Health problems may arise anytime. If you fall sick or get seriously injured, hospitalization can blow away your savings. Not all people can afford costly hospitalization.
Getting adequate health cover is the only solution in today’s world, where healthcare expenses are steadily rising. While buying a new health insurance policy or renewing an existing one, do not forget to get the best health insurance policy.
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The demand for health insurance is growing with rising medical costs. Health Insurance covers the surgical and medical expenses of a policyholder. For example, a few health insurance policies cover up to 30 critical illnesses and up to 80 surgical procedures. Irrespective of the actual medical costs, these plans disburse payments towards illness/surgery expenses.
See Also: Health Insurance Plans
Health insurance policies are of two types:
1) Indemnity plans
2) Defined-benefit plans.
Indemnity health policies, also known as traditional health plans, cover hospitalization costs up to the sum assured. They include unit-linked health plans, mediclaim plans, family floater coverage, senior citizen plans and individual plans.
On the contrary, definite-benefit health insurance policies offer a lump sum amount on diagnosis of the disease. Definite-benefit plans are classified as critical illness plans, hospitalization cash benefit plans and personal accident plans. Critical illness policies cover cancer, stroke, heart attack, kidney failure, major organ transplant and other serious conditions.
See Also: Health Insurance Benefits
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