Health Insurance

Health Insurance

This type of general insurance covers the cost of medical care. It pays for or reimburses the amount you pay towards the treatment of any injury or illness.

It usually covers:

  • Hospitalisation
  • The treatment of critical illnesses
  • Medical bills prior to or post hospitalisation
  • Day care procedures like Cataract operations

You can also opt for add-on benefits like:

  • Maternity cover: Your health insurance covers you for the costs related to childbirth. This includes pre-delivery check-ups, hospitalisation during delivery, and post-natal care.
  • Pre-existing diseases cover: Your health insurance takes care of the treatment of diseases you may have before buying the health insurance policy.
  • Accident cover: Your health insurance can pay for the medical treatment of injuries caused due to accidents and mishaps.
  • What is a health insurance plan?
  • Things to know before buying a health insurance plan:

You have to pay a sum of money (Health insurance premium), to avail a health insurance policy. Your medical bills will be paid back to the extent you have insured yourself (premium you have paid).

The health insurance plan pays your hospitalization expenses/bills, if you are hospitalized for at least 24 hours. You can also take a health insurance plan for your family under the family floater plan.

Know the waiting period of your health insurance plan

A health insurance plan has a waiting period of 1 month after you avail it. The health insurance plan will not pay your medical bills for any disease you contract, within a month of taking up the health insurance plan.

You are hospitalized after a week of availing the health insurance plan .When the hospital bill is presented you get a nasty shock. Your bills are not settled by the health insurer as you are hospitalized within a week of availing your health insurance plan. You are covered by the health insurance plan only a month after availing it.

Eligibility for Health Insurance:

You can buy the health insurance policy for any family member, children and even your parents. 
You/ Proposer need to be above 18 years. You get coverage upto 65 years of age, which varies from Company to Company. 
Individuals who propose to have insurance whose age is 46 years and above, have to undergo medical tests at designated diagnostic centers.