Health insurance is a type of insurance that covers the medical expenses incurred due to any illness. These costs may be related to hospitalization costs, medication costs, or doctor’s consultation fees.
Types of health insurance
There are two main types of health insurance:
Mediclaim Plans: Mediclaim or hospitalization plans are the most basic type of health insurance plans. They cover the cost of treatment when you are hospitalized. The actual cost of the hospital is paid by depositing the original bill. Most of these plans cover the whole family to a certain extent.
Critical Illness Insurance Plan: Critical Illness Insurance Plan covers certain life threatening diseases. Prolonged treatment of these diseases may even require lifestyle changes. Unlike hospital admission plans, payments are made based on the critical illness cover chosen by the customer and do not incur actual expenses at the hospital. The cover gives you the flexibility to use gems to change your lifestyle and medicines. It is also an income option as you may not be able to start work due to illness. Payment under these plans is made for diagnoses for which no original medical bill is required.
Why do you need health insurance now?
No one plans to get sick or injured, but a serious illness can strike anyone at any time. Spending on illness treatment can put severe financial strain on your savings over time. This means compromising your child’s ability to get the best quality education or default on your home loan. Today, the cost of treatment continues to rise.
Such as herceptin, a cancer drug costs about 10 110,000 for a 440 mg bottle. Depending on the weight, a patient usually takes 17-19 bottles for treatment for more than a year. This is only 18 18-20 million for medicine ^ then add the cost of hospitalization, doctor’s consultation fee, chemotherapy cost etc. and your total cost can be more than ₹ 25 million. These costs, which are already very high, are increasing every year. Most smart people have taken the necessary precautions to insure their health as soon as possible. Health insurance is a living benefit, where money is needed when you are in dire need. A disease can wipe out all the savings you have for your children’s education, marriage, home purchase or retirement. You don’t want any illness to shatter your family’s dreams, especially when you can protect yourself financially. It is beneficial to have a health insurance policy when you are young and healthy. Not only will your premium increase as you get older, but there is also the possibility of your health cover being denied by the insurance company.
How to choose a good health insurance plan?
Anyone who has a health insurance policy will tell you that buying one is one of the smartest financial decisions made by any earning person. Now that you have decided to buy a health insurance policy, how to choose a good health insurance plan will take care of all your needs. Here is a list of benefits that a good health insurance plan should give you:
Protection against a large number of serious illnesses
Flexibility to choose your health cover
Even if your health condition changes, there is no increase in premium during the policy term
Long policy term that includes you even in your old age
Large hospital network for easy treatment access
Do I have to buy a medical plan or a critical illness insurance plan?
The Mediclaim plan will either cover all your hospital admissions costs or settle hospital bills through cashless benefits. Through the Critical Illness Insurance Plan, you will receive a single amount payment for the identification of a serious illness. You do not have to be hospitalized for the same. If you are unable to work due to illness, you can use this amount as an alternative to your monthly income. You can even use this money to pay for a doctor’s visit, purchase of medicine, medical examination or any other expenses that may arise during this time. You need both – a medical plan and a critical illness insurance plan to cover your hospitalization costs to cover the loss of your income and other expenses incurred due to an illness.