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.
Things that one should keep in mind while opting for a health insurance policy:
→ While buying a health insurance one should not only compare the premium price of the different plans but one should also keep in mind the features that the policy offers. A policy without proper cover and low premium does not have any worth.
→ A health insurance plan should have the maximum age of renewal. Higher the renewal age of the policy better is the product.
→ Some products have only a certain cap limit for certain treatments. For ex. Some company offers a limit of Rs 20,000 for a cataract surgery. In such cases the individual must see to it that he/she chooses a plan that has the right limits.Otherwise the policy would not be of any value.
→ With the rising inflation the sum insured should be enough so that it could cover up for the expenses that could come up in future. So while buying any policy the insured should opt for the maximum cover that is affordable.
→ The premium for a health insurance company depends on the age of the individual.Higher the age greater will be the premium amount.So the premium amount may rise in future and while buying a policy the individual must see to it that the premium amount remains affordable even when an individual retires.
Major health insurance companies in India:
• SBI General Health Insurance.
• Bharati AXA General Insurance Company Ltd.
• HDFC Ergo General insurance Company Ltd.
• TATA Aig General Insurance Company Ltd.
• ICICI General insurance Company Ltd.etc .
• Max Bupa Health Insurance Company Ltd.
• Apollo Munich Health Insurance Company Ltd.