Health is “a state of complete physical, mental, and social well-being and not merely the absence of disease” according to the World Health Organization (WHO). And Health insurance is an insurance that covers the entire or a part of the risk of a person incurring medical expenses, spreading the risk over numerous persons. Come to the point, we shall discuss some important things about Health Insurance Plans.
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What are the benefits of Health Insurance?
The intent of medical insurance is to receive the best medical care without any stress on your investments. Health insurance plans give protection against high medical costs. It protects hospitalization expenses, daycare procedures, domiciliary expenses, and ambulance charges, besides many others.
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Why do we need Health Insurance?
Health insurance can indemnify the insured for expenses incurred from illness or injury, or pay the care provider directly.
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Difference between Mediclaim and Health Insurance:
The simple differences between Mediclaim and health insurance are: Mediclaim is mainly for covering hospitalization expenses. A health insurance plan covers pre-post hospitalization expenses, ambulance charges, compensation for the lost income, etc. gamble on the policy benefits.
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What are the 5 types of Health Insurance?
- Health maintenance organizations
- Preferred provider organizations
- Exclusive provider organizations
- Point-of-service plans.
- High-deductible health plans.
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Does Health Insurance provide tax benefits?
Yes, paying insurance premiums per annum can lower your annual liabilities. A health insurance premium paid is often wont to claim deduction under Section 80D.
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What are the things look before choosing a Health Insurance?
Insurance can be defined for some specific needs, that’s are-
- Payout mechanism – Whether payout happens on diagnosis, or on actual hospitalization
- Claim Process – Claim process should be simple, fast and efficient involving minimum discomfort to policyholder/family
- Waiting Period – The best plans will have a minimal waiting period before you can claim for a pre-existing cover.
- Adequate cover – With health costs on the rise, the best health plans will give maximum cover at an affordable cost.
- Pre/post-hospitalization benefit – Some health plans have limits related to pre and post hospitalization expenses and so you must be aware of them before buying.
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Is Family Health Insurance and Individual Health Insurance is similar?
You can choose for a family floater plan or cover each member individually under an equivalent policy. There is some difference only between policies and instructions.
Top 10 Health Insurance Plans:
- National Health Insurance – ICR 115.55% and Grievances resolved 97.07%
- Oriental Health Insurance– ICR 113.86% and Grievances resolved 73.83%
- United India Insurance – ICR 110.95% and Grievances resolved 96.59%
- Reliance General Insurance – ICR 106.54% and Grievances resolved 98.49%
- Universal Sompo General Insurance– ICR 104.17% and Grievances resolved 100.00%
- New India Assurance Health Insurance– ICR 103.19% and Grievances resolved 99.94%
- Bharti AXA General Insurance– ICR 98.50% and Grievances resolved 99.69%
- Aditya Birla Health Insurance– ICR 89.05% and Grievances resolved 57.54%
- Future Generali Health Insurance– ICR 87.42% and Grievances resolved 99.73%
- Bajaj Allianz General Insurance– ICR 77.61% and Grievances resolved 99.78%
Hope this information helps you to choose the right decision to secure you and your family’s life. For more things consult with your financial adviser and stay tunes with BLOGSROCKS.