What is health insurance? It is an insurance plan which covers hospitalization expenses of a policyholder. Why is it required? Health insurance is necessary as health care expenses are soaring rapidly, especially in metro cities like Kolkata, Delhi, Mumbai and Chennai.
Medical inflation is rising. Health insurance gives policyholders peace of mind. It also offers tax benefits. Just like any other product, even health insurance has certain limitations. What are they? Let’s discuss.
Want to know more on Health Insurance? We at IndianMoney.com will make it easy for you. Just give us a missed call on 022 6181 6111 to explore our unique Free Advisory Service. IndianMoney.com is not a seller of any financial products. We only provide FREE financial advice/education to ensure that you are not misguided while buying any kind of financial products.
An individual health insurance policy covers not just the insured, but also the dependents. Individuals with health risks must have individual health insurance plans. They may have to pay higher premiums.
You may have to undergo medical tests before availing health insurance. Pre-existing conditions normally change the cover and premium offered. Alternative treatments are not covered. Health Insurance Plans do not cover treatment related to drugs and alcohol intoxication.
See Also: Types of Health Insurance Plans in India
Family floater health insurance plans cover the family of the policyholder. Ravi had availed a family floater health insurance plan with sum assured of Rs 3 Lakh to cover 5 family members. The entire family stands to get the policy benefit. Just like individual health insurance plans, even family floater policies have certain demerits, which include:
See Also: Family Health Insurance Plan
A group health insurance policy is usually offered by modern-day employers. Employees can make use of group health insurance policies to protect their health and the health of their dependents. Demerits include:
If you are single, an individual health insurance plan would suffice. If you are married and have kids, a family floater policy can protect the health of your dependents. If you have dependent parents, go for senior citizen health insurance policies, if they are above the age of 60 years. Understand your requirements first and shop around for the best health insurance policy.
See Also: History of Health Insurance in India
You May Also Watch
Keep your Financial Cognizance up to date with IndianMoney App. Download NOW for simple tips & solutions for your financial wellbeing.
Have a complaint against any company? IndianMoney.com's complaint portal Iamcheated.com can help you resolve the issue. Just visit IamCheated.com and lodge your complaint. If you want to post a review on any company you can post it on Indianmoney.com review and complaint portal IamCheated.com.
Be Wise, Get Rich.
This is to inform that Suvision Holdings Pvt Ltd ("IndianMoney.com") do not charge any fees/security deposit/advances towards outsourcing any of its activities. All stake holders are cautioned against any such fraud.