The Greatest wealth is health
WHAT IS A HEALTH INSURANCE POLICY?
Health insurance is like a financial security that you have for handling your medical expenses. Health insurance plans are like an investment that you make so that you can safeguard your hard-earned funds from being spent on expenses related to hospitalization, medicines, ambulance, doctor’s consultation and more. A health insurance policy can also be viewed as an agreement between you and your health insurance company that binds them to cover you financially in case of any medical emergency.
An effective medical insurance policy is essential because the prices of medicines and hospital treatments are rising day by day. If an accident or critical illness befalls you, it will cause a huge financial burden on you and your family. A hard-hitting truth is that whether your trip to hospital is planned or it comes as an unpleasant surprise, it is sure to cost you heavily. So, it’s better to have a protection of health insurance plans, that besides helping you manage your finances, also offer you a several other benefits at very affordable premium rates. You can also check out various health insurance quotes online to figure out which one is most suited to your budget.
Health insurance is like financial security that you have for handling your medical expenses. Health insurance plans are like an investment that you make so that you can safeguard your hard-earned funds from being spent on expenses related to hospitalization, medicines, ambulance, doctor’s consultation, and more. A health insurance policy can also be viewed as an agreement between you and your health insurance company that binds them to cover you financially in case of any medical emergency.
Tax Benefits: Policy holders of health insurance plans for families can enjoy tax deductions, under Section 80D of the Income Tax Act.
Choose the Best Health Insurance Plan for Your Family
- Hospitalization Plans: Hospitalization plans are those health insurance plans that reimburse the hospitalization and medical costs of an individual, subject to the sum insured. Hence, these plans are also known as indemnity plans.
- Family floater Plans: Family health insurance plans cover the entire family in one health insurance plan. It works under the assumption that not all members of a family will suffer from illness at one time. These plans cover hospital-related expenses which can be pre and post hospitalization. Most health insurance companies in India offering family insurance have a wide network of hospitals that help the insured people in times of an emergency.
- Senior Citizens Plans: As the name suggests, senior citizen health insurance plans are for the older people of the family. These plans cover health issues arising during old age. As per IRDAI guidelines, each insurer must provide cover up to age of 65 years.
- Hospital Daily Cash Benefit Plans– Hospital Daily cash benefits is a defined benefit policy that provides a certain sum of money for every day of hospitalization.
- Critical Illness Plans: These plans are benefit-based policies, where a lump sum benefit amount is paid on diagnosis of covered critical illness. These diseases are usually specific, with high severity and low frequency in nature. Hence, the treatment cost is high when compared to day to day medical / treatment need. Some of these illnesses include heart attack, cancer, stroke etc.
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