Covers Available Under Health Insurance Plans
In this technologically advanced world, discoveries and inventions in the field of medical science are happening often. The life expectancy has increased significantly over the years, cures for major diseases are being discovered, and quicker medical treatment procedures are available. Although most of the advanced treatment procedures are present in India, they are very expensive, and you might not be able to afford them in case of an emergency. In such scenarios, health insurance plans come in handy.
There are primarily two types of health insurance plans in India. These are:
1) Indemnity Plan
In an indemnity plan, the insurance company will cover only a fixed percentage of the total medical expenses, and you will have to pay for the rest of the expenses from your savings.
2) Critical Illness Plan
In this type of a plan, the insurance company will cover all the medical costs required to treat a critical illness.
Hence, it is imperative that you choose the health insurance plan that suits your requirement. Do not opt for a regular health insurance plan if you only want to cover the expenses for a critical illness. It is also mandatory to carefully compare the various health insurance policies available in the market before purchasing one. These days, with the convenience of technology, you can easily compare health insurance policies online.
Hospital Covers and Emergency Covers in Health Insurance Plans
Along with the usual inclusions in your health insurance, there are various add-on covers that you can include in your policy to get more coverage by the insurance company. All add-on covers have a fixed price and your insurance premium can increase significantly if you opt for many add-on covers. There are two types of vital add-on covers in health insurance plans. These are:
a) Hospital Covers
The add-on covers available under hospital covers are:
i) Room rent waiver
In most cases, insurance companies put a cap on the maximum room rent that you can claim under the insurance policy. With this add-on cover, you can choose a room of your choice without having to spend your savings.
ii) Hospital cash
This add-on cover is useful if you’re admitted in the hospital for more than 24 hours. In such a scenario, all the medical expenses required for a particular day within a fixed limit will be covered by the insurance company. This way, you need not spend anything from your pocket for the daily expenses.
b) Emergency Covers
The add-on covers available under hospital emergency covers are:
i) Critical illness cover
The expenses required to treat a disease or illness that is long-term such as cancer, brain tumour, heart stroke, etc., are included in the critical illness cover. In such cases, a lump sum amount is provided by the insurance company towards all the necessary medical procedures and treatments.
ii) Personal accident cover
In the personal accident cover, the insurance company will deal with all the expenses required for the treatment of injuries you suffer in an accident. If you pass away in the accident, your nominee will receive the compensation from the insurance company.
Additional Covers in Health Insurance Plans
Apart from the hospital covers and emergency covers, there are various other covers offered along with health insurance plans this year. These are:
a) Top-up cover
There can be situations in which you need to visit the hospital multiple times in a year, or you might have to undergo various medical procedures frequently. In such cases, the top-up cover will include an extra lump sum over and above the base sum of the insurance plan. This way, you can pay for the treatments without spending your hard-earned money.
b) Maternity cover
You can opt for a maternity cover if you’re planning to start a family. All the medical expenses required for childbirth are included in the maternity cover. Also, note that most maternity covers have a waiting period of two years. Ensure that you read the clause carefully before purchasing this cover.
Financial Assistance in an Emergency
You cannot predict when one of your family members will require emergency treatment. In such a situation, it can be difficult to arrange for the necessary funds for the procedure. Hence, if you have a valid health insurance plan for your family, the insurance company will ensure that you are compensated for all the medical expenses of the treatment. To compare health insurance plans in 2018 and select the right one, visit Coverfox.com. You can also renew your health insurance plan on the insurer’s website.