Decoding Health Insurance: A Comprehensive Guide for the Beginners

Health insurance provides complete financial protection or coverage against the medical expenses incurred due to injury or critical illness. In other words, health insurance is an agreement or contract between the insurance provider and the insured. According to the health insurance policy agreement, the insurer pays the insurance amount to the policyholder using which he or she can handle the total cost incurred to meet the medical expenses.Here is the beginner's guide to understand what a health insurance policy plan is, the diverse categories of health insurance policies, and why health insurance is important in our day-to-day lives.

Would you like to know the different types of health insurance policies?

A health insurance policy is categorized into different types. Depending on the severity of illness and the financial necessity to handle the medical expenses or pay hospitalization charges, he or she can choose a reliable health insurance plan understanding the key benefits areas. Here is the list of health insurance policies offered by the top insurance providers in India. By understanding the policy types, the applicants can choose the best one to get the expected coverage and rider benefits.

• Individual health insurance policy- The individual health insurance plan provides financial coverage and protection to a single individual using which he or she can meet the medical expenses incurred.
• Health insurance for family- The floater health insurance plan for family provides medical insurance coverage to the family members.
• Group health insurance- A group health insurance policy is meant for a group of employees or people belonging to a committee or group.
• Senior citizen's health insurance policy- The health insurance for senior citizens provides insurance coverage benefits to people above the age group of sixty.
• Critical illness health insurance plan- The type of health insurance plan that provides coverage for the treatment of life-threatening diseases.
• Maternity health insurance plan- The category of health insurance plan provides insurance coverage to handle maternity expenses.
• Top-up health insurance plan- The insurance plan as the name indicates provides benefits in addition to the insurance policy coverage offered.
• Coronavirus health insurance plan- The health insurance plan was introduced after the spread of Covid 19 for which treatment options are very rare. By buying a health insurance plan, he or she can get the financial coverage to treat the life-threatening disease.

What are the benefits or advantages of choosing a health insurance policy plan?

Choosing a health insurance policy has so many benefits, especially for the population in need of financial aid to obtain adequate treatment to cure critical illness. Here are the benefits of health insurance policy.

• Financial protection- By choosing a reliable health insurance policy, the insured can get the funds needed to treat a critical illness.
• Cashless hospitalization- Health insurance policy provides cashless benefits in the event of immediate or emergency hospitalization.
• Tax benefits- According to section, 80 D of the Income Tax Regulatory Act, the premium paid towards health insurance policy is eligible for tax benefits.
• Minimum documentation or paperwork- Minimum documents or paperwork is needed to purchase a health insurance policy plan.
• Critical illness health insurance plan for women-The critical illness plan for women help every woman to handle the expensive treatment costs.
• Easy to purchase- It’s easy to purchase a health insurance policy online by paying the premium amount by visiting the appropriate website portal.

What are the essential factors to consider before choosing a health insurance policy plan?

Choosing the right health insurance policy is essential to obtain the maximum insurance coverage benefits offered. The insurance coverage amount, the health insurance premium amount, the health insurance policy-waiting period, the health insurance claim settlement ratio, the insurance policy term or duration, the reputation of the health insurance provider, add-ons or additional coverage options, and tax benefits are the key factors to consider before choosing and purchasing a health insurance policy plan.

How to purchase a health insurance policy online?

Purchasing a health insurance policy is easy and affordable. To purchase a health insurance policy online, he or she can search for the required plan among the diverse categories by visiting the appropriate website portal. By paying the health insurance premium amount, the insurance policy can be purchased to receive the maximum coverage to meet the medical expenses incurred.

As healthcare expenses are rising day by day, people especially those from poor economic backgrounds need help managing and handling medical expenses. In such a scenario, the top health insurance companies in India provide an effective cost-effective solution to obtain complete protection and financial coverage through reliable health insurance policies. The expected health insurance coverage benefits and add-on options are ensured if the right insurance policy is chosen among the diverse categories.