All About Health Plans

Nowadays, people are more focused on having good health and better healthcare services. Health insurance or health coverage has become more popular as it is the smartest financial decision an earning individual takes. It provides protection against large critical illnesses. The individual has to select a good health insurance plan that can take care of all of their needs. It is important to take a healthcare policy when you are young and healthy as you can stand a chance of being denied health coverage during old age.

Meaning of Healthcare Plans-

A health insurance plan is a basic necessity that an individual must-have. When a person gets admitted to the hospital, the first thing they ask about is the health insurance highlighting the importance of these plans. Health plans or medical insurance is a contract between the insurer and the client where the insurance company will provide the health coverage to the insured as per the sum of the insured limit. It is an insurance product that extends coverage for the medical and surgical expenses of an insured individual. These expenses include the doctor’s costs, hospitalisation costs, consultation and cost of medicines. An individual can avail of a plan based on monthly or annual premium payments. In the meanwhile, if the insured meets with an accident or falls sick, the expenses for treatment purposes, coverage for pre & post hospitalisation, medical check-ups, room rent coverage, and the cashless facility are offered by a health plan.

Most popular Health Plans-

Many health plans are provided by health insurance companies. People need to select the plan as per their needs to be fulfilled during their illness. Ideal insurance or health coverage plan considers the following factors: affordability, adequate sum insured, add-on benefits, and financial support to meet the rising medical costs. Reliable insurance provider and flexible claim process. There are many popular health plans that an individual opts for as per their need. The popular health plans are as follows-

• Family Health Insurance Plan: This plan includes all the family members under a single cover, and the claim can be availed by any one member of the family when it is required.

• Surgery and Critical Illness Insurance Plan: critical illnesses such as cancer, paralysis, heart attack, kidney failure, etc., are taken care of under this plan. As the treatments of these diseases are expensive, the premium costs are also high.

• Personal Accident Plan: In this, the premium depends on the coverage costs. This plan Is applicable when the insured meets with an accident.

• Unit Linked Health Plan: this plan extends an offer with a combination of coverage as well as savings. A corpus can be built to meet the expenditures which are not covered by the insurance policy.

• Individual Health Insurance:  The coverage of this plan depends on the age and health of the insured individual and covers the expenses of the person who has claimed for this policy. 
• Senior Citizen Health insurance Plan: This plan is applicable for senior citizens or individuals over 60 years of age.

• Maternity Health Insurance Plan: This plan supports the pre-and post-natal expenses. It also covers the costs of the delivery of newborns. This policy is applied only to a certain period as per the plan.

Examples of Health Plans-

These are the 5 best examples of the health care plans which people mostly claim for

.Star Health Insurance- It is offered by a star health insurance company, and it has a high claims settlement percentage of 98.72% for specialised care of heart patients and cancer patients.

1. Max Bupa Health insurance– It offers coverage for a number of illnesses, hospital expenses, etc.  Max Bupa has a claim settlement ratio of 91.2%.
2. ICICI Lombard Health Insurance- It has a network of 6500 and more hospitals to avail cashless facilities. It is supposed to have settled 98.32% of the claims received as per IRDA (Insurance Regulatory and Development Authority of India).
3. TATA AIG Health Insurance- It carries a AAA rating by ICRA and isa trusted 20-year-old joint venture between Tata & AIG Group. For 2018-19 the individual death claim ratio was 96.12%.
4. Care Health Insurance- It used to be known as Religare Health Insurance. It offers coverage for health insurance, critical illness, personal accident, top-up coverage, international travel insurance, and maternity care. The claim settlement ratio is 92.3%.

Conclusion–

Medicare and medical costs are rising year by year. Medicare expenses usually come in double digits, causing medicare inflation. For an individual who hasn’t saved money, health insurance can help in dealing with the financial repercussions of an accident or emergency. According to the age, the medical background and the plan the person has selected, the individual will be provided with premium quotes.

 Health plans offer considerable flexibility and ailment coverage. Health insurance claims for a more secure future both health-wise and money-wise. It mostly helps in dealing with the safeguarding of the finances against the increasing medical costs.