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Health Insurance

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What is Health Insurance Plan?

Health Insurance plan covers the costs that may arise due to any unforeseen hospitalization/ medical procedures. Health insurance covers the medical expenses for illnesses, injuries and other medical conditions. In general, a health insurance plan offers a financial guard against financial drainage on several diseases. With a health insurance, you don’t need to worry about the treatment expenses.

Here are some top reasons why you should buy a Health Insurance Policy.

  1. Hectic Lifestyle

    2. Nowadays, people are busy in their day-to-day life and typically, they don’t have time to look after their health concerns. The hectic lifestyle makes the body suffer from high levels of stress that can lead to serious health issues. In case you need medical treatment, you should be covered by health insurance.

  2. Rising Medical Costs

    3. The medical treatments are becoming unbelievably expensive. 75% of Indian households are paying medical bills out of their pocket. Innovation and development in the medical arena have resulted in the cure for the majority of life-threatening illnesses. Treatment for such critical diseases carries enormous medical costs and thus are not affordable to the common people. Treatment in private hospitals will cost you to the extent which will bring a quake in your financial stability.

  3. Effective Financial Planning

    4. Anybody may fall ill, and several medical treatments, especially a critical illness can obstruct you in achieving your financial goals. If you are not covered by medical insurance, you need to pay the huge medical bills with money kept for meeting other financial objectives like buying a car or a new home. If you are the only income earning member of the family, it becomes imperative to get yourself a health insurance at the earliest.

  4. Peace of Mind Guaranteed

    5. By buying a health insurance policy, you will get coverage against hospitalization expenses for you & your family. With the health cover, you don’t need to worry about medical expenses. It ensures peace of mind at the time of medical emergencies.

What kinds of Health Plans can I opt from?

Choose the best Health Insurance Policy in India and lessen your financial risks from any unforeseen health problems. There are different types of health plans you can choose from depending on your and your family’s health needs.

  1. Individual Health Plan

    2. This kind of health insurance plans are designed to provide a medical cover for an individual. It is a preferred health insurance plan when you are unmarried or the only earning member of your family. This health insurance provides cover against in-patient hospitalization expenses, pre & post hospitalization expenses, and day care procedures. You only need to ensure that you are not under-covered and opt for the right insurance cover under individual health policy. Such policies are also known as Mediclaim Policy.

  2. Family Floater Health Plan

    3. If you want to cover your entire family for medical expenses, you can go for a Family Floater Health Plan. Under this Health Insurance Plan, your whole family, including spouse, parents, kids and some plans also allow to include parents in laws who can be included as insureds under one policy and claim against hospitalization or medical benefits as per policy contract. At one time, more than one member of your family can also avail the advantages of this health insurance plan subject to the maximum limit. The total health cover or Sum Assured can be shared between the multiple insureds within a single policy year.

  3. Senior Citizen Health Plan

    4. As you grow older, there are more chances of getting sick. In case you go through medical treatment, you have to pay huge medical bills from your pocket, which is quite painful, especially when you don't have a regular source of income. It is thus better to choose a Senior Citizen Health Insurance Plan to put a cover on your finances. You can choose an umbrella plan which includes you and your spouse (if you fall in the senior citizen category), or you can buy individual senior citizen health plans. These health plans cover the medical needs of senior citizens.

  4. Critical Illness Plan

    5. Critical illness is a health related medical condition of a serious nature. A Critical Illness insurance plan guards you against the financial expenses that occur in the diagnosis of critical diseases such as cancer, heart attack, kidney failure, etc. The range of critical illnesses covered and the payout may vary from one plan to another. Critical illness insurance provides a lump-sum payment in case the policyholder is diagnosed with the critical illnesses mentioned in the contract. Critical illness plan can also be taken as an add on benefit to your base health plan.

  5. Personal Accident Plan

    6. A Personal Accident Plan provides you with cover against accidental death or injury resulting in permanent total/partial disablement. Severe accidental injuries affect the earnings of the person. When it comes to securing the future of the family, this plan is quite essential for the sole earning member of the family. This plan pays the sum assured to the insured (in the event of disability due to an accident) or nominee (in the case of death). Some Personal Accident insurance policies also cover Medical Expenses arising out of the accident. The Personal Accident Plan can also be taken as an add on benefit to your base health plan.

  6. Maternity Plan

    7. Under this plan medical expenses pertaining to maternity are covered. It covers the cost of maternity expenses which are incurred during the childbirth. Insurers put some waiting period to avail this cover. Some insurers include maternity benefits inbuilt under their primary health plan also.

  7. Group Health Insurance Plans

    8. A group health insurance policy is a type of insurance plan which provides health care insurance coverage to a group of people, who are usually an employee of a common company, professionals in a common group or members of a cooperative society. For most of the salaried people, group health insurance comes as one of the most beneficial perks, which is offered by an employer. The group health insurance policy helps a company to mitigate the risk faced by their employees and increases employee satisfaction also. Group health insurance policy is a policy issued for one year, which needs to be renewed annually to continue coverage.

What are the Benefits of Buying a Health Plan?

Here are the key benefits under the Best Health Insurance Plans in India and are covered by most of the Mediclaim Policies.

  1. Hospitalization Expenses

    2. A health plan covers in-patient hospitalization costs occur due to an accident, illness, or a medical/ surgical procedure. Typically, your health insurer will pay for room rent, nursing, medical practitioner, anesthesia, blood, oxygen, surgical appliances, operation theater charges, medicines, drugs, consumables, and other devices required during a surgical procedure. This benefit is covered in most of the Indemnity based best medical insurance in India.

  2. Pre-Hospitalization Expenses

    3. It covers medical expenses that occur due to illness for 30 days before the insured person was hospitalized. The days of pre-hospitalization included under the plan may vary from one insurer to another.

  3. Post-Hospitalization Expenses

    4. It covers medical expenses that occur due to illness for 60 days after the insured person was discharged. The days of post-hospitalization included under the plan may vary from one insurer to another.

  4. Cashless Treatment

    5. Best Health Insurance in India offers Cashless Treatment under its Health Insurance Policy. Most of the insurers offer the facility of cashless treatment, provided you are hospitalized in one of the listed network hospitals of your insurance company. In the case of cashless hospitalization, your insurer will pay your hospital bills. If you go to non-network hospitals, you can claim for reimbursement of medical expenses that are covered under the plan.

  5. Day Care Procedures

    6. Some medical surgeries require hospitalization for less than 24 hours. Several insurers also pay for such events where you are not hospitalized for 24 hours rather admitted for few hour basis the treatment or surgery.

  6. No Claim Bonus

    7. No Claim Bonus (NCB) is a benefit under your health plan if the insured person has a claim-free policy year. The advantage of NCB transfers to the insured is either through an increase in the sum assured or specified discount on the premium charges for the succeeding year. Being a healthy individual, you can enjoy a claim-free year and take benefits of NCB under your health plan.

  7. Hospital Cash Benefit

    8. A hospital cash allowance is payable on a day to day basis. The hospital cash benefit depends on the terms of the policy. A specified minimum stay in the hospital is required to avail this facility.

  8. Free Health Check-up

    9. You can avail the benefit of free health check-up under your health. It includes a comprehensive health check-up for members covered under the plan. Some insurers offer health check-ups on renewal, and some provide this benefit of free health check-up upon claim-free year/s.

  9. Emergency Ambulance Benefit

    10. Some insurers cover the ambulance charges for transferring the insured from home to hospital. The coverage amount of ambulance charges depends on the policy terms.

  10. Tax Benefits

    11. The premium amount you pay for your own health policy or your family’s health plan is considered for tax benefit under section 80D of the Income Tax Act 1961. These benefits are subject to change in tax laws.

    Note: The benefits mentioned above may differ from one insurer to another. Read your chosen Health Plan policy wordings carefully for more details.