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Acko Unveils Comprehensive Guide to Health Insurance: Understanding Plans & Critical Illness Coverage

By: Get News

Health insurance acts as a safety net. It provides a cushion for your finances. It covers all medical expenses resulting from accidents, illnesses, and injuries. This is the fundamental function of any policy you choose.

When it comes to your healthcare insurer, you and the company are bound under a contract. They agree to cover some and maybe all of your medical costs when you pay them a premium fee. The insurance company typically handles expenses in two ways. They do it through cashless treatment and reimbursement. The insurance company sends funds directly to the hospital, so you don't have to make direct payments with cashless treatment. You can choose between paying upfront and seeking reimbursement later. You can even opt for a seamless cashless transaction instead.

Read on to learn about health insurance plans and the reasons for adding critical illness coverage.

Types of Health Insurance Plans

Individual Health Insurance Plans

This plan covers one individual/person. However, some insurers offer the option of including the policyholder's spouse, allowing them to join the policy and obtain insurance coverage.

Family-floater Health Insurance Plan

Immediate family members (spouse, parents, and children) are eligible for coverage under Family Health Insurance. The insured members split the policy's entire sum insured.

Senior Citizen Health Insurance Plan

This plan provides coverage for seniors, primarily those over sixty-five. Consider acquiring this specific insurance plan to ensure that your older family members are adequately protected.

Critical Illness Insurance Plan

Life-threatening diseases necessitate costly medical treatments. The Critical Illness Insurance Plan offers coverage for these specific ailments. It is alternatively known as a Fixed Benefit Health Plan. They provide a fixed lump sum amount upon approval of your claim.

Group Health Insurance Plan

A bunch of employees from the same company can fall under coverage in a Group Health Insurance Plan. Each member therein accesses a fixed, separate and specific sum insured. In certain scenarios, an insured individual may incorporate their family members into the plan, thus distributing or sharing the allocated total amount for insurance among them.

Top-up Health Insurance Plan

Individuals possessing basic health insurance coverage or those capable of bearing medical expenses up to a specific threshold may choose to enrol in a Top-up Health Plan. This plan offers immediate additional health insurance coverage beyond the recognised 'deductible,' which represents an unalterable limit in insurance language. 

Why Should You Buy a Critical Illness Insurance?

The number of persons diagnosed with serious diseases is rapidly increasing. These disorders can undoubtedly affect people of various ages, including those in their twenties and thirties. You may improve your fitness and general health by living a healthy lifestyle. Simultaneously, consider purchasing critical sickness insurance to safeguard yourself against severe illnesses if you believe there is an inherent danger. This is particularly applicable in cases with a family history of essential diseases.

First, prioritise adding an individual health insurance policy to your portfolio. Then, incorporate a critical illness plan as the second layer of protection. This strategy will safeguard you against any exorbitant and unforeseen medical expenses.

Bottom Line

The saying "health is wealth" is familiar, but life's unpredictability requires more than good habits and a healthy lifestyle. Financial resources are also necessary for maintaining optimal health. Health insurance helps provide funds during critical periods.

The rate of life-threatening disorders, such as heart disease and cancer, is increasing. Therefore, owning critical illness insurance becomes imperative. This coverage ensures you receive optimal medical treatment without depleting your savings. Nevertheless, before making a substantial financial commitment, you must understand what aspects fall under coverage and what do not. This knowledge will prevent any unwelcome surprises down the line, which is an essential precaution in this unpredictable world we inhabit.

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Contact Person: Vishnava Reddy
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City: Bengaluru
State: Karnataka 560102
Country: India

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