WHAT IS HEALTH INSURANCE?
Health insurance is a type of insurance coverage that covers the cost of an insured individual’s medical and surgical expenses. Depending on the type of health insurance coverage, either the insured pays costs out-of-pocket and is then reimbursed, or the insurer makes payments directly to the provider.
In health insurance terminology, the “provider” is a clinic, hospital, doctor, laboratory, health care practitioner, or pharmacy. The “insured” is the owner of the health insurance policy; the person with the health insurance coverage.
WHAT IS CRITICAL ILLNESS INSURANCE ?
Critical Illness plan is a health insurance plan that pays a lump sum amount, equal to the sum insured, to the insured on acquiring a serious ailment such as cancer, Heart attack, stroke etc. A Crtical Illness cover provides a lump sum benefit which can pay for the cost of care and treatment, recuperation expense and even pay off any debt if taken. Regardless of your hospital expenses, the insurer pays the full sum insured. There are various pre specified plan which covers one illness and plans which covers more than one ( Kidney stone, Heart disease, Cancer etc. ). Critical illness insurance policies may also cover such conditions as Heart transplant, Coronary bypass surgery, Angioplasty, Kidney (Renal) failure, Major organ transplant, Paralysis etc.
