Health insurance protects you and your family from a financial crisis due to medical expenses in the untimely event when you are injured or become ill. The awareness of buying medical insurance in India is growing. People have realized that opting for a medical insurance is a long-term investment. Medical insurance providers offer various types of Mediclaim policies to tap this growing demand to lure their customers.
Best Health insurance plan comes with different riders, and advantages and hence there are so many variations to it. The insurance marketplace is very competitive. You can compare the best insurance plans available in India on Coverfox, in order to end up buying the one that suits you and your dependents.
The types of medical insurance plans available in India are:
- Individual health insurance policy – Also called as standard Mediclaim policy is one of the simplest forms of health insurance and is available for all health insurance companies. As the name suggests, this policy is crafted for individuals to cover hospitalization expenses up to the sum assured to the plan.
- Family floater – This policy provides a cover to the whole family under one roof. This plan covers self, wife and two dependent kids in one policy. Some companies also allow parents or in-laws under the same plan. The plans are cheaper than individual insurance policies and offer wider cover at a lower premium.
- Critical illness health insurance – Offers coverage only for critical illnesses. The highlight of the plan is that the insurer gets a lump sum amount as specified in the policy on being diagnosed with a critical ailment.
- Senior citizen health insurance – Available for individuals above the age of 60. This policy has a high renewable age and a shorter waiting period and high premium.
Health Insurance and Their Uses
When you pay for health insurance and never use the coverage you might think that it is a waste of money. But soon enough, something bad might happen and you will no longer be thinking this way. Instead, you will think once and for all that you need coverage. Along with this, you might also learn that spending money, health insurance is a great way for you to save over the long haul.
Paying for insurance can be hard, especially if you don’t handle a lot of money. But if you have to seek medical care you will find out soon enough that you are actually saving. It is much better to have your policy kick in and pay for your expenses than to sit back and think that you can come up with the cash on your own. When you don’t have a coverage, you are responsible for paying whatever money is due to your health care provider. As you can imagine some bills can reach thousands and even more.
It may not seem like it when you are spending money on insurance plans, but in the long run, you can use a health insurance policy to save. On the top of this, the right policy will give you peace of mind.
Is It Necessary to have a Health Insurance Plan?
There is certainly a misconception that health or medical insurance is only for elderly and older folks. Many young adults, as well as some middle-aged adults, have this misconception that since they are still healthy and without any illness, they don’t need this security blanket that a health insurance policy offers.
Perhaps, these people are ignorant or have not heard or read of young and healthy people who without any warning, suffer from cancer or a heart attack. This is not surprising considering the stressful life and regular intake of junk food in this fast-paced world that we live in.
- Lower premium – The premium of these policies might differ from insurer to insurer and the age of the seeker plays a vital role in working out the premium. Health insurance companies impose a higher premium for people with higher risks. Also, the premium increases as the age of the insurers’ advances.
- No waiting period – Health insurance plans in India usually come with a two to four years of waiting periods. It also covers certain treatments and diseases like surgeries over a particular period of time.
- Lower rejection rates – In India, it is difficult to get health insurance with a medical history. A person with heart disease or cancer might be rejected or must be ready to pay high amount at the time of a claim.
Before buying a health insurance policy, do a proper research on the advantages that come with the policy.