The Different Types of Health Insurance Policies Explained

We live in a world full of improbabilities and uncertainties. It is impossible to predict what life will unfold in every step. Medical uncertainties can be very harsh on your pockets. Keeping in mind India’s double-digit medical inflation, planning health expenses well in advance is a must. A Health Insurance is a convenient option to manage health expenses efficiently and ensure a safe and secure future for yourself and your loved ones.

What is Health Insurance?

A health insurance policy essentially enables you to get a cashless treatment or reimbursement for in-patient & other medical expenses and saves you from the last minute stress of arranging funds to get yourself treated during an emergency.

An insurance policy provides the insured with an assurance that in case of any medical emergency he/she will be provided with cashless hospitalisation at any of the network hospitals or reimbursement for the incurred expense as per the terms of the policy.

In addition, the insurance cost is subsidised in the form of tax exemption under section 80D, Income Tax Act 1961. So while on one hand health insurance ensures you are prepared for any health related contingencies in the future, on the other, it also provides relaxation from income taxes.

Health Insurance can thus be termed as a sound investment that benefits you in a dual way.

Health Insurance in India

In India, there are a number of companies that provide a variety of different health insurance policies catering to the differing needs of people. For example: If you want to buy a health insurance policy from Apollo Munich, you can choose from different types of insurance policies such as for individuals, for families, for diabetic & hypertensive patients, etc. . According to your needs you can choose which kind of policy plan you want to buy and reap its benefits accordingly.

Why buy Health Insurance

The need to buy health insurance policy is well known. Everyone wants a secure future for themselves and their families. In addition, health care facilities in India are becoming much more expensive; thereby making it necessary for every person to buy a health insurance plan.

Types of Health Insurance Policies in India

There are many health insurance policies that are readily available in India and cover every aspect of a medical emergency. We will now explain some of the most popular types of health insurance policies available in India.

• Individual Health Insurance Policy

The concept of this insurance policy is to insure a particular individual from certain kinds of illnesses and provide him/her with benefits such as cashless hospitalisation and other add-ons depending upon the insurance company. The entire insurance amount can be claimed only by a single individual and the deciding factor of the premium is the age of the insured. According to this policy, every person is entitled to receive the entire amount separately.

• Family Health Plan

The concept of this insurance policy is to insure all the members of a family against multiple diseases under a single cover. This insurance policy insures a fixed sum that can be claimed by any one or all of the family members in one or multiple claims during the tenure of the policy.

• Senior Citizen Health Insurance

The concept of this insurance policy is to insure anyone with age 61 years of age or above.

• Critical Illness Insurance

The concept of this insurance policy is to insure a person against various critical diseases such as heart attack, kidney failure, and paralysis. The treatment of these diseases is very expensive and the recovery process is also long, thus necessitating the purchase of a critical illness cover..

• Maternity Health Insurance

The concept of this insurance policy is to provide pre-natal and post-natal care insurance. It insures the mother during pregnancy and then insures the baby till the validity of the policy. Sometimes this insurance also includes vaccination of the new born baby.

• Personal Accident Cover

The concept of this insurance policy is to insure an individual against unforeseen accidents that can result in serious injuries.

Features of a Health Insurance Policy

In addition to the benefits already discussed, a comprehensive health insurance policy provides many benefits to the insured easing out their burden of bearing health expenses during times of illness. The decision of choosing an insurance policy should be taken keeping in mind the following benefits and your needs:

• Cashless treatment

Most insurance companies have tie-ups with a number of hospitals across the country that saves the insured the hassle of arranging funds for the treatment. All the insured needs to do is to inform the TPA at the hospital and show his/her E-card. The TPA will guide the insured further. It ensures a hassle free treatment.

• Ambulance fee

This makes the person free from transportation costs which is borne by the insurance company.

• Pre and post Hospitalisation

This also takes care of expenses pre and post hospitalisation within a period of 30-60 days for pre-hospitalisation and within 60 to 90 days for post-hospitalisation, depending upon the plan. Some plans may even offer pre and post-hospitalisation coverage up to 60 and 180 days respectively.

• No claim bonus

This feature entitles an individual to a bonus at the time of renewal of the policy in case no claims have been made during the term of the policy. The bonus can be in the form of an increment in the insured amount or a discount.

• Medical check-ups

Some insurance policies also provide cover for regular medical check-ups.

Depending upon one’s needs and requirements, an individual can choose from among these features. Health Insurance is an essential policy that every person must buy not only to ensure a secure future but also to save you from the hassle and stress during the time of illness. Insure yourself today and live a worry-free life!.