Emergency, unplanned expenditure can cross anyone’s door. Medical emergency is one such event which leads to unforeseen expenses. Medical emergencies can leave one in a financial contingency like situation. Hence, there’s a need of health care insurance plan.
In India, healthcare insurance plans are offered by both public and private sector companies. Thanks to the long list of healthcare insurance providers, that today individuals have a variety of health insurance plans to choose from.
Primarily, health insurance can be categorized in three types:
1. Health Insurance
2. Critical Illness Insurance
3. Personal Accident Insurance
Apart from these basic types of health insurance in India , another type of health insurance plan we see is corporate plan. This type of health insurance policy is provided by employers (public or private) to all its employees. The premium amount of such insurance plans is comparatively very low. However, such policies come with too many limitations.
For instance, it is valid only till the employee is employed with the company. In many cases, health insurances offered under corporate plan do not cover facilities like Daycare treatment, or tests and diagnosis. It only covers the hospitalization cost, also there could be chances that your corporate plan may offer only reimbursement facility and not cashless hospitalisation.
Moreover, the sum insured offered under corporate health insurance plan may not always be sufficient to cover your medical expenses.
Therefore, in order to beat the rate of inflation and rising cost of medical expenses, it becomes very essential to cover yourself under a healthcare insurance plan out of your corporate plan.