Health Insurance also called mediclaim gives you protection against unexpected costs of medical which arise from accidental injuries or some disease. It is an important financial tool which ensures that you will get medical care without any burden of costs which associates with it.
In India, to purchase health insurance is not an easy task. As there are various products available so you should ensure that you get right deal. For this, you need to understand your requirements and choose the product which is the most suitable for you.
The costs of healthcare are rising day by day and due to uncertainty of life, you should get a cover of health insurance which is not meant for you only but for other members in family also. Below are some categories of options available in health insurance.
1. Individual health plan
- It provides protection against expenses of hospital treatment which lasts for 24 hours at least.
- It offers you coverage against cost of surgeon, cost of hospital room, and cost of operation theatre, oxygen and nursing costs.
2. Floater health plan
- It provides a cover of single policy for whole family which is cost effective also.
- It offers protection same as in individual health plan.
- Any member of family can use this policy for any no. of times in the term of policy.
3. Plans for critical Illness
- It provides you coverage against some diseases which is called critical illness by insurance company.
- List of diseases in critical illness include heart attack, cancer, replace surgery of heart valve and stroke, transplant of major organ and failure of kidney.
- In this policy, the insured person will get a lump sum after diagnosis of specific illness.
4. Policy of Overseas medical
- It provides coverage against expenses of medical which are incurred when you travel abroad.
- It covers treatment of illness or disease contracted or nay type of injury which is sustained during the period of insurance in abroad.
- This policy is suitable for people who travel abroad for pleasure, educational purpose and business.
Some important steps for purchasing health insurance
Below are some simple steps for choosing the best and suitable health insurance plan.
- Decide between family policy and an individual
Firstly you must decide the number of members in family which you want to include under the insurance policy. For instance, if you are a professional, you can select individual plan and if you want to cover your dependents also like your spouse, family and children in policy, then you can choose family floater policy.
- Decide the amount of coverage required
To know the amount of coverage required by you in policy, estimate the costs of medical which may be insured by you annually along with provisions for your budget and unexpected expenditures. You can also go for health coverage which is offered by employer of your company or any friend or relative.