Health insurance plans are policies that offer protection when the insured is ill or injured. Contractually, the insurer needs to pay for the medical expenses that arise out of hospitalization, surgeries and other medical situations mentioned in the contract. This helps the insured get the best medical care without making a dent in savings.
An individual indemnity-based health insurance policy is one that reimburses the insured for the cost of medical expenses up to the sum insured in the policy. The insured is required to submit hospital bills with the details of expenses incurred during the stay.
A family floater health insurance plan is similar to individual health insurance plans, except it extends to and provides protection for the entire family. In case of multiple illnesses, the sum assured is divided between the family members to entertain multiple claims simultaneously
For people above the age of 65, the senior citizen health insurance plan provides financial aid to cover medical treatments. They usually offer critical illness cover, cashless hospitalisation, pre-existing conditions cover and a higher sum assured, ensuring that they have the right coverage at the right time.
1. Health insurance companies in India offer comprehensive coverage for medical costs, such as hospitalisation expenses, outpatient procedures, ambulance charges, domiciliary expenses, etc. These costs are rapidly rising, and therefore health insurance is essential to get the best medical care.
2. Protection against critical illnesses
Health insurance policies can come with a critical illness rider that offers coverage in the case of life-threatening or altering illnesses, such as renal failure, cardiovascular diseases, cancer, paralytic strokes and accidental dismemberment. If the insured is diagnosed with any of the ailments listed in the policy, they are eligible to receive a lump sum amount that can be utilised for treatment costs, daily expenditure, and other needs.
3. Cashless treatment
Health insurance policies offer cashless claim facilities at leading hospitals in India. This implies that the insurance company directly settles the hospital bill and the insured doesn’t need to chase the company to reimburse. To opt for this facility, the insured needs to be admitted to any of the network hospitals mentioned in the policy.
4. Tax benefits
When we are young, we seldom think about investing in a good health insurance plan while planning our financials. We often forget that because of our sedentary and stressful lifestyle our health is deteriorating at a much faster pace than ever before. Therefore, it is extremely important that for us to buy health insurance at a younger age when we are in the best of our health. There are many advantages of buying the health insurance at an early age:
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