Health insurance is a type of coverage that reimburses you for medical expenses incurred as a result of an illness. These charges might include hospitalization bills, pharmaceutical prices, or medical consultation fees. Following are the different types of health insurance:
- Mediclaim Plans – The most basic sort of health insurance plan is a Mediclaim or hospitalization plan. When you are admitted to the hospital, they pay for your care. The reimbursement is based on actual hospital expenses since genuine bills are provided. The bulk of these plans is usually able to cover all the hospitalization expenses of the entire family.
- Critical Illness Insurance Plans – Specific life-threatening conditions are covered under critical illness insurance plans. Long-term therapy or even a lifestyle change may be required for certain diseases. Unlike hospitalization plans, reimbursement is dependent on the consumer’s choice of Critical Illness coverage rather than actual hospital expenditures. You can use the money to adjust your lifestyle or take additional drugs within the terms of the insurance. It can also be used to supplement your income while you are unable to work due to illness. These plans payout based on the ailment’s diagnosis rather than the original medical expenditures.
What is the need of opting for Health Insurance now?
Nobody plans on becoming ill or injured, yet serious illness can strike at any time. The cost of treating the ailment might put a strain on any savings you’ve accumulated over time. As a result, you may have to choose between providing the greatest education for your child and defaulting on your mortgage payments. The expense of medical care is steadily increasing today.
Ways to choose a Good Health insurance plan
Those who have acquired health insurance will tell you that it is one of the best investments they can make. Now that you’ve decided to get a cashless health insurance policy, you’ll need to know how to select an appropriate health insurance plan that will meet all of your needs. Before selecting any insurance plan, always look at the benefits of that plan. It should protect against several critical illnesses. It should cover your health expenses even in your old age. Flexibility while choosing your health cover is a must.
Should you get a Mediclaim policy or a Critical Illness Policy?
A Mediclaim plan will either repay all of your hospitalization costs or pay your hospital bills through cashless health insurance. If you obtain a Critical Illness Insurance policy, if you are diagnosed with a critical illness, you will get a lump-sum payout. For the same, you do not need to be admitted to the hospital. You can utilize the money to supplement your monthly income if you are unable to work due to illness. You can also use the funds to pay for doctor’s appointments, pharmaceutical purchases, medical tests, and any other expenditures that may occur during this period. That’s why you’ll need both a Mediclaim plan to cover your hospitalization costs and a Critical Illness Insurance plan to cover your lost wages and other expenditures if you get sick.