Healthcare costs are at an all-time high today. Health Insurance policies have thus grown in popularity and prove to be great allies when health emergencies strike.
Dummies Guide to Health Insurance
What is a Health Insurance?
A Health Insurance provides an insurance cover against medical emergencies and surgical expenses that a person can likely to go through in the future. Thus, this mitigates the risk of financial issues that come with huge one-time payments. This is done so with the help of the cover payments that the insurance company provides when the claim is filed. While some companies provide you with reimbursements, others settle the claim directly with the network hospital
Types of Health Insurance in India
There are multiple types of health insurance policies available today:
- Individual Plan: Provides health insurance cover only to one individual that is covered by the policy.
- Family Floater: The insurance benefits are extended to the whole family.
- Senior Citizen Plan: Provides appropriate health insurance cover and expenses related to old age.
- Maternity Plan: Covers maternity and other additional expenses associated with it.
- Critical Illness Plan or Rider: Policies that pay a lump sum amount on the diagnosis of critical high frequency and low-intensity illnesses.
Benefits of Health Insurance
Health Insurance plans come with various benefits:
- Covalence Benefit: Covers expenses in the recovery period.
- Tax Benefits: Saves taxes through the premiums paid.
- Security: Manages the uncertainty of the future.
- Cover Features: Protection against hospitalization, medicinal expenses, daily cash allowance, free health check-ups, etc.
- Policy Extension: Benefits of the cover can be extended to your family members like spouse and kids.
- Financial Support: Protects from financial emergencies arising from poor health.
Best Health Insurance Plans in India
There are many Health Insurance companies in the Indian market, but these plans prove to be the most popular:
- Two plan options of Gold and Silver.
- Involves no Pre-Acceptance Medical Screening.
- In-patient hospitalization expense cover for a minimum of 24 hours.
- Covers pre-hospitalization expenses of up to 30 days before hospitalization.
- Covers all treatments related to cardiac diseases.
- Covers Out-patient expenses.
- Accident cover in certain cases.
- Income Tax Benefits.
- Lifelong renewal.
- Direct In-House Claims Settlement.
Entry Age: 10 – 65 years
Premium: Starts from INR 18,000
2. Apollo Munich Optima Restore Family Floater
- Covers In-Patient hospitalization of more than 24 hours and no room-rent limits.
- Covers pre-hospitalization expenses incurred during 60 days before hospitalization.
- Post-hospitalization cover of up to 180 days.
- Domiciliary treatment covers.
- Covers treatment expenses for organ donation.
- Daily in-hand cash benefit.
- Covers expenses for preventive health check-ups.
- Additional cover included for Critical Advantage Rider.
- Multiplier benefit of every claim-free year.
Entry Age: 18 – 65 years
Premium: Starts at INR 5,000
3. Bajaj Allianz Individual Health Insurance
- Discount options of 10% for 2 members and 15% for 3 members.
- Organ donor expenses covered.
- Daily cash benefit for the insured child.
- Income Tax Benefits of up to INR 60,000.
- Covalence benefits included of up to INR 7,500 per year.
- Free health check-up every 3 years.
- Quick claim settlement through the app.
- Maternity expenses and new-born baby expense cover.
Entry Age: 18 – 65 years
Premium: Varies according to the sum assured
4. Max Bupa Heartbeat
- Covers pre and Post Hospitalization Expenses.
- Maternity benefits and new born child expense cover.
- Hospital cash benefits.
- Organ transplant expense cover.
- Any age enrolment.
- Covers health check-up expenses.
- Domiciliary hospitalization cover.
- Direct claim settlement.
- Cashless settlement facility.
- Income Tax benefit.
Entry Age: No-age limit
Premium: Starts from INR 3,700
- 30 Days Pre-hospitalization cover.
- In-Patient hospitalization with room rent and ICU charges included.
- Annual health check-up cover.
- Automatic recharge of sum-insured.
- No-claim bonus.
- Organ donation cover.
- No upper limit for policy entry.
- Covers even alternative treatments like Ayurveda or Homeopathy.
- Super bonuses in case of no-claims.
- Unlimited Automatic Recharge.
Entry Age: 5 years – No upper limit
Premium: Starts from INR 2,300
Your decision to choose a relevant plan should not be based solely on the amount of premium that you pay. Each of these health insurance plans come with their own set of features, as mentioned, which should be carefully scrutinized and matched with your requirements! A lower premium plan may not offer the type of coverage that you need!
Head to Coverfox.com today to get a personalized quote for tailor-made Health Insurance plans that are perfect for you!