The phrase ‘Health is Wealth’ is an important one. There is a chance that you might lose your savings and emergency funds when you or a loved one is unwell or has to undergo long periods of medical treatment for a serious illness. Hospital admission and care bills are expensive and therefore one must consider getting a health insurance cover.
But before you buy yourself a policy, it’s essential you are familiarised with the various categories of health insurance and their benefits.
What are the categories of Heath Insurance?
- Medi-Claim Policies: These policies reimburse the expenses incurred on hospitalisation. Pay-out under these policies is not guaranteed. The hospitalization expenses are covered based on claim details, terms and conditions of the policy and coverage amount.
- Fixed Benefits Health Insurance Plans: These plans focus on helping you meet two major kinds of medical expenses - hospital room charges and cost of surgery. These plans have a fixed pay-out for each day of hospitalisation and have a fixed pay-out for different categories of surgery, irrespective of the actual expense incurred.
What are the Benefits of Health Insurance?
- Financial security: Heath insurance works as an emergency plan in case an unforeseen health issue arises. There are ‘floater policies’ available that safeguard you and your family together against medical expenses.
Related:[SN1] Types of Health Insurance policies
- Best medical care: Health insurance provides you an opportunity to treat yourself or a family member to the best hospital in the city without worrying about the charges, which can help alleviate any doubts about quality of treatment. The health insurance company pays for hospital treatment up to the insured amount.
- Bonus features: Some health insurance policies come with additional benefits like cashless hospitalisation and free health check-ups.
- Covers your savings: Your savings are intact and you do not end up pulling out funds from your savings to pay medical expenses.
- Peace of mind: Health Insurance frees you from any stress of potential health emergencies and leaves you free to deal with the situation at hand effectively.
Health insurance is undoubtedly one of the most important types of insurance for an adult individual. As demonstrated above, it not only helps mitigate the impact of certain eventualities, it also promotes financial security, so get yourself a plan today.
[SN1]Link to “Types of Health Insurance” articles.