What is Medical Insurance Policy?

Medical Insurance or Health Insurance provides financial coverage for medical bills and expenses. This insurance works as a contract between the insurer and policyholder, covering hospitalisation, doctor visits, surgeries, and more.

There are several types of medical insurance policies that will help you understand it better. Here is a list of some of the more common types of medical insurance plans that are available:

1.Individual Medical Insurance

This type of medical insurance policy covers only a single person. It can also be opted separately for every member of your family. Individual medical insurance coverage has basic benefits apart from which you can also add other add-ons that suit your health needs.

2.Family Medical Insurance

Family Medical insurance provides health coverage for all the members of your family. The sum insured is distributed amongst all of the members equally. One great advantage of getting this plan as compared to the individual type of policy is that the premium is much less.

3.Senior Citizen Medical Insurance

The medical insurance plan for senior citizens provides coverage for people who are over 60 years old. It covers a lot of pre-existing conditions and provides vast coverage related to different age-related health conditions. This kind of insurance coverage policy is ideal for your parents and any other elderly people in the family.

4.Critical Illness Insurance Cover

Critical illness insurance covers more serious health conditions like heart disease, stroke, kidney failure, heart attack and more. This plan offers a lump sum payout if the policyholder is diagnosed with a covered critical illness.

Benefits of Getting a Medical Insurance Policy

Here is a list of some benefits which you can avail upon accessing Medical Insurance Policy:

● Ability to Make Cashless Claims

Medical insurance serves as a super useful tool which prioritises the health of a policyholder in their times of need. Getting such insurance grants the ability to make cashless claims at hospital facilities without having to go through a lengthy procedure or wait time.

● Accessing Quality Healthcare

Health or medical insurance grants policyholders the ability to access quality healthcare, which otherwise one might not opt for due to their high prices. You also get to avail yourself of a lot of other benefits when opting for healthcare from a network of hospitals with which the hospital has a tie-up.

● Saves on Tax

Under Section 80 D of the Income Tax Act, you get to avail tax deductions for you. This applies to all types of medical insurance policies, whether for yourself or your family. For instance, you can avail yourself of a deduction of up to Rs. 25,000 for yourself and your family. If any of the family members are aged 60 and above, then a tax deduction of Rs. 50,000 can be claimed.

● Provides Coverage for Critical Illnesses

Medical insurance coverage covers not only critical illnesses like health diseases, kidney ailments, stroke, and cancer. It covers a lot more types of serious illnesses. Generally, the more adverse health conditions require a lot more associated costs, which is where medical insurance coverage can come in handy.

Medical Insurance Serves as a Key Component in Securing Health

Getting Medical Insurance is important to secure your health. After all, the best way to prepare for the future is to prepare for it beforehand. Medical insurance can serve as a great financial support when faced with dire circumstances. It provides solid financial support when met with emergencies.

You can consider getting our Star Health Medical insurance policy when going for such coverage plans. We provide a ton of benefits at affordable premiums for everyone. After all, healthcare is a necessity and should be accessible to all, so secure it with us at Star Health!