What is Health Insurance? Read to know the Benefits and Types!

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The importance of paying heed to our health has become more apparent in recent years. It has drawn attention to the fact that while it is indispensable to be prudent about our lifestyle to lead a healthy life, we still be faced with unwelcome situations like illnesses, accidents, natural disasters, etc. And it is during such unforeseen health emergencies that health insurance becomes vital.

Unfortunately, health emergencies don’t just drain us emotionally but financially as well. And when we or our families go through a health crisis, we should be able to access the best healthcare facilities without having to worry about finances. We be financially secure in the face of such unforeseen circumstances with the protection of health Insurance.

Health insurance policies provide a wide range of coverage to the insured against surgical and medical costs.The purpose of health insurance is to assist you in meeting medical and related expenses during a health emergency ensuring that you don’t have to deplete your savings. In addition to direct hospitalization expenses, a comprehensive health insurance plan includes benefits such as pre and post-hospitalization charges, ambulance coverage, and critical illness coverage amongst others. A good health insurance plan can provide your family with lifelong comprehensive medical coverage and peace of mind. It also has the added benefit of tax savings.
The various kinds of health insurance policies available are:

Individual Health Insurance – This policy provides insurance coverage for individuals. It can be purchased for yourself, your spouse, dependent children, and your parents.

Family Floater Health Insurance Policy -It covers the entire family under a single floater sum insured. Here the sum insured floats over the family members covered under a policy.

Critical Illness Insurance –A Critical Illness policy provides coverage for serious illnesses such as heart attack, cancer, paralysis, and a few others depending on factors like the company you are purchasing the policy from and so on. If the policyholder is diagnosed with any of the diseases listed in the policy, the insurer will pay a lump sum amount to the policyholder. This money can be used to pay off debt, cover treatment costs, replace lost income, or make necessary lifestyle changes for recovery.

Group Health Insurance–It is a type of Health Insurance policy that covers a group of people within a single policy. A Group Health Insurance plan provides equal insurance coverage to all members of a group, regardless of age, gender, occupation, or socioeconomic status. Employees are typically provided with Group Health Insurance as part of their pay package. This type of plan can also include group members’ spouses, children, and dependent parents.

, Mr.Shreeraj Deshpande
Speaking on the importance of health insurance, Mr.Shreeraj Deshpande, Head – Health Business, SBI General Insurancesays “Besides the benefit of having financial security to care for your loved ones, a health insurance plan is extremely useful in combating medical treatment expenses. Lifestyle diseases are on the risemaking it critical to buy health policies at a young age. It serves as a financial cushion in the event of a medical emergency, allowing you to focus on having access to quality healthcare and treatment rather than worrying about managing the necessary funds.”

You can visit the insurer’s office, buy online, etc. and choose from a range of health insurance policies to get the finest protection at an affordable price.

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