issues during old age. The insurance regulatory of India has mandated that the maximum entry age for any standard health insurance plans offered by the insurers should be at least 65 years.
Critical Illness Health Insurance Plan: – Previously, there was no standard definition of critical illness and every insurer had own criteria’s. Then, IRDAI standardized the 11 critical illness terms and hence the Critical Illness Health Insurance Plan. The product covers serious diseases like Heart-attack, cancer, kidney failure (who require regular dialysis), etc. Most of the people who have a health insurance policy often think that they are covered for all kind of health-related emergencies. This is not true. If a person gets diagnosed with a critical illness, people find that their health insurance policy covers only the limited hospitalization expenses with a cap on doctor’s consultation fees.
Well, the coverage amount for Critical health insurance plans varies from one insurance company to another. Usually, the medical expenses or the treatment cost in the critical illness is very high; hence to combat with this one must get a critical insurance plan.
Maternity Plan: – As a responsible parent, it becomes your prime duty to suitably prepare yourself for the up-coming cost related to pregnancy and your baby’s delivery. As medical costs are increasing day by day. Hence, one must consider maternity insurance while deciding health insurance plans. A maternity Health Insurance Plan covers all your expenses in the pre-natal and post-natal phase. The plan covers the act of delivering the baby i.e. delivery expenses, whether it is normal or cesarean, the cost of vaccinations (at it can be very expensive, thus it cover the cost incurred for the first year). There are many insurance companies that cover expenses prior to 30 days of hospitalization and 60 days post hospitalization. In addition to all this, the plan takes care of your hospitalization costs i.e. Room charges, surgeon charges, ambulance, nurse and medical practitioner charges.
No matter what combination of health insurance plans you choose, just make sure that you assess your need and communicate to an insurance company properly. One must keep in mind that your personal life and health of your family members always remains the best investment
Hope this information helps!