What is Health Insurance?
Health Insurance does not only insure your health but also secures your investments, incomes and liquidity from melting. It provides benefits like coverage period, low premium, a higher sum assured and many more. Furthermore, depending upon your age and your health conditions the premiums increase or decrease.
1)Individual health insurance
This insurance plan covers only an individual. So the individual gets a cover for any medical cost, lifetime renewal as well as a tax deduction under section 80D of income tax. However, this insurance is available for people falling between 5 months to 65 years.
- Firstly, it covers medical cost based on the premium
- Pre and post hospitalization cost
- Coverage for critical illness, surgery and non-allopathic.
- Covers cost like laboratory cost, room rent, physician’s fee
- Finally, one can claim a tax deduction under section 80 D of income tax
- Individual health insurance covers pre-existing diseases subject to a waiting period of 2 to 4 years
- Cost of prescription glasses, lenses and hearing aids aren’t covered by this plan
- Certain ailments like cataract, hernia, sinusitis, etc. won’t be covered under first year of policy.
2)Family Health insurance ( Family Floater Policy)
This insurance policy covers the entire family from various diseases and illness. How is that? you must be thinking. Well, its possible by paying a single premium in a year.
The covered members of a family floater may go in for cashless hospitalization if they intimate their insurer within 24 hours of their hospitalization and seek admission in a network hospital.
- Comprehensive coverage for hospitalization
- Choice of sum insured ranging from 3 lakhs to 50 lakhs
- Lifelong Renewal
- No Co-Payments
- Multiplier benefit: A unique benefit that offers 50% hike in sum insured for every claim free year.
Pre-existing diseases are not covered with a certain exclusion period under family floater plans.
- Most insurers don’t cover treatments arising out of attempted suicide, nuclear attacks and so on.
- No insurance claim for An experimental treatment, treatment for HIV/AIDS, congenital disease, non-medical expenses under their policies.
- Hospitalization due to war or any act of war due to nuclear, chemical and biological weapons or radiations of any kind.
3)Group Medical Claim
This insurance policy provides insurance to all the employees of the company or any organization. This type of insurance creates loyal employee workforce and improves the morale of employees. Apart from this, it provides a tax benefit to the company.
The insurance policies also cover boarding expenses apart from a surgeon, anaesthetist and consultant fees.
- Offer cashless facility and direct settlement of bills with the hospital.
- Additionally, it offers coverage pre and post-hospitalization charges for a specific period.
- Less than 24 hours of hospitalization for certain procedures such as chemotherapy, and tonsillectomy
- Policies may provide cover for pre-existing diseases after payment of extra premium.
- Furthermore, some policies may cover domiciliary expenses.
- 101 day-care procedures covered.
- Non-Allopathic Treatments are also covered in the policy for a specified limit.
A group health insurance policy can offer limited coverage owing to sub-limits.
- A master policy offered by brokers covers all employees in the organization and therefore lacks customization.
- The policy is valid only for a certain period during which an employee is working in a company.
- In case of an interval during the employment period, the employee cannot avail the benefit for them and their families.