Do you have a Health Insurance
plan in place to meet emergencies of severe ailment or accident? Do you have a health insurance for all the family members? It is a
must in today’s time when medical expenses are shooting through the roof. You need medical care without bothering about the expensive treatment and cover unexpected
calamities. Simply nothing is more precious than your own life.
In a nutshell, health insurance safeguards you and the family from bearing a huge expense.
Medical insurance covers individuals and their families against unforeseen circumstances arising from accidents, illness or injury. There are mainly three types of medical insurance: •Individual Mediclaim
This is a basic plan covering a single individual. It covers you against Hospitalization
charges for a maximum up to the limit of the sum assured. Generally, in India
individuals can opt for Coverage
ranging from one lack to ten lack rupees.•Family Floater Policy
covers not just an individual, but the family members as well. Generally, this policy covers the head, his spouse, parents and children. Here, the sum
assured value floats among all the family members who are covered under this policy. It covers the expenses for the family only up to the sum Assured
limit. This plan
is better than buying individual policy’s for each member separately. Economies of scale make Premium
for a floater plan lesser than opting for individual policy for
all. These plans are available in the range of two lack to ten lack rupees.
Let us suppose a family of three have a family floater policy for five lack rupees. Under this, anyone can Claim
the entire five lack rupees in one year. Another case
could be possible. In this, a member could claim two lack rupees and another could claim the remaining three lack rupees if hospitalised. This policy makes sense
because chances of all members’ getting hospitalised at the same time are quite rare. Like that, one member can enjoy a larger chunk of claim if need be.•Unit Linked Plans
Like life insurance, child plans etc, medical insurance too has introduced a unit linked plan. They combine health insurance with investments. The return on the
invested portion is dependent on the market risk. But, if you are focussed on getting a pure medical insurance only, you could give this a miss.
After understanding the types of medical policy that you could chose from. Let me explain the procedure in case the Insured
dies in the hospital. Case 1: In case of an Individual Policy.
Now a days, a lot of hospitals have a cashless arrangement with the insurance companies. Under this, the hospital directly gets the payment up to the Sum Assured
amount by the insurance agent. But, if it is not a cashless transaction, then the bills are redeemed later. The insurance company makes the payment to the assignee,
appointed by the Insurer
while taking the policy. Case 2: In case of a Family Floater Policy.
Likewise, if it is a cashless transaction, the hospital gets it directly from the insurance company. In case the hospital or doctor is not on the panel of the
insurance company, a form needs to be filled and submitted. Then, the medical insurance
claim amount directly gets credited to the proposer’s bank account. If the
proposer dies, the floater policy can be transferred in the name of another member in the family, provided s/he is above 18 years of age.
Time to go ahead and get you and the family medically insured. This not just protects you against illnesses and accidents but guarantees you a sound and secure future.