Health insurance is a type of insurance in which a company contracts with a person to bear the cost of his hospitalization, medicines and doctor’s consultation for a fixed period. In return, a monthly premium is paid by the person to the company. Usually it is for one year, after which it is renewed.
Types of Health Insurance
Two Types of health insurance are offered by companies.
1. Mediclaim Plans: This is a basic health insurance plan. In this, the expenses incurred during hospitalization of any person covered in the health insurance policy are covered up to a limit.
2. Critical Illness Insurance Plan: Under the Critical Illness Insurance Plan, serious and such diseases are covered, which are life threatening. It is quite different from the Mediclaim Plan. In this, the company does not pay hospital bills etc. Whenever you are diagnosed with a serious illness after getting tested etc., the insurance company makes a lump sum payment according to your chosen plan.
Benefits of taking health insurance
Family protection
In today’s time, in view of diseases like corona, it has become necessary to take health insurance for the safety of the family. With this, if any member of your family gets any disease, you can get treatment without worrying about money.
Medical expenses
In today’s time, hospital expenses are increasing rapidly. Even getting treatment for a small disease costs you thousands and lakhs of rupees. Due to this, it has become necessary to take health insurance.
Protection from serious illness
The biggest advantage of health insurance is that if you get any serious illness and you have taken a critical illness insurance plan. Then you do not need to worry about money, because in such a situation, the company will pay you the money according to the cover.
To save savings
If you are only focusing on savings and have not taken health insurance. Then this can be a huge threat to your savings. If you suffer from any serious illness, your savings can be wiped out in one go.
Difference between Mediclaim and Health Insurance
1. Expenses before and after hospitalization:
Mediclaim policy strictly covers all costs till hospitalization. This policy covers the treatment of a particular disease up to a limit. On the other hand, health insurance policy bears the cost of treatment of almost all diseases. This includes expenses for several days before and after hospitalization, such as diagnosis, doctor consultation fees, etc. Whereas other expenses are not covered in Mediclaim.
2. Getting add on or cover for disease
In medical insurance, policy holders can add a separate add on or cover for a specific disease according to their need. For example, for a serious disease, for pregnancy, for cancer. Whereas, no such cover can be added separately in Mediclaim.
3. Insurance limit
In Mediclaim, the cost of hospitalization cannot exceed Rs 5 lakh and its treatment expenses are limited. Whereas the coverage of health insurance depends on age, place and number of family members.
4. Premium
If you want to pay less premium, or want to take a health plan for a short period or need a health plan for emergency cases, then Mediclaim is a good option for this. Because health insurance gives you more services, its premiums are expensive.
Leave a Reply