Health insurance gives you coverage against hefty medical expenses that may arise due to sickness and accidental injury. In most of the cases, health insurance is offered to people in the age group of 5 to 80 years. In some cases, children under five years are covered if their parents are also covered.

Health insurance is a broad term which majorly covers the following types of policies:

  • Personal health insurance: Health insurance policies bought by an individual for himself/herself or family.
  • Group health insurance policies: It mainly includes insurance policies offered by an organization to his employees.

Mainly, when people talk about health insurance, they mean personal health insurance policies.

You can file a health insurance claim in the following two ways:

  • Cashless: Every insurance company has its network of hospitals where cashless treatment is given to policyholders. It means, if you visit any of these hospitals, you only need to submit your insurance card to the hospital billing desk who will further process cashless treatment for the patient, subject to the approval of the insurance company.
  • Reimbursement: In case you admit in a hospital, which is not in the list of network hospitals of the insurance company, you will have to make all payments on your own and then approach the insurance company for reimbursement.

Most of the people use the term health insurance interchangeably with mediclaim. However, in reality, health insurance policies are more comprehensive than mediclaim in terms of diseases covered and quantum of sum insured.

Buying a health insurance is an imperative step that you can take towards protecting yours and your loved one’s health. The cost of health insurance depends on various factors like sum insured, age, current health conditions, medical conditions, etc. There is no standard thumb rule to decide the ideal cover for health insurance. One has to choose the coverage as per his/her lifestyle, age, health condition, and affordability. Also, before choosing a health insurance plan for yourself and your family, remember to compare prices and features of different insurance plans online. After all, health is the real wealth.

Case Study

Mr. Sharan Verma (45) was admitted to a nearby hospital with severe chest pain and initial symptoms indicated that there was a possibility of artery blockage. After a series of tests, doctors suggested coronary artery bypass surgery as the arteries were completely blocked and it was the only solution. Fortunately, Mr. Verma had a health insurance policy of Rs 5 lakhs and the entire hospitalisation bill of Rs 4.50 lakhs was paid by the health insurer. During this stressful time, his health insurance policy played an imperative role by covering all medical expenses. Moreover, Mr. Verma did not feel the brunt of expensive medical treatment and his treatment took place in one of the leading hospitals.