Medical emergencies might not come with a warning. Moreover, with advanced technology, medical costs are soaring. To manage your finances and have an adequate amount for medical treatment, health insurance would come to the rescue.
What is Health Insurance?
Health Insurance covers medical expenses like hospitalization costs, medication expenses, doctor consultation fees, etc., during illness.
Types of Health Insurance:
Health Insurance is majorly classified into two-
Mediclaim is the basic type of insurance. It covers hospitalization and treatment costs. Many insurance companies provide cashless compensation due to their tie-up with hospitals.
Critical illness insurance shelters lethal diseases like cancer, heart attack, renal failure, or that require prolonged treatment and lifestyle changes. The policy provides a lump sum coverage amount to cover the medical expenses incurred for the life-threatening illness under the insurance policy. The critical health insurance compensation covers the medical/ hospitalization charges and acts as a substitute income for the family until the patient can resume work.
Who Needs a Critical Illness Insurance?
The critical illness insurance policy is available for citizens above 18 years and less than 65. The policy could be purchased by those who have a medical history of certain health maladies or who want to be wise about expenditure on any health conditions. The primary breadwinner of the family who does not want the finances to be haphazard during the critical illness could invest in critical health insurance. It could prove to be beneficial to those who do not have adequate savings. Certain diseases covered by the policy include organ transplant, coronary bypass, cancer, paralysis, kidney failure, heart stroke, etc.
Benefits of Critical Illness Insurance
Conditions Of The Policy
Hence, critical illness health insurance bestows benefits and helps to control finances during the deadly disease. However, it is also essential to look at the exclusions of the policy, which include AIDs, dental or cosmetic surgery, etc.
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