With the rising inflation and increasing health care expenses, health insurance policies have become very important. Health insurance policies provide protection against medical expenses arising out of any critical illness, medical emergencies arising out of any accident, disabilities etc.
Why should one have a health insurance plan?
A healthy body can only have a healthy mind. And it with the rising cost of health care services all around the globe, paying the hospital bills can become unaffordable for most of us. But what should we do then. The only solution for this is to have a health insurance plan. The health insurance plan helps us to overcome any financial burden arising out of any medical emergencies in our life. Health insurance plans offer many benefits-some plans come with daily hospital allowance which provides the insured with daily hospitalization expenses, some provides for the expenses that the insured may have incurred while being admitted in the hospital, some can also provide a lump sum amount in case of critical illness. In addition to this, health insurance also provides additional cover like maternity cover, surgical cash benefit , free general health check up and also cashless benefits in certain hospitals with which the company has tie ups.
Types of health insurance:
The health insurance plans can be basically categorized into three types:
1. Individual Mediclaim Policy:
An individual mediclaim policy covers the entire hospitalization expenses .The expenses that are covered depends on the sum assured. The sum assured depends on the premium amount.
2. Family Floater Policy:
This type of policy covers the medical expenses of the entire family. Like the individual mediclaim policy the sum assured depends on the sum assured limit. If one wants to buy an individual policy for each of the family members then it is better for him to opt for a family floater policy.
3. Unit Linked Health plans: These plans have dual benefit as they have combined the benefits of investments with insurance. Of course the performance of this policy depends on the market performance.