Medical Insurance- know about Benefits, Terms & Conditions

Medical Insurance

We cannot correctly and accurately predict the future, any time you or your family member can be sick may need medical attention. You cannot tell what future holds for you but you can be wise enough to provide security to your family and yourself from the unforeseen events of your health & now the medical expense are increasing, the financial crisis may come for this expense. A health insurance policy is an agreement between a policyholder (client) and an insurance company to secure your life.

  • Health Insurance is a kind of insurance that provides coverage for medical expenses to the policyholder which ensures that you get caseless treatments or cash reimbursements in case of fall in ill.
  • Depending on the health insurance plan chosen the policyholder can get coverage for critical illness expenses, tests, drugs, surgical expenses, hospital expenses etc.
  • The insurance company agrees to cover the cost of certain benefits listed in the policy; these are called “covered services.”
  • Premium amount is directly related to the size of the policy cover, may depend on the company you select & also depends upon the plan which you select. If you want a larger limit, you must pay higher premiums & if your age is more you may need to pay higher premiums.

 

 Essential Health Benefits of Medical Insurance:

Different companies provide different types of benefits & facility to their client. Be aware before selecting a Medical Insurance policy. These essential health benefits may include the following items and services:

  • Ambulatory patient care—the kind you get without being admitted to a hospital
  • Emergency services, Trips to the emergency room
  • Treatment in the hospital for inpatient care
  • Maternity and newborn care (care before and after your baby is born)
  • Mental health and substance use disorder services: This includes behavioural health treatment, counselling, and psychotherapy
  • Your prescription drugs
  • Your lab tests
  • Services and devices to help you recover if you are injured, or have a disability or chronic condition. This includes physical and occupational therapy, speech-language pathology, psychiatric rehabilitation, and more.
  • Preventive services including counselling, screenings, and vaccines to keep you healthy and care for managing a chronic disease.
  • Paediatric services
Medical insurance
Medical insurance

Types of Health Insurance Cover Available in India:

Individual health insurance:

The simplest option is sometimes the best. The individual health insurance policy too is believed by many to be the best available option.

 

This plan is designed to ensure an individual against illnesses and ensuing medical expenses. It covers hospitalization and surgical expenses till the cover limit is reached. This cover limit is the sum assured by your insurer.

 

Family floater plans:

If you want to buy health insurance for your whole family, you should opt for a Family Floater plan. Unlike Individual Health Insurance, the Family Floater plan gives you a single insurance cover for your entire family so anybody in your family can claim in case of hospitalization or surgical expenses. More than one family member too can simultaneously avail the benefits of the Family Floater health insurance plan.

 

Unit Linked Health Plans : 

Unit Linked Plans or ULIPs as they are popularly called are linked with an investment on which you also earn a return. While you opt for a Unit Linked Health Plan you combine health insurance with investment. Here, you are also entitled to returns at the end of the insurance term but the returns are all dependent on the performance of the market. These are advisable only for those who play well in market-linked products.

Group Mediclaim:

Group Health Insurance Plans are gaining momentum in Small and Medium Enterprises who compete with the giants in attracting and retaining the pool of talent. With Health Insurance becoming a vital element of your life, entrepreneurs provide their employees with Group Health Insurance Plans that provide them with financial coverage and prudence.

 

Popular Health Insurance Companies in India:

Here’s a list of popular health insurance companies in India. It is always advisable to do a lot of research while you make your mind to opt for a health insurance plan. You cannot follow the thumb rule of opting for a plan that your friend has suggested as the best in the industry because your requirements can never be the same as his. Take a look:

  • New India Assurance
  • Oriental Insurance
  • United India Insurance
  • Apollo Munich
  • Star Health and Allied Insurance Company Limited
  • ICICI Lombard Health Insurance
  • Reliance Health Insurance
  • Bajaj Allianz General Insurance
  • SBI health insurance
  • TATA AIG Health Insurance
  • Max Bupa Health Insurance etc.

 

Reference: Types of Health Insurance Cover in India

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