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Are you wondering about – what is health insurance?
Well, health insurance is a type of insurance coverage that pays for the covered medical and surgical expenses of the person insured. It provides financial protection in case of an unexpected medical emergency.
You pay a premium to the insurance company, and in return, they cover your medical bills as per your policy terms. But what type of health insurance plan should you buy? And what aspects should you consider when buying health insurance?
Let us find out.
Types of Health Insurance
There are various types of health insurance policies that you can choose from based on your healthcare requirements:
● Critical Illness Insurance Plans
Health insurance is necessary for everyone, especially for those with chronic illnesses. For example, health insurance for kidney patients is particularly important as they require regular and expensive medical treatment.
Critical illness insurance helps you financially if you get a serious illness like heart attack, kidney failure, or blindness. It pays a lump sum to cover treatment, lost income, and other expenses related to the illness.
● Individual Health Insurance
An individual plan covers your medical expenses. The premium varies based on age, health, and other factors. The coverage can range from basic hospitalisation expenses to comprehensive coverage like pre and post-hospitalisation expenses, doctor fees, ambulance charges, health check-ups and other medical costs.
● Family Floater Health Insurance
A family floater plan covers the medical expenses of the whole family. The coverage can be shared among all family members. It covers hospitalisation expenses, pre and post-hospitalisation expenses, etc.
● Senior Citizen Health Insurance
A senior citizen health plan provides coverage for individuals above 60 years. The premium for such a plan is usually higher than the individual plans as older individuals are at higher risk of developing health conditions. Senior citizen health insurance benefits are coverage for hospitalisation bills, pre and post-hospitalisation expenses, etc.
● Personal Accident Insurance
A personal accident insurance plan provides you with financial support in case of an accidental death or disability. Premiums depend on age, occupation, and coverage. It covers accidental death and permanent disability (full or partial) and may even provide an education fund for your children in case of your unfortunate demise.
Checklist for Buying Health Insurance Policy
Health insurance is a vital step towards well-being. You must know the coverage offered by health insurance plans, exclusions, and hidden clauses, if there are any. Let us explore the things you should consider before buying a policy:
- Healthcare Needs: Assess your healthcare needs, including any existing medical conditions, and choose a policy that provides adequate coverage.
- Premium Costs: You may compare premiums for different policies and choose the cheapest health insurance plan.
- Cashless Facility: Check if the insurance provider offers the option of cashless claims. It makes settlement easier.
- Plan with Lifetime Renewability: Choose a health insurance policy with a lifetime renewal option. As you grow older, your healthcare needs will increase and so will the need for coverage.
- Claim settlement Ratio: Check the claim settlement ratio of the insurance provider to be sure of getting coverage in times of need.
Conclusion
Health insurance is extremely important as it provides financial assistance for medical bills. For those with chronic illnesses, health insurance is especially vital. Understanding the types of plans available and their features can help you choose the right coverage for your needs.
