• Family Health Insurance

  • Why should I buy critical illness cover?

    critical illness benefit complements the health insurance benefits. While mediclaim takes care of hospitalization expenses, critical illness cover is used to cover extra costs that may arise while seeking treatment for critical diseases like cancer, stroke, coronary heart disease, major organ failure, paralysis, etc.  Under critical illness, insurer agrees to pay a lump sum amount on diagnosis of dreadful diseases listed in the policy document. The lump sum amount that you get can be used for different purposes like paying for expensive treatment or recuperation aids, make up for the loss of income due to fall in the ability to earn, etc.

     

     

    Imagine an individual who has been diagnosed with coronary heart disease and the patient has a health insurance plan of Rs 5 lakh. In a regular health plan, payment is usually associated with hospitalization but what happens if total expenses connected with treatment are Rs 8 lakh, out of which hospitalization expense is Rs 5 lakh? Now who will bear Rs 3 lakh expenses (8-5) related to innumerable diagnostic pre & post hospitalization? Having a critical illness plan would give an additional amount to cover Rs 3 lakh expenses.

     

     

    A critical illness plan supplements your health insurance portfolio. The purpose of a critical illness cover is to pay for costly treatments. The scope of coverage is much wider as it covers up to 20 critical illnesses. Moreover, general insurance companies offer a critical illness cover for 1-5 years. It means, you have ample coverage for a longer duration.

  • What is the right time to buy health policy?

     

    ASAP- As soon as possible is the perfect answer to this question. By buying at a younger age, you can enjoy low premium rates. Moreover, for critical illnesses and maternity, every insurer has its own waiting period. By buying it a young age means you get access to health coverage when the need actually arises. So don’t wait for any accident or a medical condition to occur before you hit a panic button and buy a health insurance policy. 

  • Why Health Insurance ?

    Having health insurance is important for several reasons. Uninsured people receive less medical care and less timely care, they have worse health outcomes, and lack of insurance is a fiscal burden for them and their families. Moreover, the benefits of expanding coverage outweigh the costs for added services. Safety-net care from hospitals and clinics improves access to care but does not fully substitute for health insurance. These findings are supported by much research, although some cautions are appropriate in using these results.

  • What are the different types of health insurance?

     

    There are various types of health insurance plans available in the market and some of the major ones are-

     
    Individual health plan It offers coverage to an individual against illnesses. There are various factors that affect the cost of health insurance premium like age of the insured, sum insured, personal health, etc. To know more about individual health plan and available options, Read more 
     
    Family Floater health plan With this policy, you can cover the entire family under a single plan. Here the sum insured is shared by all members of a family. It means, if a family of 5 members takes a cover of Rs 5 lakh, the entire family can claim up to Rs 5 lakh. 
     
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