Health Insurance covers hospitalization due to mental health issues. It is a medical insurance policy that offers financial coverage for medical expenses when the person is hospitalized. It plan ensures cashless treatment and day care hospitalization. Insurers have the flexibility to decide whether to issue insurance in the first place.
If you do get the insurance, coverage for therapy and medication incurred on an outpatient basis can be covered under health plans with OPD coverage. With an increasing cost of healthcare in India, it has become mandatory for almost everyone to buy a health plan. There are various plans available with respect to your needs because of which it is difficult to choose the right plan. Health insurance can be of many types,
- Individual Health Plan– It provides financial coverage to an individual policyholder against illnesses, offering benefits like cashless hospitalization. This insurance plan covers the only policyholder.
- Family Health Plan– In this plan, you can include your family members under health coverage. It offers a higher premium than the individual plan.
- Senior Citizen Health Plan– This health plan is designed to provide health coverage for people aged above 60 years and offers protection from health issues during old age.
Benefits of Health Insurance:
- Cashless Treatment
- Coverage of pre and post hospitalization charges
- Ambulance Fee
- No claim bonus
- Medical checkup
- Room rent in your health insurance sub-limits
- Tax benefits of insurance
Factors affecting Health Insurance Premium:
- Medical History
- Gender and age
- Type of health insurance plan
- Policy term
How much of cover is required:
Although there is no fixed rule as to how much insurance you should have; the coverage should ideally depend on one’s residential city, history of family illnesses, etc.
- For people living in Class A cities, the cover amount should at least be Rs 10 lakh given the high cost of living in metro cities. Not only the standard of living, but medical treatment is also quite expensive in metro cities compared with smaller towns.
- For people living in Class B and C cities, the sum insured should be at least Rs 4- 5 lakh.
Health Plans Companies in India:
- SBI General Insurance
- Star Health and Allied Insurance
- Tata AIG Insurance
- Bharti AXA General Insurance
- Max Bhupa General Insurance
- Reliance General Insurance
- Religare Insurance
- Apollo Munich Insurance
- HDFC ERGO General Insurance
- Liberty General Insurance
- IFFCO- Tokio General Insurance
- United India Insurance
- National Insurance
- New India Insurance
- Oriental Insurance