What is Medical Insurance?

Choosing the Right Medical Insurance: A Comprehensive Guide

Medical insurance is simply a financial agreement between the policyholder and the insurance company to cover the former's healthcare costs. Based on the sum insured and other factors – the policyholder pays a premium, and the insurer provides financial protection for medical expenses as per the policy documents.

If you are planning to buy medical insurance, then read this article to get a complete overview and select the best one.
Understanding The Types of Medical Insurance

Here are the types of medical insurance available in India:

●Mediclaim Plan
The simplest type of health insurance plan is a mediclaim or hospitalization plan. It covers your treatment costs up to the policy's specified limits when you are admitted to a hospital. Some mediclaim plans also extend coverage to your entire family, ensuring financial protection for medical emergencies.
●Critical Illness Insurance Plan
As the name suggests, these plans offer coverage for certain life-threatening illnesses, like heart diseases, cancer, brain tumours, issues related to the kidney and liver, etc. They usually provide a lump sum cover when the policyholder is diagnosed with a critical disease, ensuring uninterrupted treatment. 
●Family Health Insurance Plan
A family health care plan covers the individual, their spouse, children, parents, and sometimes even parents-in-law. It's ideal for families seeking a well-structured insurance plan that offers comprehensive coverage for the entire household under a single premium.
●Senior Citizens Health Insurance Plan
Senior citizens' health insurance policies offer financial protection by covering medical expenses incurred by older adults. Such plans usually cover pre-existing conditions, age-related health issues, and additional treatments resulting from an illness or accident.
●Individual Health Insurance Plan
An individual health insurance plan covers a single person. It provides monetary protection for medical costs such as surgeries, doctor visits, medications, ambulance fees, room rents, and more, and it works similarly to other health plans.

How Medical Insurance Works?

The policyholder begins the process by paying the insurance company a premium that is determined by the sum insured, health history, age, lifestyle choices, and other variables. Medical costs like hospital stays, operations, tests, and consultations are covered after the coverage is activated. 

Star Health Insurance, for example, offers a streamlined claims process and a vast network of hospitals to ensure seamless cashless hospitalization and quick reimbursements.

A cashless hospital stay or repayment of the incurred medical costs are your options. To receive treatment for cashless hospitalization, all you have to do is go to the hospital that is part of the insurer's network. Prior to filing a reimbursement claim, you must pay the hospital expenses and provide the insurance company with the necessary paperwork.

Benefits of Health Insurance

Here are the benefits of having a medical insurance coverage:

●Helps Meet Rising Healthcare Costs
Health insurance plans enable individuals to meet the expenses incurred during medical emergencies or planned hospitalizations without exhausting their savings. It also allows them to focus on getting better without worrying about rising treatment costs.   
●Coverage for Critical Illness
Without prompt treatment, serious conditions, including cancer, heart disease, stroke, kidney failure, etc., can be lethal. You may concentrate on your treatment and recuperation while the critical illness coverage takes care of the costs. 
●Added Benefits and Protection
Add-on benefits to the base plan, such as critical illness coverage and accidental death or disability benefits, offer extended and enhanced protection for specific medical conditions. These additional features ensure broader coverage and extra financial security during unforeseen health crises.
●Simple Cashless Claim Processing
Without having to worry about making financial arrangements, cashless claims let you concentrate on the course of treatment. The hospital works directly with the insurance company to settle the bills.

Medical insurance will either pay for all of your hospital stays or use a cashless system to pay the hospital fees. You can use the money to replace your monthly income if your condition prevents you from working. Also, you can also use the funds to pay for any unforeseen costs that may come up during this period, such as doctor appointments, medication purchases, testing, etc.

To ensure that medical insurance is available to all, Star Health offers comprehensive coverage starting at just ₹13/day. 
Call us now for a customized quote!

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