The number of people diagnosed with health issues and critical illnesses in India are on the rise. Health services and facilities are pretty expensive and out of reach of the masses. People in India still make cash payments (out of pocket payments) for doctor visits and treatment. So, it is advisable for people in India to buy health insurance plans and secure themselves and families by being financially ready for emergencies.
What is Health Insurance?
Health insurance is a type of insurance that fully or partially covers an individual's medical and surgical expenses. It's an agreement between an individual and the insurer, where for an annual premium; the insurer pays for hospitalization and other medical expenses as mentioned in the policy.
Health insurance plans In India:
Before buying a family floater health insurance policy or a general health insurance plan, always go through the benefits of the policy. To make sure you are buying the best health insurance plan, look for the number of members covered, pre-existing diseases cover and the expenses covered for pre/post hospitalization. Listed below are some of the best health insurance policies in India
- Max Bupa Health Insurance Plan
- Apollo Munich Health Insurance Plan
- HDFC ERGO Health Insurance Plan
- National Health Insurance Plan
- Universal Sompo Health Insurance Plan
- Bajaj Allianz Health Insurance Plan
- Reliance Health insurance Plan
- Bharti AXA Health Insurance Plan
- Star Health Insurance Plan
- New India Assurance Plan
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SEE ALSO: What is General Insurance?
Health Insurance Plans
Types of Health Insurance Plans in India:
Listed below are the types of Health Insurance policies available in India:
- Hospitalization Plans: These are the types of health insurance plans through which an individual can get reimbursed for hospitalization and medical costs. The cost covered is subject to the sum assured. Hence, these plans are also known as indemnity plans.
- Family floater Plans: Family floater health insurance plans provide insurance to all the members of a family in a single health insurance plan. These plans cover hospital-related expenses which can be pre and post hospitalization. These plans help families stay financially prepped for medical emergencies.
- Senior Citizens Plans: the senior citizen health insurance plans are for the elderly in the family. These plans provide insurance cover for health issues arising during old age. As per IRDAI guidelines, each insurer must provide cover up 65 years.
- Maternity Plans: These policies take care of both pre and post-natal care, and delivery of baby i.e. normal or caesarean deliveries. Like other health insurance plans, the insurance providers usually have a wide range of network hospitals and also take care of ambulance expenses.
Top Reasons to Buy Health Insurance Plans:
- Insufficient corporate health cover: Corporate health insurance does not cover all expenses incurred during hospitalization. The corporate health insurance plan ends when a person changes his job. So, a person must consider availing an individual health insurance policy for medical emergencies and maximum coverage.
- Tax benefits: An individual paying a premium for health insurance is liable to get tax exemptions under Section 80D of the Income Tax Act.
- Better health care planning: Medical emergencies can arise without prior notice. So, it is important to plan beforehand and avail a suitable health insurance plan for securing family. Carefully evaluate and choose a plan that would provide cover for hospitalization and expensive treatments. With the rising medical costs, you must opt for a health insurance plan that also offers critical illness cover as well as personal accident cover.
- Added benefits: There are some insurers that take care of policy holder’s recovery expenditure. Furthermore, most of the health insurance plans offer annual health check-up to increase health awareness.
SEE ALSO: IndianMoney Review: How People Are Cheated By Insurance Agents
Why Buy Health Insurance Plans Online?
A person who wants to buy a health insurance policy can also avail plans online. There are various online aggregators and online portals where you can buy a health insurance plan by carefully evaluating the terms and conditions and comparing all the health insurance plans online. You can buy a health insurance plan online without any hassles at the click of a mouse. Now, you can decide and choose a plan that suits your needs and say goodbye to the lengthy documentation process and dealing with agents.
Benefits of Buying Health Insurance Plan Online:
The benefits of buying health insurance plans online are listed below:
- Complete transparency
- Simple and quick process
- Online issuance of policy
- Correct advice and guidelines provided to assist people choose the best for themselves
- 24*7 customer care service
- Assistance in claim reimbursement.
SEE ALSO:Everything You Need to Know About Endowment Policy
How to Compare Health Insurance Plans in India?
Before finalizing on a health insurance plan, you must properly evaluate parameters and compare the different policies online. Listed below are some important factors based on which you can select a suitable health insurance plan for your family:
- Coverage and Premium: make sure you get good cover for the premium paid on the health insurance. Choose add-ons as per requirement.
- Exclusions: Every policy has some exclusion. Carefully go through the exclusions in your health insurance policy. Look for illnesses or treatments that are covered after the waiting period.
- Room rent limit: Insurance plans pay only a part of the actual hospital room rent. It's always best to go for higher or no room-rent limit plans.
- Network hospitals: Make sure the insurer lists good and reputed network hospitals in the policy. The health insurance policy offers cashless services at these hospitals.
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