Health insurance is a product of insurance that covers the medical and surgical costs of an insured person. It reimburses expenses incurred due to illness or injury or reimburses the health care provider directly. A health insurance scheme is a contract between an insurance company and an insurer. The insurer pays a premium to the insurance company, in return the insurance company will pay for the medical expenses incurred - such as hospital stay, day care, after and before admission, etc.

Benefits

• It is an obvious fact that every health insurance policy has a hospital group in it. This means that if a person is admitted to one of these hospitals under his or her health insurance plan, he or she will not have to pay the costs. A simple police number of recipients will contribute to free hospital treatment.

• High-risk health insurance policies also cover hospitalization costs (between 30 and 60 days) depending on the type of policy you use. It means you do not have to bear the cost of the goods.

• In the event that you do not claim your health insurance for a whole year, you will be given extra money or a discount on a guaranteed amount. In addition, many health insurance companies offer their clients free health check-ups.

• If you fall under the tax slab, buying premium health insurance will get you tax refund under the Income Tax Act of India. Rat tax Rs. 25,000 in the 1850 age group and Rs. 30,000 adults will be granted under section 80D of the Income Tax Act, as long as you are a citizen of the Republic of India.

• Comprehensive health insurance and providing co-payment option. This means that in the event of any treatment, the insurance company will bear some of the costs while the remaining costs will be borne by the insured person.

Different Types of Health Insurance Policies Available in India:

• Individual Health Insurance Policy : An individual health insurance policy provides assistance to an insured person against a variety of diseases. It also includes other benefits as mentioned above.
• Advanced Family Health Insurance Policy : The whole family is covered under this policy. The family floating program provides each family member with a set amount of health insurance. This type of plain can be used for individual treatment or for the total amount of treatment for each family member.
• Pre-existing Disease Cover Policy : Under this plan, the policyholder will receive cover for all their illnesses before purchasing a health insurance plan.
• Surgery and Critical Care Program : This program provides protection against serious illnesses such as cancer, heart disease etc.
• Senior Citizen Health Insurance Policy :All adult health matters are covered under this policy.
• Protective Health Care Policy : This policy covers medical examinations and associated costs such as consultation fees, examination fees, etc.

Differences between Medical Insurance and Health Insurance :

• Medical insurance will only provide for the cost of hospitalization, predictable illnesses and accidents and for a predetermined amount while health insurance will provide you with complete protection against hospitalization costs, pre-hospital and post-hospitalization and ambulance costs.
• Medical insurance will not provide you any additional coverage while health insurance, on the other hand, provides additional coverage such as serious illness, accidental disability, etc.
• Medical insurance does not offer any flexibility depending on the cover while health insurers can reduce the length of their policy, the amount of health insurance premium over a period of time, etc.
• Medical insurance does not provide the insurer with critical illness insurance while health insurance provides insurance coverage for serious illnesses such as cancer, heart disease, etc.