Health Insurance Policy: Types, Key Features and Advantages


Here in this post, we discuss related health insurance plans and what is health insurance policy. We all know that at this time we all need insurance health plans because anytime you are at the hospital. So, you might have health insurance plans for family or health insurance for senior citizens. We will discuss individual health insurance benefits and different types of health insurance.

What is Health Insurance Policy?

An agreement between an individual or group and an insurance provider known as a health insurance policy states that the insurer will cover the insured’s medical costs in return for a premium. Numerous medical services, such as doctor visits, hospital stays, prescription medications, and preventative care, are often covered by health insurance policies. Depending on the policy, the costs and specific coverage may differ. While some insurance plans are offered by an employer, others must be acquired by an individual or family.

How Health Insurance Policy Works?

The insured pays a monthly or yearly premium to the insurer in order for the policy to function. In return, the insurer agrees to cover some of the insured’s medical costs. The particular policy will determine the details of the insurance and the price.

A deductible is a predetermined amount that the insured must pay before the insurer begins to pay expenditures when the insured needs medical care. Co-insurance is the practise of the insurance company paying a portion of the costs once the deductible has been reached while the insured is responsible for the balance.

Health Insurance Policy
Health Insurance Policy

For example, if the policy has a $1000 deductible, and the insured incurs $5000 in medical expenses, the insurer will pay for expenses above $1000 and the insured is responsible for paying $1000. After that, if the policy has 80/20 co-insurance, the insurer will pay 80% and the insured will pay 20% of the remaining expenses.

It’s important to note that policies can have different benefits, coverage, and exclusions. Some policies will cover only certain types of medical treatments or providers, while others will have lifetime or annual limits on the amount the insurer will pay.

Now you understand how this insurance for healthcare work and what is the importance of insurance for health. If you already have insurance health policy then know your insurance policy details.

Key Features of Health Insurance Policy :

  1. Coverage: This refers to the types of medical expenses that the policy will cover. Common types of coverage include doctor visits, hospital stays, prescription drugs, and preventative care.
  2. Premium: This is the amount that the insured must pay to the insurer on a regular basis (monthly or annually) in order to have coverage under the policy.
  3. Deductible: This is the amount that the insured must pay before the insurer will start covering expenses.
  4. Co-insurance: This refers to the percentage of the remaining expenses that the insurer will pay after the deductible has been met, and the percentage of remaining expenses for which the insured is responsible.
  5. Out-of-pocket maximum: This is the maximum amount that the insured will be responsible for paying in a given year for covered expenses, after which the insurer will cover all remaining expenses.
  6. Network: Some policies will have a network of providers that the insured must use in order for the expenses to be covered.
  7. Pre-existing conditions: Many policies have exclusions or restrictions on coverage for pre-existing medical conditions.
  8. Lifetime and annual limit: Some policies have a limit on the amount the insurer will pay over the lifetime or annually.
  9. Renewability: Some policies have a fixed term and will need to be renewed every year, while others are guaranteed renewable.

Types of Health Insurance :

  • Travel Health Insurance: A type of insurance called travel health insurance covers medical costs incurred while a person is travelling outside of their country of residence. This kind of insurance can be bought as a stand-alone policy or as an addition to an existing policy, and it is intended to augment or replace current health insurance coverage. You can also refer travel health insurance international for your international tour plan.
  • Top UP Health Insurance: A top-up health insurance plan is a type of health insurance intended to supplement an existing basic health insurance plan with additional coverage. It is frequently added to an existing policy and can be used to raise the basic policy’s coverage limit.
  • Personal Accident Insurance: In the case of an unintentional injury or death, personal accident insurance offers financial protection. It can be purchased as a stand-alone insurance or as an add-on to an existing policy, and it is intended to offer financial support to the insured or their family in the case of an accident. You can also buy personal accident insurance online.
  • Health Insurance for Maternity: health insurance for maternity is a specific kind of insurance that pays for medical costs associated with pregnancy, childbirth, and postpartum care. It is intended to give expecting parent’s financial assistance for the expenses related to having a baby. Both a standalone policy and an addition to an existing health insurance plan can be acquired.
  • Senior Citizen Health Insurance Scheme: A sort of health insurance called senior citizen health insurance scheme is created expressly to address the medical requirements of elderly people. It offers coverage for medical costs associated with illnesses and injuries and is normally available to people over the age of 60. Both a standalone policy and an addition to an existing health insurance plan can be acquired.    
  • Critical Illness Cover In Health Insurance: A form of health insurance called critical illness cover offers financial security in the case of a serious sickness. Critical illness cover in health insurance is intended to give the insured or their family a lump sum benefit in the event of a certain critical illness, such cancer, a heart attack, or a stroke. Both a standalone policy and an addition to an existing health insurance plan can be acquired.
  • Group Health Insurance Policy: A type of insurance that is obtained by an employer or other organisation on behalf of its employees or members is a group health insurance policy. For a group of people, it offers coverage for medical costs associated with illnesses and injuries.
  • Family Health Insurance Plans: A type of health insurance called a family health insurance plan covers several family members under a single policy. These policies often pay for the policyholder, their spouse, and their children’s medical and other related expenses. Both a standalone policy and an addition to an existing health insurance plan can be acquired.
  • Individual Health Insurance: A sort of health insurance known as individual health insurance is one that an individual, rather than an employer or organisation, purchases. It offers the policyholder coverage for medical costs associated with diseases and injuries. Both a standalone policy and an addition to an existing health insurance plan can be acquired.

How to Buy and Health Insurance Benefits Policy Online?

  1. Research different health insurance policies and compare their features and benefits. Some important things to consider include coverage limits, deductibles, co-insurance, and exclusions.
  2. Choose a health insurance policy that best suits your needs and budget.
  3. Go to the website of the health insurance company you have chosen.
  4. Click on the link to purchase a health insurance policy.
  5. Fill out the online application form with your personal and contact information.
  6. Review and submit your application form.
  7. Pay the premium for your health insurance policy using a credit card, debit card, or online banking.
  8. Once the payment is processed, you will receive a confirmation email or message from the health insurance company.
  9. Review the policy document and ensure that you understand the terms and conditions of the policy.
  10. Keep a copy of the policy document for your records.

So, now if you want top up health insurance plan then you can also visit online or go through insurance agent. But before that know your insurance types and insurance terms. Upto that you are clear with insurance of health meaning and how to buy insurance health online. You may also contact insurance broker company to know the health insurance plan and for insurance renewal. Otherwise you can also do it insurance renewal online.

Advantages of Health Insurance Policy :

  1. Financial Protection: Health insurance policies provide financial protection against the high costs of medical care. They can help cover the costs of doctor visits, hospital stays, prescription drugs, and other medical expenses.
  2. Peace of mind: Having a health insurance policy can provide peace of mind knowing that you and your family are protected against unexpected medical expenses.
  3. Access to Quality Healthcare: Health insurance policies give individuals and families access to quality healthcare services. Many insurance plans have networks of doctors, hospitals, and other healthcare providers that policyholders can access.
  4. Preventive Care: Many health insurance policies cover preventive care such as routine physical exams, immunizations, and screenings.
  5. Tax Benefits: In many countries, health insurance policies provide tax benefits, which can help reduce the overall cost of the policy.
  6. Customizable: Health insurance policies are customizable and can be tailored to meet the needs of different individuals and families.
  7. Choice of Provider: Many health insurance policies allow policyholders to choose their own healthcare provider, which can be especially important for people with chronic health conditions.
  8. Flexibility: Health insurance policies can be flexible and can be changed or updated to reflect changes in an individual’s or family’s healthcare needs.
  9. Group Policies: Health insurance policies can also be bought for groups, such as employees of a company, which can provide group discounts and better coverage options.
  10. Maternity Benefits: Many health insurance policies have an option of including maternity benefits, which can help cover the costs of prenatal care, delivery, and postpartum care.

Health Insurance Policy FAQs :

  1. What are the documents required to buy a Health Insurance?
  2. A driver’s licence, passport, or national ID card can be used as personal identity.
  3. A pay stub or an income tax return could be used as evidence of income.
  4. Utility bills, rental agreements, or bank statements are all acceptable forms of proof of residence.
  5. Medical data: A medical exam or information about your medical history may be requested by some insurance carriers.
  6. A birth certificate or passport could be used as identification.
  7. Photograph of the Policyholder
  8. Signature of the Policyholder
  9. Form of nomination (if the policyholder wants to nominate someone)
  10. Form of proposal: Most insurance providers have proposal forms that must be completed and submitted with the other necessary paperwork.

2. How to file a Corona Virus Health Insurance Policy Claim?

  1. Check your policy: Review your health insurance policy to ensure that it covers expenses related to COVID-19. Many insurance companies have made changes to their policies to cover COVID-19-related expenses, but it’s important to confirm that your policy covers such expenses.
  2. Gather your medical bills and records: Collect all the medical bills and records related to your COVID-19 treatment, including any test results, prescriptions, and doctor’s notes.
  3. Contact the insurance company: Reach out to your insurance company to inform them that you would like to file a claim related to COVID-19. The company will provide you with the necessary claim forms, which you will need to fill out and submit along with your medical bills and records.
  4. Submit the claim: Once you have completed the claim forms and gathered all the necessary documentation, submit the claim to your insurance company.
  5. Track the status of your claim: After you have submitted your claim, you can track the status of your claim through the insurance company’s website or by contacting them directly.
  6. Follow-up: If your claim is denied or partially approved, you can follow-up with the insurance company to understand the reason and also request for a review of the decision.

Leave a Reply