At a time where Inflation in Health Care is increasing at almost double the rate of overall inflation it has become a basic requirement to protect yourself against such expenses. Health insurance also popularly known as Mediclaim is the most basic and foremost need of today’s world.
With advancement in insurance industry it is now possible to compare and buy the Best Health
Insurance policy online in just a few clicks.
There are 2 types of products in Health Insurance
Indemnity Policy
Indemnity plans reimburses the insured for the costs incurred because of the specific events. In case of Health Insurance, costs of medicines, visits to doctors, hospital stays, etc are covered by the insurer. It does not provide any additional cash benefits.
Benefit products
These products pay a predefined amount in case a said event occurs, irrespective of the costs incurred. It includes products such as Maternity Benefit Insurance, Critical Illness Insurance, etc.
Critical Illness Insurance
It covers more than 35 major illnesses such as
- Cancer
- Heart Attack, Open Heart coronary artery bypass grafting
- Kidney Failure
- Stroke
- Major Organ transplant
- Bone marrow transplant
- Paralysis of limbs, etc.
Critical illness insurance protects you against such expenses by paying a lumpsum amount on detection of any major illness defined in the list.
Maternity benefit
Maternity Insurance ensures best facilities for the child and the mother without burning a hole in your pocket. It covers all the expenses such as:
- Pre-natal tests
- Medical procedures
- Expenses related to caesarian delivery or normal delivery
- Post-natal tests
- Complications arising from child birth
- Coverage for new born
- Ambulance charges
- Nursing charges, etc.
Hospital Daily Cash benefits
Daily cash benefit is a defined benefit policy that pays a predefined sum of money for every day of hospitalization. It helps you take care of non-medical expenses without disturbing your monthly finances.
Senior Citizen Health Insurance
For people above the age of 65 Years planning to buy a Health Insurance Senior Citizen plans are the best option. Senior citizen plans ensure the availability of extra care required at an elderly age. With Nominal premiums you can provide best healthcare to your Parents.
Points to keep in mind while buying Health Insurance for your parents:
- Compare Various product’s features
- Co-Payment
- Waiting Periods
- Pre-existing diseases coverage
- Sub-limits on certain diseases
- Choose a higher Sum Assured
Health Insurance for Heart Patients
Fast changing lifestyles and food habits have contributed to an increase in heart-related ailments by 50% in the period between 1990 and 2016. Standard Health Care Plans may not cover pre-existing conditions and are do not provide enough coverage for huge expenses brought in by Heart ailments.
Dedicated Cardiac Care Plans Provide the following Advantages
- It covers all Heart related procedures
- There is an option of lumpsum payment on detection as opposed to actual expenditures incurred
- Available for patients with Pre-existing conditions
- Tax benefits are available under section 80D of Income Tax Act, 1961.
COVID-19 Insurance
Anyone below 65 years is eligible to take this policy, with a wide range of sum insured options available from Rs 25,000 to Rs 3 Lakhs.
- 100% Sum Insured payable on being tested positive
- Hospitalization expenses for Quarantine due to Covid-19 covered
- Initial Waiting period of 15 Days
- Not available for people suffering from conditions such as diabetes, hypertension, disease related to heart/lungs/kidney/liver, cancer, stroke, etc.
- Insured member(s) should not have travelled to the countries listed in the “Travel Advisory on Home Isolation/Quarantine and restricted travel” issued by Ministry of Health & FW, Government of India as applicable on date of policy purchase, since 60 days prior to the policy inception date and any time after the policy inception date
- Child below 18 years can be covered if either parent also takes the policy
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