Health Insurance or Mediclaim as commonly know refers to protection that is provided to a policyholder as a cover against unexpected medical emergencies. Medical Insurance protects you from costly medical bills in case of any emergency. It covers you and your family against expensive healthcare costs. With rising healthcare costs and expensive medical treatments, covering oneself and one's family against unforeseen hospitalization expenses is always a smart thing to do. A sudden illness or prolonged treatment can take its toll on your finances and throw a spanner into your regular savings and investment plans.
Health / Medical insurance is a plan that covers all the hospital expenses arising out of unforeseen hospitalization. A medical insurance policy offers to reimburse a pre-defined percentage of expenses incurred under on certain heads, such as doctor's consultations fees, pathological test, X-ray, hospitalization, operation theatre, medicine, follow-ups, etc.
Medical insurance can be availed on both individual and group (family) basis. The facility is also extended to employees as a part of their cost to the company.
Today there are over 200 Health Insurance Plans available to a consumer. With each of these Health Insurance Plans having their own unique USP, but they all can be differentiated on the basis of 8 broad categories.
- Waiting Period & Duration before Pre-Existing diseases are covered in the Policy
- Lifelong Coverage
- Type of Health Insurance
- Extra Coverage's of Critical Illnesses
- Presence of Maternity coverage's for females
- Day Care treatments covered
- Product Premium
- Co - Payment option