pays for your hospital bills for diagnostics, surgery etc.
"He, who has health, has hope. And he, who has hope, has everything." -- Arabian Proverb
The proverb is concise but sends a very deep message. Are we taking good care of our health? From the day we breathe independently in this world, to the time we pack our bag for our heavenly abode, all we think and do is plan. But in this entire planning we often skip out on planning the most important aspect of our life and that is Health.
With health and medical bills sky-rocketing, a person is in a state of sheer dilemma when he has to shell out a huge amount all of a sudden disturbing the rest of the financial planning along with peace of mind. Health Insurance or Health care Policy is an important financial planning that an individual needs to do hence ensuring that it protects against incurring of steep medical bills and expenses. Health Insurance is nothing but a boon. It is a boon in times of trouble, a boon in times of adversity and a boon in times of misfortune.
With diseases like Diabetes, Blood Pressure and Hypertension, Stroke or Heart attack and Cholesterol becoming the household diseases, it has become of prime importance that a person keeps his weapons ready to fight these unexpected intruders. Keeping in mind the ultimate aim of saving money today for unforeseen health crisis of tomorrow, here is a gist of types of health insurances available along with some Riders and add-on covers to make it easy for you to choose the right one for you and your dear family.
Below mentioned are the types of health insurance policies available in India:
Individual health Insurance Policy: With this being the simplest and basic form of insurance, the insurance mechanism works on the principle of covering an individual with a health policy so as to ensure the re-imbursements of the expenses of pre-hospitalization to post-hospitalization expenses and the other medical costs to the limit of the amount insured.
Floating Policy or Family Floater Policy: This policy is a superior version of the health insurance of Mediclaim where a family is Insured as a single unit with a predetermined amount of sum assured. In case of hospitalisation of any one member of the family, the sum equivalent to that person's medical bill is reimbursed, deducting that sum from the principal amount and keeping the rest for other instances.
Along with these routine health care policy, companies of health insurance in India offer various add-on covers / riders with a particular policy so as to custom make it for a customer. The main aim of these riders and add-on covers is to permit the customer the maximum Coverage of health insurance with whatever amount or budget that he can make available for the same.
Critical Illness Cover: This health policy works on the principle of covering a person against life-threatening diseases like Cancer, Brain-stroke, Kidney Failure, Multiple Organ Transplant etc. Once a person is diagnosed with such critical or life threatening diseases, the companies pays out the entire sum and the policy ceases to exist. Some companies don't consider Critical Illness insurance as the regular option and offer this as an add-on.
Personal Accidental Cover: This health insurance policy covers a person against the Riskarising out of any accident. It provides a person complete coverage against accidental death or permanent total disablement due to an accident.