Health Plan is made to provide financial security for patients against medical expenses. It covers the plan holder or the plan holder’s family’s medical and surgical costs in times of emergency. Health plans are mostly rendered by health insurance companies. The insurer (Policyholder) pays a fixed sum of premium annually or monthly to the insurance company and if any medical problem arises which necessitates surgery/hospitalization, the insured is reimbursed with by the health insurance company. Insurance companies are usually run by public and private companies or non-profit organizations. In 2000 Government of India permitted private sector companies to invest their capital in the sector of health insurance. The advent of private insurers in India witnessed many innovative plans in the insurance sector. The health insurance in India only supports for inpatient hospitalization and for treatment at hospitals in India and Outpatient services were not payable under health policies in India.
There are numerous varieties of health plans available in the market. The Insurance Regulatory and Development Authority of India (IRDA), is responsible for regulating and managing these insurance companies. Hospitalization plans pays the insured the cost of hospitalization and medical costs as per the sum insured either directly to the hospital or it can reimburse the amount after the completion of the treatment.There is also family floaters health insurance which covers the entire family in one health insurance plan. It works under assumption that not all member of a family will suffer from illness in one time.Pre-Existing Disease Cover Plans secures the patient who is suffering from specific disease before buying the plan. Maternity health insurance offers the plan of securing the medical expenses occurred in prenatal and postnatal cases. There are also some insurance plans which financially support patients during critical illnesses that causes threat to life, this type of policies usually provides a lump sum amount at a time.
Claiming a health plan is really a boon for meeting with today’s uncertainties of life. For facing any medical urgency the support of health insurance is highly recommended. A health insurance is modern days provides a huge security to people against any dangerous medical cases. Therefore we must be aware about the benefits these insurances give us and our families. A comprehensive health insurance policy with an adequate sum assured can help us meet any kind of unplanned medical expenses. It decreases the mental stress and trauma of due to sudden illness. As the policy makers have a direct contact with a selected list of hospitals, the patients need not to worry about paying the bills. One can also avail tax benefits by paying health insurance premiums.