health insurance

Health Insurance And Mediclaim: A Judicious Investment For You And Your Family’s Health

The purpose of a health insurance policy is to provide people with cashless treatment in case they fall ill. According to the health insurance terminology, a clinic, a doctor or a pharmacy etc. that treats a person is known as the ‘provider’ and the person owning the health insurance policy is known as the ‘insured’. It covers medical as well as surgical expenses of the insured individual and it will reimburse the expenses incurred due to illness or injury, or pay the provider directly.

With medical expenses skyrocketing, it can become extremely difficult for people to arrange for huge amounts of money during an emergency, especially for people who do not have a lot of savings. Health insurances are highly flexible, as it covers numerous ailments and most importantly it provides people with the required treatment in a timely manner, regardless of their financial capabilities.

There are various types of health insurances available in the market, tailored to meet different requirements such as:

  • Preferred Provider Organization (PPO) plans:

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In this plan, people are advised to avail services from a network of preferred doctors and hospitals.

  • Health Maintenance Organization (HMO) plans:

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This plan grants a lower out of the pocket experience to the people, but reduces the flexibility in choosing hospitals and doctors.

  • Health savings account (HSA) plans:

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HAS is not a plan, it is a tax-favored savings account, that is used to pay for medical expenses.

  • Point of Service (POS) plans:

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This plan is a combination of the features of HMO and PPO. It is good to plan for families who need flexibility in choosing medical services.

  • Exclusive Provider Organization (EPO) plans:

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EPO plans are similar to HMO plans. They have a network of doctors who will assist in the required time.

  • Indemnity Health Insurance plans:

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These are known as Fee-for-service, as there are predetermined amounts paid to the member of covered services.

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Similarly, a Mediclaim policy for family is also extremely beneficial, as it covers the whole family of the insured person. Due to sedentary lifestyles, health issues are on a rise and the medical expenses are also increasing rapidly. Having a Mediclaim policy ensures that your financial stability does not get impaired during health-related emergencies.

Having a Mediclaim is a feasible option for people belonging to all income groups. It is a wise and beneficial investment because with one premium it takes care of the needs of the entire family. It makes them stress-free about the future since they are well prepared to handle any health-related problem. There are various types of family Mediclaim policies that are available in the market, one can choose the best one by analyzing all its features carefully.

The benefits of having a Mediclaim policy for the family are:

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  • Coverage of hospitalization expenses, in accordance with the terms and conditions of the family.

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  • There are several insurance companies, that offer cashless settlements.

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  • Coverage of pre-hospitalization and post hospitalization expenses for the days specified as per the policy terms.

Some expenses are useless or  provides short-term benefits only but Mediclaim Insurance provides benefits when you will need the most. Be wise, be an early starter and invest in Mediclaim policies for the security of your family.