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What Is Health Insurance

Health Insurance

The term “health insurance” is a form of general insurance that offers financial aid to policyholders when they’re admitted to hospitals to receive treatment. Furthermore, certain insurance plans provide reimbursement for treatment that is carried out at home before hospitalization or following being discharged from the same.

With the rise of medical inflation in India, the purchase of health insurance is now an essential requirement. But, before you make your purchase, think about the different types of health insurance plans in India.

Different types of health Insurance policies

There are eight major kinds of insurance for health offered in India. These are:

  • Individual Health Insurance Individual Health Insurance Individual Health InsuranceThese are health insurance plans that provide medical coverage only to one policyholder.
  • family Floater Insurance– These policies permit you to get health insurance coverage for the entire family without the need to purchase individual plans for each member. Generally, the spouse, husband and two children can get health insurance in one family floating policy.
  • Critical Illness Coverage These are special health plans that offer a wide range of financial assistance when the policyholder is diagnosed with specific, chronic diseases. The plans offer a lump sum payment following a diagnosis, in contrast to the typical medical insurance plans.
  • Senior Citizen Health InsuranceThe policy is as the name implies these policies cater to people who are 60 or more.
  • Group Health InsuranceThese policies are usually available for employees within an organization or the company. These policies have been designed that the beneficiaries of older years are able to be removed and new beneficiaries can be added, based on the capacity of retention for employees in the company.
  • Maternity Health InsuranceThe policies cover medical costs during pregnancy, post-natal, and post-delivery phases. The policy covers both the mother and the baby.
  • Personal Accident Insurance– Personal Accident InsuranceThese insurance policies for medical professionals only provide financial protection from the risk of accidents, disabilities or deaths that result from accidents.
  • Preventive Health PlanThe policies will provide coverage for the costs of treatment that focus on preventing the onset of a serious condition or disease.

Benefits of Health Insurance

After looking at the various types of health insurance that are available and comparing them, you may be asking what the reason why having a health insurance plan is crucial for your family members and you. Take a look at the reasons below to learn more about the reasons.

  • Medical Protection Medical Coverage HTML0 Medical Coverage –The principal benefit of this insurance is the fact that it provides financial protection against medical expenses.
  • cashless claim you need treatments at one or more hospitals that has connections with your insurance company You can take advantage of the cashless claim benefit. This means that medical expenses are paid directly between your hospital and your insurer.
  • Tax Benefits The people who pay premiums for health insurance can avail advantages in taxation. In Section 80D of the Income Tax Act, one can receive a tax deduction that can be as high as Rs.1 Lakh on the premium paid for Health Insurance policies.

There could be other benefits depending on the insurance company in question.

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