Any person can meet with illness, bodily injury, or any accident due to some unfortunate or unexpected event at any point in time. Many expenses are incurred due to such events as hospital stay, medicines, surgery, Doctor's visit, and other medical costs.
Health Insurance provides coverage for all healthcare needs and medical expenses incurred by an insured person.
HEALTH INSURANCE
INTRODUCTION
Health Insurance is financial support for any type of medical treatment. It covers in-patient, Pre and Post medical expenses which are settled cashless with hospitals or reimbursed to the policyholder.
HEALTH INSURANCE POLICY
A Health Insurance policy is a contract between the insurer and the insured. Based on an individual's profile, there are various types of health insurance policies available.
Here is a look at those.
- Individual health insurance Plan
- Family Floater Health Insurance Plan
- Senior Citizen Health Insurance Plan
- Critical Illness plan Travel Insurance Plan
- Personal Accident Insurance Plan
HEALTH INSURANCE COVERS
Health Insurance covers medical expenses incurred in inpatient, Pre and Post hospitalisation.
Here are some looks at those expenses.
- Room rent, Doctor and nurse fees, Operation theatre charge.
- Pre and post hospitalisation expenses.
- Ambulance and Air ambulance fare.
- Organ donor expenses.
- Medicines.
- Investigations and Laboratory tests.
- Pre Health checkups and medical consultancies.
- Many more...
ADVANTAGE OF HEALTH INSURANCE
There are significant advantages to buying health insurance, such as
- AFFORDABILITY: Quality of treatment becomes affordable with the support of a Health Insurance scheme.
- FREEDOM: Due treatment can be performed at any hospital across the country. No pre and Post reporting to any department before/after the treatment.
- TAX SAVINGS: Premium paid toward health Insurance can be claimed U/S 80D of income tax, which allows income exemption for a maximum of Rs. 25000/- (for self and family) and Rs. 50,000/- ( parent Senior citizens). A total of up to Rs. 75000/- (PA)
- SOCIAL HELP: Premium paid as health insurance is used to settle the claims of someone who is claiming for a medical emergency.
TYPES OF HEALTH INSURANCE
Individual Health Insurance
Family floater Health Insurance
Family floater Health Insurance
- A type of health insurance plan wherein only one person can be covered in each plan. This means, both the health insurance premium and sum insured is dedicated for one person only and cannot be shared.
- Offers coverage to the single individual insured . For example; If you’ve taken a plan of SI Rs 10 Lakhs, you alone will have up to 10 Lakhs to benefit from, for the entire policy period.
- Benefit of an individual health insurance plan is that the coverage is a lot more extensive since every individual has their own sum insured, unlike a family floater where the sum insured is shared amongst all insured in the plan. This especially works out well for senior parents.
- An Individual health is highly recommended for bigger families, or those with senior parents as a family floater may not be sufficient
Family floater Health Insurance
Family floater Health Insurance
Family floater Health Insurance
- A type of health insurance plan wherein you and your family members share one plan. This means both your health insurance premium and sum insured would be shared amongst all members in the plan.
- Offers coverage to all family members insured in the plan. For example; if your plan SI is Rs 10 lakhs, then the entire family will have to share this amount for the policy period.
- Benefit of a family floater plan is that the health insurance premium is cost effective, as the premium is a one-time premium for all family members.
- A family floater health insurance would work well for a young couple or a small and nuclear families.