Health Insurance is a type of insurance policy that helps an individual with covering medical expenses that occur in need of illness. This can include medical expenses, hospitalization costs, and even medical practitioner fees.
Basically, there are two types of health insurance plans.
- Mediclaim Plans.
- Critical Illness Insurance Plans.
Mediclaim Plans
Mediclaim plans are also known as hospitalization insurance which is also considered as the most elementary class in health insurance plans. Mediclaim helps in covering the medical expenses of a policyholder in case of hospitalization.
Here the expense is created on the basis of expenses acquired in the medical facilities by sharing the original invoices. Basically, mediclaim covers either the entire family or a certain limit.
For better understanding, we have shared the benefits of mediclaim policies with you.
- It helps you with the efficiency of cashless hospitalization facilities.
- Users can stay protected from the financial burden.
- Insurance companies will supervise the costs awaking out of medications
- One can get rid of debts settled from your balance
- You can take the efficiency of buying within the health insurance companies
- You can get pocket-money medical services.
- Pre and Post-Hospitalisation Expenses- Expenses contracted before and after the insured subject is admitted to a hospital.
- Hospitalisation Costs- diagnostic modes, OT costs, medicines, blood, x-ray, oxygen, etc.
- Day-Care Expenses- Medical treatment that requires less than 24 hours
- Hospital Room Expenses- Regular wards or Intensive Care Unit (ICU)
- Doctors or Medical Professionals’ Fee - Medical practitioner charges or fees
As we know every health insurance policies have some inclusions and exclusions to help insured patients to avail benefits. Let’s understand the refusals below:
- Vaccinations
- Sexually transmitted diseases, Birth control and hormonal treatments.
- Cosmetic surgery, Plastic Surgery and obesity-related treatments.
- Maternity expenses and other Pre-existing illnesses.
- Non-medical expenses that inherit service care, administrative prices, toiletries, and so on
Critical Illness Insurance Plans
This type of health insurance especially covers life-threatening diseases or serious illness that demands prolonged treatment or constant adjustment in the current living patterns of an individual. In the Critical Illness Insurance Plans, compensation is generated based on critical illness that is chosen by the policyholder. This payout is not associated with the actual expenditure revoked in the hospitals, unlike other hospitalization plans.
One can use the funds according to the requirements that are related to their health concerns Such as they can make good use of changing their lifestyle patterns or can bear the cost of medicines. Critical Illness Insurance Plans can also be considered as the substitutes payment for the duration when an individual was not able to continue their work because of serious illness.
Specifically, compensation on these plans covers the analysis of the illness for which initial medical invoices are not necessities.