The term health insurance (popularly known as Medical Insurance or Mediclaim) is a form of insurance that covers your medical expenses.The concept of health insurance is completely new in India nevertheless its awareness is growing fast. Health insurance comes in handy in case of severe emergencies. Life is unpredictable, insurance makes it safe and secure from bearing huge financial loss. A health care insurance policy can be a contract between some insurance company and an individual. Sometimes it is linked to covering disability and custodial needs. The contract is renewable annually. Health insurance plans are affordable and carries the assurance and freedom from insecurities that threaten normalcy occasionally. The type and level of healthcare costs that will be covered by the health plan are specified in advance. Health plans are available in two formats, individual and group plans. In an individual policy you are personally online resources a policy. While in a group plan, the sponsor owns the insurance policy as well as the people covered under it are known as its members. Medical expenses are sky high currently. An appointment with a doctor might create cash. The elaborate hospital treatment expenses could eat to your savings created for the long run. Health insurance coverage starts to ensure that you have the required treatment and your pocket remains in order. Having health insurance is essential as the coverage helps people get timely health care and improve lives and health. It covers potential risk of financial difficulties in the event of long illness. The awareness has become enormous within the last few years. This will need to have held it's place in a reaction to the group of uncertainties folks have affecting today's world just like the terror attacks. Types of Health Insurance Health care costs have observed a phenomenal increase in the recent years. This has led the customers to insure not merely themselves however their members of the family also. It will cover future medical expenses and other connected requirements whether or not this ever arises. The need to insure has gained more importance amongst seniors that is either retired or will retire soon. Let us discuss the types of medical insurances you can purchase.
Medical Insurance This is normally a hospitalization cover and reimbursement in the medical expenses incurred in respect of covered disease or surgery even though the insured was admitted in the hospital as being a patient. Different types of medical insurances can be found in the market like individual medical insurance, group medical care insurance and overseas health care insurance. There are health policies that reimburse you the actual hospitalization cost for treatment of any disease and therefore are offered by the non-life insurers only. These policies are popularly called "Mediclaim" policies. Other types of health insurances are supplied by both life and non-life insurers.
Critical Illness Insurance Critical Illness plan insures you potential risk of serious illnesses in turn of a premium you're required to pay. This gives you the same security of knowing that a guaranteed cash sum is going to be paid when the unexpected happens and you happen to be diagnosed with any one from the critical illness. Sometimes a critical illness can change your thoughts as well as help from the home or perhaps the family. In this type of medical health insurance plan, the insured turns into a one time payment amount inside a week of diagnosing critical illness. Once this one time is paid, the program ceases to remain in force. Typically, a critical illness plan offers pay for the illnesses mentioned below. BENEFITS: Benefit depends upon a policy you choose as well as the coverage it provides. Here is a set of basic coverage supplied by most with the health policies.
1) It helps securing a much better future by paying a fraction being an expense today known as the premium.
2) It reduces saving huge level of financial losses, risk of monetary breakdown in the case of expensive medical and post-illness care.
3) It definitely induces a feeling of security to the insured.
4) It provides financial security on the family members.
5) It covers your hospitalization and medical bills.
6) It also covers disability and custodial bills.
7) You can avail tax benefits on the premium paid under section 80D from the Income Tax Act.The best factor, you can even select health insurance policies despite the age of 60.