Health Insurance and Its Significance
Health insurance compensates for the expenses incurred towards the treatment of the patient subject to the terms and conditions of the insurance policy.
Insurance companies have tie up with hospitals to provide cashless treatment to the patients. In case there is no tie up then reimbursement of the expenses are made at a later date.
Health care expenses have gone up significantly and affects the financial health of the individual if not covered under insurance policy. By paying a nominal premium amount one can meet the medical expenses and ensure financial stability.
Health insurance policy covers doctor consultation fees, costs towards medical tests, room charges and post hospitalization recovery expenses to a certain period.
Health insurance policy covers the following costs.
1. Pre and Post hospitalization costs.
2. Room rent & Ambulance Cost.
3. Diagnostic tests prescribed by doctor.
There are various types of health insurance policies as given below.
1.Individual Health Insurance: The policy will cover the health expenses and hospitalization expenses of the individuals.The premium amount is is bases on the age of the insured.
2. Family Health Insurance Plan: Under this policy, family members are included against multiple diseases under a single cover.
3. Senior Citizen Health insurance Plan: This policy is for senior citizens and individuals over 60 years of age protecting the medical expenses during old age.
4. Surgery and Critical Illness Insurance Plan: This plan is for treatment against critical illness, such as kidney failure, paralysis, cancer, heart attack etc. Since the medical expenses of these treatments are very high, the premium applicable to these types of policies is also high.
5. Maternity Health Insurance Plan: The policy covers costs towards maternity expenses .This policy covers the newborn up to a certain period of time as mentioned in the plan.
6. Personal Accident Plan: This covers the hospitalization expenses in the event of an accident.
7. Unit Linked Health Plan: These are unique combination of insurance and savings both at the same time. The amount generated in this policy helps in meeting expenses not covered under policy.
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