Enrich your Financial Knowledge

Sometimes we mess up the concept of life insurance Policy with health insurance. Basically life insurance provides death coverage as well as lump sum amount after maturity. But in case of sudden illness or accidental happenings health insurance provides financial support. I have discussed here some types of health insurance:

• Critical care: Critical Care protects you or your spouse against loss of income on diagnosis of any of the 9 major medical illnesses and procedures. The first of its kind, it offers a lump sum benefit on diagnosis of Cancer, Bypass Surgery, Heart Attack, Kidney Failure, Major Organ Transplant, Stroke, Paralysis, Heart Valve Replacement Surgery or Multiple Sclerosis. Critical Care Insurance also provides cover against accidental death and permanent total disablement (PTD).

• Health advantage plus insurance: The “Health Advantage Plus Health Insurance Policy” is an unique health insurance policy that covers unexpected medical emergencies like hospitalization costs as well as Outpatient Treatment Expenses (OPD) in the form of reimbursement of cost of medicines, drugs, ambulance charges and dental expenses.

• Family Floater Plan: The specialty of this policy is, one single policy takes care of the hospitalization expenses of your entire family. Family Floater Health Plan takes care of all the medical expenses during sudden illness, surgeries and accidents.

• Personal Accident Insurance: Personal Accident Insurance policy gives coverage against Accidental Death Permanent Total Disablement (PTD). Choose among 4 Personal Accident flexible plans that offer choices in sum insured and policy duration. The plan cover starts from Rs.3 Lacs and goes up to Rs.20 Lacs with policy duration of 3, 4 or 5 years.

Private insurance companies are stepping ahead: It’s a fact that many of us still believe in Govt. Insurance companies. But the scenario has changed a lot today, so open your outlook and go ahead with the private insurance companies.

The scenario few years back: The insurance companies used to have a reimbursement system for the policy holders. Policy holders had to incur every treatment related expenses (hospital charges, medicines etc.). After inspection, the insurance company used to reimburse the amount (within the coverage amount) to him / her.

Today’s scenario: Insurance companies give a “Health Identity Card” to every insurer that can put an entry to the Hospitals without any prior deposit. A list of hospitals is provided to the insurer where he / she can avail such facilities (the list includes all major hospitals, so don’t worry). Subsequently the insurance company takes charge of paying all related expenses. There remains no scope for tension regarding the approval of medical bills, reimbursement etc. The Insurance companies also cover critical illness today with high rate premium. So the door remains open for all, we just have to adopt the policy accordingly.

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