Medical/ Health Insurance
Medical/ Health Insurance is an insurance policy where the insurer assures the insured to compensate the loss incurred due to injury or illness. Health insurance offers compensation for medicine, hospitalizations, doctor visit and follow check ups and many other medical expenses. Medical Insurance is often referred to as health insurance and vice versa. Health Insurance can also be done against disability or long term nursing conditions.
The health insurance plans work on a mutual ground, where the insured needs to pay a premium on a regular basis so that the insurer can compensate for any uncertain loss incurred at any point of time.
Medical Insurance are categorized under several plans which differ in various aspect ob the basis of what liabilities they cover, the amount of deductible or co-payments, limits of medical coverage and what all options for treatment the medical policies offers.
Medical Insurance can be done from any private insurer or government insurers. Numerous private insurance companies like the ICICI and Tata AIG to name a few offer medical insurance plans. Health insurance plans can be done as group health plans, individual plans, workers' compensation and government health plans.
Health Insurance Policies in India are sub-divided into the following types of insurance plans:
Hospitalization Plans: this insurance plan assures the insured of covering the hospitalization expense and frequent medical expenses. There is varied pay structure and individual limit as per the plan for the various plans present under this category.
Critical Illness Plans: this insurance plan cover expenses incurred in case of more serious and critical illnesses like heart attack, stroke, organ transplants and kidney failure etc. This medical plan covers infrequent and relatively higher medical expenses.
Specific Conditions Coverage: These medical plans offer health insurance against health complications that might occur due to some disease. These medical plans often include disease management programs related to the condition or the illness.
Health insurance, in today's world is a must for all individual as these insurance policies pay all or part of medical bills.