What is Health Insurance?
What can be worst than a major health crisis? Surely, the lack of funds to tackle those health crises. Losing a close family member to a major health crisis is a loss that is unbearable and irrecoverable. The ever-changing lifestyles of people, pollution and population explosion have given roots to many deadly and yet incurable diseases. This is the reason that it is becoming more and more important to take care of one’s health in daily life. It is sad though that majority of the population on earth take their health for granted; accredit it to their engrossingly busy life. What makes it even worse is the fact that the health treatment costs are rocketing up like a space shuttle. One way to provide for health-related and medical emergencies is by taking a health insurance and shielding you and your family from the heavy aftermaths of any ailment or disease.
Health insurance is a type of insurance coverage that pays for medical and surgical expenses incurred by the insured. Health insurance can compensate the insurance holder for expenses incurred from illness or injury, or pay the care provider directly. The cost of health insurance premiums is deductible to the payer, and benefits received are tax-free and convenient to avail.
As a matter of fact, inflation in health care and treatments is higher than inflation in food and other articles. While inflation in food and clothing is in single digits, health care costs usually escalate in double digits.For an individual who hasn’t saved that much money, arranging for funds at the eleventh hour can be a task. This is particularly daunting for seniors, given that most ailments strike at an advanced age.
With health insurance, you gain surety for a more secure future both health and funds-wise. This makes health insurance policies critical for individuals, especially if they are the one that their family is depending on in terms of financial needs.
Seeing the Importance and arenas of healthcare issues, insurance companies have come up with various categories and sub-categories of health insurance policies. Few of them are listed below:-
Types of Health Insurance
Individual Health Insurance Policy: This insurance provides coverage for the illness of a single person, with additional add-ons. The premium is decided on the basis of the age of the individual and the whole insurance amount is availed by the individual.
Senior Citizen Health Insurance: This insurance is meant for offering protection against various ailments to the senior citizens who are above the age of 60.
Family floater Insurance Plans: This insurance plan includes different family members under a single cover against multiple diseases. It works under the assumption that not all member of a family will suffer from illness at one time. It covers hospital expense which can be pre and post.
Surgery and Critical Illness Insurance Plan: This is a standalone policy providing the health benefits of critical illnesses which require a lump-sum amount and the reimbursement of these are usually high, due to large costs involved.
Maternity Health Insurance: These Insurance include both Pre and postnatal care, child delivery etc. The maternity costs are also taken care of and the expenses are covered under the policy itself.
While there are a variety of options to choose from, there should be some key factors that you keep in mind while opting any health insurance policy:-
Payment Option: Direct options of payment with cashless transaction facility and easy refund or claim process should be preferred as it makes things easier for the insurer by providing them with the facility of direct payments to the hospitals and easy refunds of unused funds at the end of a hospital stay.
Cost and Duration: The cost that you will be investing in a health insurance plan and for what duration is something that makes the process easier and also fit your financial criteria.
They say ‘Health is Wealth’ and to ensure your wealthy health, a convenient and hassle-free Health Insurance is something to definitely bank on.