How To Choose Appropriate Health Cover For You And Your Family – BM Fiscal
Health insurance is an insurance which covers the medical and surgical expenses of a person thoroughly or up to some extent. According to the Health Insurance Association of America, health insurance is defined as "coverage that provides for the payments of benefits as a result of sickness or injury. It includes insurance for losses from accident, medical expense, disability, or accidental death and dismemberment."Likewise, other insurance plans, an insurer can simply payback by using monthly premiums or payroll tax to the insurance corporation. The basic difference between a health insurance and life insurance is that the life insurance covers the benefits after the accidental death of the insurer to the beneficiary while health insurance policy provides benefits to the insured through illness or accidental conditions for treatments. The benefits of the insurance may vary according to the insurance provider.
Health insurance facility was launched in India in 1986 and since then it has become a growing segment of Indian economy. These policies are available for both individual and family cover. The payment for the policy installments can be done either in cashless mode or through reimbursement at the end of the hospital stay. Generally, the policy covers the benefits from 1 lack to 50 lacks and above. Health insurance policies offered by non-life insurance companies last for a period of one year and insurance companies offer health insurance for several years. Bmfpa to determine the risk profile of the client, before the investment strategies are finalized
International health insurance is a type of the health insurance which provides the benefits for overseas treatments. Indian health insurance providers do not include overseas treatments as per the rule. As a result, high net-worth individuals often purchase insurance from insurers in their country of preference in order to pay for treatment. Health insurance in India can be classified into following categories –
1. Hospitalization:
This includes the hospitalization and medical expenses of the insured.
2. Family health insurance:
It covers the benefits for an entire family considering that not all members of a family will suffer from illness at the same time.
3. Pre-existing disease cover plans:
If the policyholder has been suffering from some disease even before buying the policy, then the benefits are covered under this plan.
There are some more health insurance plans like senior citizen health insurance, hospital daily cash benefits plans, critical illness plans, proactive plans, etc. Men’s health insurance covers dermatological treatments, fertility treatments, Organ donor expenses, road ambulance cover, etc. While women’s health insurance includes daily hospital cash benefits, critical illness including cancer, post-hospitalization treatments, cosmetic reconstruction surgery benefits, maternity health insurance, etc. Till now women used to be covered under floater plans or as a dependent in the husband’s health insurance plan. But now as more women are getting into working force, they are being covered under employer group.
Other than hospitalization and medical benefits, health insurance policies are helpful in other cases as well. In convalescence benefits, the insurer takes care of the insured benefits. Many insurance companies also cover domiciliary treatments in their plans now a day. Also, the insurer can also claim for income tax deductions. Another benefit of health insurance includes free health checkups after 4 to 5 years, dental checkups, bariatric surgeries, etc.
In India The leading health insurance companies are private companies like Apollo Munich health insurance, Star health insurance, Max Bupa health insurance, ICICI Lombard health insurance, etc. and full government companies like New India Insurance, National Insurance company Ltd., Oriental Insurance Company, etc.
In this way, the health insurance has been proven helpful and necessary for sustaining a healthy lifestyle at minimal budgets. We BM Fiscal help you to choose best health cover suitable for you.