Health Care Plans | Image Resource: freepik.com

There have been many advancements in medical technology and due to this the cost of medical treatments have gone up. You can save money on medical costs by buying health insurance. A health insurance is an agreement between the insurance company and the insured.

The health insurance company offers compensation against the medical and surgical expenses when required for which the insured person has to pay an annual premium. If you have bought health insurance then you can avail financial aid whenever required or in emergencies.

It is beneficial to buy health insurance as it provides financial stability, preventive medicare, coverage for medicines and drug costs. It also offers tax benefits. If you do not buy health insurance then you have to bear the medical costs.

There are various health care plans provided by different insurance companies. You should buy health insurance which best suits your needs.

Health insurances
There different types of health insurances are as follows:

Health insurance for individuals
This plan can be bought separately for each member of the family. The plan covers pre and post hospitalization, maternity and newborn, emergency medical services, critical illness, diagnostic tests, doctor’s consultation fee and more.

A good individual health insurance should offer lifetime renewability, extensive coverage, minimum waiting period for pre-existing diseases and good coverage. The claim settlement ratio should be excellent.

Health insurance for family
This type of health plan offers coverage to yourself, your spouse, dependent parents and even in-laws. It offers protection against illness at a fixed cost. All the family members are covered under a single plan.

The premium is decided by the sum assured and the age of the eldest member of the family. It provides benefits such as restores exhausted coverage, easy addition of a new family member, rebate on high sum, increase in sum assured, day-care treatments, daily cash allowance, ambulance charges, in-patient hospitalization and more.

A good family health insurance should offer the option to increase the sum assured and offer easy addition of a new family member. It should include features like 24*7 medical advice, free health check-ups and offer discounts on services like health clubs, medical stores and fitness centers.