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Health Insurance – Part 1


Health is wealth. If you are healthy, you are in the right frame of mind to tackle any hurdles coming your way. However, just like life has its ups and downs, health too is not always predictable. You may be leading a healthy lifestyle, but may still find yourself falling sick once in a while. Situations like accidents come as a surprise and can never be planned for. Even when you are in best of health, it is important to have regular check-ups. It is always advantageous to have a health insurance plan. As this is a vast subject, we will take it in two parts. Some questions will be answered in this article, while some in the next one.
Disclaimer: This article is intended for general information purposes only and should not be construed as investment or insurance or tax or legal advice. You should separately obtain independent advice when making decisions in these areas.
·         What is health insurance policy?
       A health insurance policy is a contract issued between the insurer and an individual. Under the contract, the insurer pays for the treatment of illness or injury required by the policy holder. In individual health insurance, the individual policyholder is insured. To extend the cover to the family, a family health insurance policy has to be obtained which works out to be cheaper than an individual health insurance policy.
·         What is the difference between mediclaim and health insurance?
Mediclaim is mainly for covering hospitalization expenses. A health insurance plan covers hospitalization expenses, ambulance charges, compensation for the lost income, etc. depending on the policy benefits.
The hospitalization cover in mediclaim is limited which mostly does not exceed Rs. 5 lacks. In health insurance, cover given is more extensive and the sum insured can exceed Rs. 60 lacks.
Hospitalization is necessary to avail mediclaim benefits, which is not necessarily the case with health insurance.
When deciding between getting a mediclaim and a health insurance policy, it is important to take into account the kind of cover you need, your medical history, current financial situation etc. This will help you find policy that is just right for your needs.
·         What are the different types of health insurance?
There are various types of health insurance policies in India. Broadly, the health insurance policy can be classified in the following categories:
Individual health insurance policy – This provides coverage to an individual against a variety of illnesses with cashless hospitalization and other add-on benefits.
Family floater health insurance policy – Under this, you can get coverage for yourself and your family under a single insurance policy. A single policy can cover all your family members against diseases under a single cover. It is cheaper than obtaining individual health policies and pay premiums separately.
Surgery and critical illness policy – This policy provides coverage against serious illnesses like – cancer, kidney failure, heart attack, paralysis etc. The premium paid for such policies is very high because the treatment of these diseases is extremely expensive.
Preexisting disease cover – It has coverage against pre-existing diseases like diabetes, hypertension, cancer etc. This means the insurer is aware of the disease a policyholder is suffering from. The policyholder has to undergo through a health checkup.
Senior citizen health insurance policy – This is designed to protect the senior citizens from various health issues during old age.
Preventive health care – This plan offers preventive care treatments like regular checkups, consultation charges and other tests or x-ray fee concessions. The objective is to keep an eye for any potential diseases. This policy offers health benefits as it makes the management of your health and well being much easier.
Hope these points would help you in choosing the right policy according to your need. More queries will be answered in the next article.
Source: moneycontrol.com
                                                                          Healthy living!

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