Usually, life insurance companies launch health insurances. Health insurance is always broad based than mediclaim. In India, health insurance is one of the growing segments in Indian economy. As per the available data, 3.9% of the gross domestic products in India are spent on health sector. If compared among BRICS countries, India stands at the bottom most in this sector, as per the WHO report (2011). Health insurance policies can cover both individual and family.
Statistics (in Indian scenario)
If 2010 record is the testimony, only 25% of the Indian populations are some way or other linked with health insurance. Health insurance providers are two types, government sponsored and standalone. Because of the advent of the private sector, the health insurance sector got new Phillip. The innovative products included, top-up plans, family floater plans, critical illness plans, top up policies and hospital cash.
In India, health insurance policy is meant only for impatient of a hospital; it is never for the outpatients.
What all health insurance cover?
Different features are covered by different health insurance companies. However, many of these health insurance companies have some common features they cover in their health policies.
Health insurance covers the following aspects:ø This insurance policy covers both boarding and hospital room charges.
• This policy covers dialysis, radiotherapy, and chemotherapy
• Health insurance policy covers ambulance charges (in some of the health policies)
• This policy covers pre hospitalization and hospitalization charges
• Health insurance covers diagnostic charges, doctor consultation charges, ICU charges and other medical related cost.
• The policy also covers cashless hospitalization in premier hospitals, as is offered by most of the insurance companies.
The health insurance plan includes:
• In the context of critical illness, all most 30 illnesses are covered in health insurance in certain plans, as the comprehensive health cover.
• In case the sum assured exceeds a particular limit, the beneficiary will get discount on premium
• Premium reducing flexibility is applied for a some specific period
• Flexibility in sum assured for a some specific period
Evidences prove that health insurance plans are much better than mediclaim, in the context of coverage of illness or diseases, flexibility and the quantum of sum assured. Mediclaim can help you up to some limit; however, health insurance can give you maximum relief, if you are in a serious health condition.