What is Health Insurance?

Health insurance is a contract between the insured and the insurance company to provide you with a financial cover in times of medical needs. The Insured pays a fixed premium for his/her health cover.

If you have health insurance, you can either get the medical expenses that went through your pocket reimbursed or the insurance company pays the medical expenses directly on your behalf, both depending upon the health insurance policy that’s chosen. Certain health plans also cover the cost of your prescription medicines.

There are three main categories of Health insurance:

Individual Health Insurance – An individual health insurance is a type of policy customized for a single person, to safeguard and cover oneself from various illnesses, accidents, hospitalization expenses and, other medical emergencies that may arise in one’s lifetime. Additionally, individual health insurance plans also provide for additional benefits like Maternity Benefit, OPD expenses, Critical Illnesses Cover, AYUSH, etc.
Family Floater Health Insurance – A family floater health insurance is a type of policy customized to suit the entire family, under one single premium. The same protects and covers all family members against various illnesses, accidents, hospitalization, and other medical needs that may arise during one’s lifetime.
Senior Citizens Health Insurance – As the name suggests, senior citizens health insurance is a type of health insurance policy designed for people above the age of 60. The same is customized keeping in mind the different physical and psychological needs of senior citizens and offers benefits such as Domiciliary Care, AYUSH, Organ Donations expenses, and Critical Illnesses among others.