Getting a Basic Understanding of Health Insurance Policies

India's health care sector is amongst the fastest-growing sectors in the world. Health Insurance which is also generally known as Medical Insurance is the type of insurance that seeks to cover the medical expenses which may occur due to an accident, illness, or injury. Such type of insurance is available for a specified period. The expenses usually covered under such insurance include the cost of medication, hospitalization, fees of doctors concerned, surgical expenses, and other medical necessities.

Health Insurance Policies come into action when an insured individual meets with an inevitable accident or is diagnosed with some ailment, in such cases the treatment expenses incurred are payable by the insurance provider. Are such insurance policies available to all? What is the need for Health Insurance policies?

Benefits Of Health Insurance

Over time there has been a significant rise in health-related issues which consequently has led to an increase in treatment costs too as with the advancement of technology and medical science many expensive types of machinery are being used to treat chronic ailments across the globe and so accordingly various types of health insurance policies help us to reduce extra financial burden.
Studies have shown that not all classes in a society are financially stable to be able to bear the expensive medical procedure. People opt for bank loans, sell their properties, mortgage their assets, and whatnot to meet the treatment expense.

It becomes important to acknowledge that health insurance is the only way to make healthcare accessible to all without compromising financial security. Health insurance policies not only cover the insured person but also extends to his family members.

• Hospital Expenses:- 

One of the important benefits of health insurance policies is that in case of an accident, injury, or illness such insurance policies cover all the hospitalization charges. Cashless treatment takes place as the insurance providers have tie-ups with significant hospitals.

• Annual Health Check-ups:- 

Under these insurance policies, many companies offer free monthly checkups as a preventive measure.
Family Healthcare Protection:- 
Health insurance policies are available to the individual insured and his dependents which usually include his/her spouse, children, parents, siblings, etc.

Who Can Avail of The Benefits Of Health Insurance Policies?

We all are aware that Health is one of the most valuable assets one can possess and so it can be said that in present times health insurance has become a necessity. However, there is an eligibility criterion for availing of the benefits of Health Insurance, which are as follows:-

1. The Age Criteria are not static as it varies from a newborn to an old citizen. As per the Insurance Regulatory Development Authority of India (IRDAI) any individual up to the age of 65 years can get his health insurance. Health Insurance Policies are also available for senior citizens aged between 65-and 80 years.
2. In the case of a newborn baby, taking personal care and attention is necessary especially in the initial days as they are more prone to illness due to a weak immune system. It becomes important to acknowledge that it is advisable to have health insurance to avail of the required medical assistance in times of need as medical emergencies are unpredictable.
3. Pre-existing medical conditions also play an important role as these preconditions help to determine whether a policyholder is eligible for benefits under the said health insurance policy. 

Various Types Of Health Insurance Policies

• Individual Health Insurance

As the name itself suggests such insurance plans are limited to a single individual. Such type of medical insurance covers all the hospitalization, and medication expenditures of such an individual insured.

• Family Health Insurance

Family health insurance is also popularly known as the family Floater plan. This type of insurance policy aims to collectively secure the entire family and undoubtedly includes your children, spouse, and other members of the family. 

• Critical illness insurance

Critical illness insurance plans provide security to an individual against major life-threatening diseases which include cancer, organ transplant, kidney failure, stroke, heart attack, paralysis, etc.

• Senior Citizen Health Insurance

This insurance plan is specifically available to people who are 65 years and the maximum age limit is 70 years. Along with hospital expenses, it covers post-treatment costs too.

The other types include

• Top Up health insurance
• Hospital daily cash
• Personal accident insurance
• Mediclaim
• Group health insurance
• Disease-specific insurance
• Unit linked insurance plans
• Indemnity and fixed Benefit plans

Conclusion

I would like to conclude with the words of Winston Churchill “Healthy citizens are the greatest asset any country can have''. Rising costs of medical expenditures have made it necessary for people to have health insurance policies not only for themselves but for their respective family members too.

Do read - Understanding The Star Health And Allied Insurance Claim Process