Banking & Finance
health insurance plans – What are health insurance plans?
What are health insurance plans
Health insurance plans reimburse insured customers for their medical expenses, including treatments, surgeries, hospitalisation and the like which arise from injuries/illnesses, or directly pay out a certain pre-determined sum to the customer. A health insurance policy offers coverage for any future medical expenses of the customer.
This is an agreement between the insurance company and the customer where the former agrees to guarantee payment/compensation~ for medical costs if the latter is injured/ill in the future, leading to hospitalisation. In most cases, insurance companies have tie-ups with a network of hospitals, thereby ensuring cashless treatment for patients there.
Types of Health Insurance Plans
- Cancer Insurance Plans – A cancer insurance plan is a health policy specifically designed to offer financial protection against the costs of several types and stages of cancer. The plan can offer high lump sum payouts on the diagnosis of cancer
- Critical Illness Plans – Critical illness plans are a type of health insurance plans which provides money for the treatment of major critical illnesses like kidney ailments, liver disorders, heart attacks, cancer, paralysis, and more. Critical illness plans offer a high sum assured that can be adequate to cover the costs of such illnesses. They also provide lump sum payouts on the first diagnosis of a critical illness without the claimant having to submit any hospital bills
- Individual Health Insurance Plans – This is a basic health insurance plan that covers an individual. The coverage and sum assured can depend on the age, gender, and health status of the person
- Family Floater Insurance Plans – These health insurance plans offer umbrella coverage that covers the entire family under a single policy. These plans have a unified premium and sum assured for all the members of the family. They can be used to cover costs like hospitalisation, surgeries, room rent, and more
- Personal Accident Insurance Plans – A personal accident insurance is a health policy that covers the cost of treatment due to an accident. These plans cover the life assured and offer a payout to cover expenses like ambulance costs, emergency surgery expenses, doctor’s consultation, and more
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