Medical emergencies are unpredictable and come without warning. Such situations are followed by immense stress if you are not financially strong. For this reason, every individual must have a health insurance plan. It is best for better handling of medical emergencies and to beat rising inflation in the healthcare sector.
However, taking the best life insurance policy requires some research. There are several health insurance plans available in India, and you must buy one that suits your requirements the best.
Let’s look at the benefits and types of health insurance plans in India.
What is Health Insurance?
A health insurance plan is an agreement where the insurance provider promises to take a guarantee of compensation of medical costs in case the insured falls ill or meets with an accident leading to hospitalisation.
These days, a health insurance plan has become essential. It is important for you and your loved ones to be covered under a health plan because of pricey medical care, especially in the private sector.
In fact, health insurance plans can work like a saviour in times of illnesses and accidents, especially if it is the breadwinner on the bed.
What are the Benefits of Health Insurance?
Now that you know what is health insurance, you must be eager to know why you should buy one!
In today’s times, buying the best health insurance policy is important as healthcare costs are increasing in India. This is especially true if you prefer to get medical treatment from the private sector.
Sickness and hospitalisation caused due to road accidents can put you in a financial struggle. However, you can avoid such circumstances by paying a premium at regular intervals. A health insurance plan reduces your stress in times of medical emergencies.
Types of Health Insurance Plans
With exponential growth in health-related problems, there is a massive increase in costs too. The good piece of news is that an individual can choose from several health insurance plans available in India. Check them out!
Cancer Insurance Plan
It goes without saying that cancer is one of the deadliest diseases across the globe. Even with such advancements in the field of healthcare, scientists have not been able to find a cure for this disease.
Plus, cancer is also one of the most expensive conditions to treat. This is where a cancer insurance plan can help. Such plans offer comprehensive protection against all cancer stages.
With this type of health insurance plan, you get a portion of cover at the time of diagnosis of cancer and all future premiums are waived. If cancer gets detected at a major stage, you receive a full cover with an additional income for a certain period.
Critical Illness Insurance Plan
A critical illness plan is designed to help with certain illnesses. Since lifestyle diseases are on the rise, having financial cover against such illnesses is important.
Given the medical costs, it’s evident that treating such conditions can be a costly affair. A critical illness insurance plan can mitigate the costs to some extent.
In a critical insurance plan, you receive a pre-decided amount on the detection of illness. Some diseases covered under a critical insurance plan include –
- Kidney failure
- Stroke
- Major organ transplant
- First heart attack
Individual Health Insurance Plan
An individual health insurance plan is made for individuals only. Under this type of health insurance plan, you receive the incurred amount during hospitalisation. The policyholder can claim the basic sum insured.
Such health plans cover surgical and hospitalisation expenses. Moreover, the premium is decided based on an individual’s age and medical history.
Family Floater Health Plan
If you want the best health insurance policy for your entire family, including parents, spouse and children, then go for Family Floater Health Plan. Under this plan, all the family members get coverage against hospitalisation and surgical expenses.
Also, the premium payable is calculated on the basis of the age of the eldest member.
Group Health Cover
Group health insurance is gaining immense popularity among medium and large-scale enterprises. Employers purchase this type of health insurance plan for their employees.
Under this plan, the premium is usually standardised and offers the same benefits to all employees.
Final Thoughts – How to Select the Right Policy?
It is important to buy a health insurance policy as it helps you keep up with soaring healthcare costs.
With a health plan, you don’t have to worry about paying medical bills and hospitalisation expenses. But before you buy a health policy, make sure to choose an adequate sum insured amount. Besides, you must check the pre-existing disease waiting period. Another important thing to look for is cashless benefits. Lastly, read about the riders, inclusions and exclusions of the health insurance plan.
Take a step towards a secure future and buy a health insurance policy today.
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