What is Health Insurance? – HTDMovieNews

What is Health Insurance?

Epidemics like Kovid-19 and rising hospital expenses can make you financially weak. Hence investing in a health insurance plan can be the right option to protect you and everyone in your family.

In today’s situation in India, very few people have health insurance. Due to today’s increasing pollution, stressful life, overwork and lack of right food habit, many types of diseases can occur.

In such a situation, you may have to be admitted to the hospital. In today’s date, the cost of the hospital is becoming expensive, due to which your savings can be a huge loss.

Read More:- What is Vehicle insurance?

what is health insurance?

Health insurance is a contract between the insured i.e. the insured and the insurance company. Insurance under which the insurance company bears the expenses of your hospital in case of your illness.

Health insurance takes care of your health related matters. The insurance company pays the expenses of treatment, surgery etc. when you fall ill. You can also take health insurance for your family members or your dependents, husband, wife and children.

How does health insurance work?

We have just seen what is health insurance? Let’s know how health insurance works? First you buy insurance through an insurance company. Now there is different insurance by different insurance company. You can choose the right health insurance plan based on the cover, premium you need. The insurance company decides the premium for your health insurance policy based on your income and age. After that a medical test of your health is done.

Your annual premium is determined based on these. After that your sum assured is approved. If your insurance policy is cashless then you have to contact the third party administrator in their network hospital who will automatically fill your hospital bills. If you do not have a cashless policy, then you will have to pay your bills yourself. After that the insurance company will pay you based on your bills. Some companies reward you with a no claim bonus if you do not undergo any treatment in a year. This can be a waiver of your premium or anything other than the sum assured.

Types of Health Insurance

There are many types of health insurance. Let us know in detail how many types of health insurance are there?

Personal health insurance

Individual health insurance is specifically designed for an individual. That is, this health insurance is only for one person. Under this type of insurance, if you are admitted to the hospital due to any illness, then you are entitled to receive the money spent in your illness.

In this insurance, the premium of the insured is determined on the basis of his age, insurance cover, medical history and many other factors.

Family floater health insurance

Family floater health insurance is one such insurance, under which all the members of the family are covered. This insurance is mainly designed for the joint family of India. A maximum of 14 members of the family are covered under this type of insurance. In this insurance, the sum insured of the policy is divided equally among all the members of the family. In this insurance, it is not necessary to get separate insurance for all the members. And in this the insurance holder has to pay less premium. In this insurance, apart from yourself, you can also get coverage for your children and your spouse.

Senior Citizen Health Insurance

Senior Citizen health insurance is mainly designed for people who are above 60 years of age. After getting old or after retiring from the job, many types of problems related to your health may come. That is why many insurance companies have created senior citizen health insurance. Older people are more likely to claim, the higher the premium to be paid in such cases. Many insurance companies do not insist on medical examination before insuring senior citizens or do not exclude pre-existing diseases from insurance as health problems often arise in old age.

Medical insurance

In this type of insurance, your treatment expenses are covered if you are hospitalized due to any illness or accident. This includes doctor’s fees, nursing charges, surgery expenses, oxygen, anesthesia, etc.

It is also known as Mediclaim policy. It is available in the market in the form of group mediclaim, individual health insurance, overseas medical insurance etc.

Unit linked health plan

In this type of insurance, you get the benefit of both investment and insurance. This insurance is also commonly known as ULIP.

In this type of insurance, a part of the premium paid by you is used to insure the insured and the other part is invested in the stock market and equity. Your investment in this gives returns based on the market.

Group health insurance

This insurance is mainly made for the employees working in medium and large companies. And this insurance is gaining a lot of popularity. It provides coverage for hospitalization and hospitalization expenses to the employees. The premium paid in this insurance is less. Because the policyholder’s risk is spread over a group of policyholders. It helps in keeping its employees connected with the insurance company.

critical illness insurance plan

This insurance is designed to cover critical illnesses such as cancer, heart attack, kidney failure, brain tumor, bypass surgery, paralysis, etc. This insurance is for such families who are not able to bear the expenses of diseases, in such a situation this type of insurance can prove to be helpful for those families.

The premium for this type of insurance is usually higher than other insurances. Under this policy, the hospital expenses can be reduced up to a certain limit. In this type of insurance, on the detection of a critical illness, the insured person gets a pre-determined lump sum amount.

Maternity health insurance

This insurance is specially designed for pregnant women to reduce the expenses related to delivery and pregnancy. This insurance covers a range of expenses incurred for pre and post delivery care for delivery of the baby, ambulance charges etc. for a specified period.

Personal accident insurance plan

In this type of insurance, the driver / owner of the vehicle is covered in case of injury or death due to accident due to any reason. In this insurance, in case of death or disability of the insured, his family is given a lump sum amount financially.

Why should I take health insurance and why is it important?

Right now rising hospital expenses amid diseases like Covid-19 and Dengue can create financial difficulties for you. That’s why you should take health insurance for yourself and your family so that you can avoid hospital expenses.

While taking health insurance, keep in mind that the payment of hospital and treatment expenses under any insurance depends on its coverage. The bigger your cover, the higher the cost will be paid by the insurance company.

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