Medical Insurance plans safeguard your financial position, physical well-being and shoos away the mental agony of arranging finance to meet your treatment expenses. With the emerging demand of health insurance many health insurance providers offer affordable health insurance plans. It is essential to understand the types of plans being offered and their pros and cons before narrowing down to one.

Understanding various medical insurance plans:

1. Health Insurance plans

The health insurance plans are designed to cover your hospitalization expenses including room rents and consultation charges of the doctors. You can opt for coverage limit as per your financial situation. Some of the key features of this type of plan are:

Cashless facility
Easy and direct claim settlement
Coverage of Pre and post hospitalization expenses for certain duration
Reimbursement if treatment is availed in a non-network hospital
Coverage of Day care treatments
Tax Benefit under section 80D

Exclusions

Pre-existing ailments upto 3 years of policy initiation or as defined in the policy document
Treatment due to terrorist activities or emergence of war
Treatment arising out of act of suicide or other self injury methods

2. Accidental Health Insurance

This medical insurance plan is designed keeping in mind the financial mess that may arise if a family member meets with an accident and more so if the sole bread earner of the family becomes victim of any accident.

The accidental health insurance includes the following benefits:

Medical expenditure resulting out of accident
Hospital stay due to the accident
Child education in case of permanent disability or death
Tax Benefit under section 80D

Exclusions

Accident arising due to driving under influence of alcohol or drugs
Accident arising due to indulging in criminal activities
Accident arising by indulging in sport activities like trekking, rafting, sky diving

3. Critical Illness medical insurance

Critical illness refers to acute illness like cancer, stroke, and organ transplant to name a few. Curative measure involve large amount of money impacting your other major financial responsibilities. Once the claim is made the policy terminates.

The coverage provided under this medical insurance plan includes:

Lump sum payment of the assured amount after diagnosis of the critical illness and if the victim survives for 30 days
Wide range of sum insured
Covers people in the age bracket of 15 to 65 (may vary as per the different insurance providers)
Tax Benefit under section 80D

Exclusions

Death of the patient within 30 days
Sexually transmitted diseases such as AIDS, HIV
Critical illness arising due to deferring treatment as and when advised by the doctor when first diagnosed
Critical illness diagnosed within 90 days of policy

After analyzing the inclusions and exclusions of all types of medical insurance plans, decide the most beneficial and affordable health insurance to secure your family needs.