The way life insurance plans cover the risk of death, health insurance plans cover the risks of illness. While acquiring a health insurance policy, you acquire a financial resource to take care of medical costs accrued during unfortunate moments and to keep your financial state intact.
Best Health insurance plolicies are bought to meet the two basic purposes:
• To save you from paying high costs of treatments when you do not want to compromise on the quality of healthcare.
• To avail medical treatment in a planned manner
Health insurance policy, by law, is a guarantee that the insurance company provides to the policy holder, to provide financial support to the insured needed during medical exigencies, in return of the fixed consideration called premium. The health coverage is provided as per the terms and conditions agreed upon by the policy holder in the policy.
What do Health Insurance Plans Cover ?
In general, health insurance plans cover hospitalisation expenses, encompassing charges related to ambulance, hospital room rent, operation theatre, doctor or surgeon fees, nursing, anaesthesia, etc.
The amount of health insurance premium is directly related to the total sum insured. Also, there are some certain conditions which a policy holder has to fulfil in order to avail of the treatment under a health insurance plan.
Types of Best Health Insurance Plans in India
• Mediclaim plan: Under this type of plan, one has to ascertain the total sum insured. This way, the maximum amount of coverage is mutually agreed by the insurer and the policy holder. Thereafter, in case of hospitalisation, the policy holder can raise claims as per the agreed terms and conditions. The claims are on the basis of actual expenditure incurred during treatment.
• Fixed benefit health insurance plan: As the term suggests, a policy holder receives a fixed amount for treatment, irrespective of the actual expenditure incurred by him or her.
Types of Coverage Offered
• Individual health insurance
• Family floater insurance.
While the former is self-explanatory, the latter is meant to provide coverage to different family members under the same policy. There is no limit on the number of claims during the policy period, but the collective amount of the claims should not exceed the total sum insured.
Health Insurance Riders
The riders or add-ons can be brought as attached benefits with health insurance policy in return of additional fee or can be bought as standalone policies. Most of the insurance companies offer the riders as given below, but there can be other kind of riders as well which your chosen company can offer you.
• Hospital cash
• Critical illness benefit
• Surgical expense benefit
Benefits of Health Insurance
• Hospitalization expenses covered (pre and post hospitalization charges as well)
• Domiciliary expenses covered (treatment availed at home that would have otherwise been availed in hospital)
• Day care treatments covered
• Pre-existing disease coverage (as per the conditions applied by insurance companies)
• Critical illness coverage
• Cashless facility
• Hospitalization cash benefits
• Tax deductions can be availed u/s 80 D of Income Tax act
• Coverage for every family member (if family floater plan is chosen)
• Riders chosen can provide additional benefits like hospital daily cash allowance, critical illness benefit or surgical expense benefit