Safeguard your future with a health insurance plan!

Safeguard your future with a health insurance plan!

by 5paisa Research Team Last Updated: Aug 24, 2023 - 12:54 pm 1.5k Views

Whatever plans you may have now or in the future, falling sick is never one of them. Therefore, it is wise to exercise caution and maintain a state of readiness for the unexpected.

The key to living a carefree and fulfilled life is good health. While the majority of people are able to maintain a healthy lifestyle, several are always battling to do so. Having said that, health problems, sicknesses, and diseases are something you can never predict, regardless of how healthy you are. These problems have a great chance of becoming large expenses that will undoubtedly burn a hole in your pocket. One item, though, appears to be very helpful in these situations: Health Insurance Plans!

Understanding the basics of health insurance in India

A health insurance plan or health cover takes care of the financial costs associated with medical problems. These expenditures could include the cost of the doctor's consultation, the cost of the procedure, the cost of the hospital stay, the cost of the prescription, etc. This health insurance programme occasionally covers dental expenses as well. You, as the insured person, will either need to pay the bills out of your own pocket, which your insurer will reimburse you for later, or the insurer will directly settle all costs with the medical Center/hospital, or you can receive the money following the diagnosis of the medical condition and use it in any hospital of your choice.

Health Insurance Options in India

Mediclaim Plans 

The most fundamental kind of health insurance policy is mediclaim or hospitalisation plan. When you are admitted to the hospital, they pay for your care. By providing original bills, the reimbursement is based on real hospital costs incurred. Most of these policies offer full family coverage up to a certain amount.

Plans for Critical Illness 

Specific life-threatening conditions are covered under critical illness insurance plans. These illnesses might need ongoing care or possibly a lifestyle change. In contrast to hospitalisation plans, the reimbursement is based on the critical illness coverage that the consumer selects rather than on actual hospital costs. The insurance allows the freedom to utilise the money for different medications and lifestyle changes. It serves as a replacement for income during the period you were unable to work again due to illness. The diagnosis of the ailment is used to determine payout under these plans; the original medical costs are not necessary. 

How to choose the best health insurance policy? 

Anyone with health insurance will tell you that getting one is among the wisest financial moves a person with income can make. But you need to understand how to pick solid health insurance that will meet all of your needs.

Following are the benefits that you should receive from any qualified health insurance plan:

  • Protection from a variety of serious illnesses 

  • Flexibility in selecting your health insurance 

  • Even if your health condition changes throughout the policy's term, there won't be a premium increase 

  • Large hospital network for simple access to medical care 

  • Long policy term that covers you even in old age

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