pays for your hospital bills for diagnostics, surgery etc.
Health care cost is on constant rise, taking out money for even general health check-up is demanding now-a-days. And, if any major illness is to be treated it is surely going to eat away all your savings. Health Insurance put aside all your worries at once by providing you coverages you are looking for. Since, health insurance companies are drawing attention by making the list of Exclusions longer, their customers are lesser able to concentrate on what is covered under their health policy. And, when you are planning to get health insurance, it is imperative to understand what your health insurance should cover.
In this article, we will put some light on types of coverages provided by health insurance companies. Your health Insurer can provide you possible Coverage but it depends on your healthcare needs and what benefits you are looking for and what your sum Assured is.
Coverage depends on the type of health insurance policy. There are three types of health insurance- individual health insurance, family floater Policy and group health insurance.
Health cover under this policy is limited to a single individual only. This type of policy provides coverage to an individual upto the limit of his sum insured. Pr-hospitalization, Hospitalization and post hospitalization charges, ambulance charges, room rent, consultation fees, prescribed drugs as well as operation theater charges are provided.
This type of policy provides coverage for entire family in which individual with spouse, his parents and his two kids are covered. And coverage in terms of services is same as individual health policy.
Group insurance is provided by employers to their employees and coverage under this depends from employer to employer. Some may extend it to family members of their employees and some may provide only individual coverage. Hospitalization expenses occurred due to accidents and diseases contracted in India are reimbursed. Moreover, on payment of additional Premium maternity expenses and Pre-existing diseases are also covered.
Then on the basis of function, there is Critical Illness policy which provides coverage limited to critical illness only and till the time when the critical illness is diagnosed and sum Insured is paid. Critical illnesses covered are stroke, cancer, major organ transplant, surgery on aorta, kidney failure, heart attack, coronary artery disease, multiple sclerosis, primary pulmonary arterial hypertension and paralysis.
Under this type, coverage is provided as cash benefit for each completed day of hospitalization for the treatment related to Accident or sickness. Amount of cash benefit depend on individual’s insurance premium amount and coverage amount. The same coverage can be extended to family members such as spouse and children under the age group of 3 months to 21 years but only for single hospitalization period of 30 days.
Besides these coverages, cashless benefits, hospitalization due to day care procedures, eye examination and expenses on dental treatments are also provided. The coverages described above can be excluded as per the terms and conditions of the insurer. Therefore, always check for the coverage and exclusions before buying health insurance and get maximum benefits out of your health insurance policy.