Types of Health Insurance Introduction
Health Insurance offers protection against the major financial strain, you may encounter during unforeseen events in your daily routines. One such common unfortunate event to name is an accident. Let’s read on to know more.
What is an accident?
The term “accident” can be defined as a sudden, unforeseen and involuntary event caused by external, visible and violent means, resulting in damage, injury or harm to the victim.
Accidents may happen at the workplace, at home and during your travel. Accidental injuries occur when you slip, trip and fall, get burnt, drowned, due to road traffic, sports activities, etc.
Personal Accident Insurance – An overview
As you know, some accidental injuries can even lead to the loss of life and thus require immediate treatment. You may face financial challenges when exposed to heavy medical bills during such hospitalisation. Personal Accident Insurance can come to your rescue in such tough times and can aid in reducing your financial burden.
The different types of Health Insurance plans include:
Individual Health Insurance
Individual health insurance, also known as personal medical insurance, is a type of health policy that offers medical coverage to people on an individual sum insured basis.
Being one of the most common types of health insurance plans in India, it covers the hospitalisation expenses incurred once you are admitted. You can add your spouse, children, and parents as beneficiaries under the same policy by paying an extra premium.
Family Floater Health Insurance
Family floater insurance covers the entire family, and the members of the plan share the insured sum. The best part of family health insurance is that you need not manage different policies, and it is cost-effective.
Senior Citizen Health Insurance
The senior citizen health insurance policy is ideal for older adults above 60. It caters to the medical-related treatment costs for senior citizens, such as preventive health check-ups, cashless hospitalisation, pre-existing disease coverage, and much more.
Critical Illness Plan
A critical illness cover offers financial protection to the insured by providing coverage against life-threatening health conditions such as kidney failure, cancer, heart attack, and multiple sclerosis.
Critical illness insurance plans differ in the number of conditions covered based on the insurer and are irrespective of the pre and post-hospitalisation expenses.
Group Medical Insurance
A group medical insurance policy is a health plan for people such as bank-customers, employee-employer, society-members, etc. Group health insurance provides comprehensive benefits during an emergency, such as cashless facilities, ambulance costs, hospitalisation expense coverage, and more.
Personal Accident Cover
Over the years, road accidents have increased, and as a result, people end up losing their lives. The treatment expenses can be an additional burden; hence, personal accident insurance coverage is vital in providing financial aid to the affected or their family.
It also covers education and orphan expenses if required. Personal accident coverage has the following benefits: assistance service, temporary total disablement, accident in-patient hospitalisation with personal accident plans, and worldwide emergency.
Maternity Health Insurance Plan
Maternity health insurance is a health policy that provides extensive coverage for all pregnancy-related medical expenses, including hospitalisation costs, delivery (normal and C-sec), pre and post-natal care, medical tests, and newborn baby expenses.
Maternity insurance offers financial stability and helps women prepare themselves for raising their baby.
Know the importance of Health Insurance:
As we know, health risks and uncertainties are unavoidable aspects of life. No one plans to fall sick, but one can indeed plan for the unexpected medical costs. Buying Health Insurance is one approach to being financially prepared for unforeseen health risks.
A good Health Insurance covers medical expenses such as pre- and post-hospitalisation costs inclusive of doctor fees, medical tests, ambulance fees, coverage for specific diseases, treatment for accidents, expenses of maternity, organ transplantation charges and much more.
By paying a nominal Premium, the insured gets access to a substantial Sum Insured that can be used in case of medical emergencies.
What benefits do Health Insurance policies offer?
Health Insurance gains more importance when it offers comprehensive coverage and helps meet the individual’s and family’s requirement. Be aware of the benefits and features of the plans in your best interest.
Here are the benefits of purchasing a Health Insurance policy:
1. Offers financial stability
Medical emergencies might arise all of a sudden and result in acute financial difficulties. To pay for treatment, one might have to sell all their assets or possessions. In such circumstances, a medical insurance plan can provide financial protection and allow them to safeguard their long-term savings.
2. Gives access to the best medical treatment
People tend to compromise on medical treatments when they are financially challenged. With an effective Health Insurance Cover, they may choose the best doctor, hospital and treatment options.
When you get a Health Insurance policy, the following aspects are covered.
- Pre- and Post-hospitalisation costs
- Room rent charges
- Ambulance charges
- Consultation fees
- Coverage for day care procedures
- Coverage for modern treatments
- Coverage for maternity and delivery charges
- Vaccination charges of newborns
- Annual and preventive health check-ups and many more.
If you can’t afford a higher coverage plan right now, don’t panic. Start with a basic cover and build it up over time.
Why should you get a Health Insurance policy when you’re young?
Purchasing a Health Insurance policy when you’re young has several advantages.
- The Premium of Health Insurance is calculated based on your present age. You can pay a low Premium if you choose Health Insurance when you are younger.
- Most insurance policies often cover pre-existing conditions with certain waiting periods. While you are still young and healthy, the possibility of you developing illnesses might be comparatively lower, thus giving you the benefit of comprehensive coverage that will be beneficial if you fall sick later in life.
- Early enrollment in a Health Insurance plan guarantees extensive coverage and also helps you plan your finances in a better way. You can opt for a Health Insurance plan with lifetime renewability and avail holistic coverage. In addition, you can enjoy greater security during employment and even after retirement.
Final Thoughts
There are several kinds of Health Insurance policies in India. You can make a choice among them based on your needs. And it is always advisable to read the policy terms and conditions of your health plan to know the inclusions and exclusions.
Star Health Insurance offers a varied range of affordable Health Insurance plans that suit your budget and requirements, covering the medical cost of majority of health ailments and diseases.
