Health Insurance, also known as Mediclaim, is the policy that insures the policyholder against unexpected medical emergencies. Typically, a health insurance policy covers the following:
- Cashless/Reimbursement of hospital expenses
- Coverage against all pre and post expenses related to hospitalization
- Coverage for pre-existing diseases
- Tax savings under section 80D
There are two different processes for claiming this insurance, based on the hospital that the insured individual opts for. If it is an on-network hospital, all the formalities are taken care of by the hospital. If it is a non-network hospital, then the policyholder needs to fill in the claim form and attach all the valid bills, before submitting it to the insurance provider, who will then reimburse the the amount.
Health Insurance Options
Family Floater Plan
Family Floater Plan refers to the single policy that covers an entire family. Under such a plan, an entire family shares the total insurance available under their policy package; with the benefit being a lesser combined premium than what so many (whichever the number of individuals in the family is) policies would cost.
Individual Health Insurance
Individual Health Insurance plan has the potential to offer higher protection to a policy holder as opposed to a floater policy where the policyholder would share the insured amount with other members covered under the policy. In this case, the policyholder can consume the entire insured amount himself/herself.
Group Health Insurance
Group Health Insurance is ideal for firms employing large groups. A benefit of this policy is that individuals who have some health conditions will also be easily covered under it because of the higher negotiating power that a group holds.
Travel Health Insurance
Travel Health Insurance benefits any individual who is travelling outside the geographical boundary of their existing health insurance plan. In case of any medical emergency abroad, one need not worry about the sky high healthcare expenses in an alien land. Some countries also make it mandatory to have a travel health insurance.
Critical Health Insurance
Critical Health Insurance, as the name suggests, is an insurance policy that covers specific, grave medical issues that are prescribed under the policy; usually covering all those major diseases which are either terminal or can reduce the human body to a vegetative state. It also includes conditions like Alzheimer’s disease, blindness, deafness, kidney failure, multiple sclerosis, HIV/AIDS contracted by blood transfusion or during an operation, Parkinson’s disease or situations where a major organ transplant is needed.
Hospitalization plans are cheaper when compared to other plans as they only pay a fixed amount towards room-rent during the course of hospitalization. The cost of medicines or any treatements is not covered under this plan.
Senior Citizen Health Insurance
A Senior Citizen Health Insurance caters to the heightened medical needs of those above the age of 60 years. They usually cover pre-existing medical issues.
Maternity Insurance as such does not exist but is usually included in regular policies and critical policies that are meant for women. Under this, a woman is covered for any complication that might arise during pregnancy and at child-birth.