Basic Health Insurance Not Enough for Medical Emergencies

25-11-2014 / admin / 0

Consider a scenario, where a family is covered with a basic Health Insurance policy in India and the breadwinner of the family was diagnosed with a serious heart ailment which has temporarily affected his ability to earn enough money to support his family.
His policy will only cover hospitalization expenses. A mediclaim policy can help fulfill unforeseen medical bills, but critical illness coverage may offer the extra buffer for policyholder’s finances in case of serious illnesses.
These plans seek to cover the actual costs incurred in case insured person is hospitalized because of an accident or different ailments. On the other hand, critical illness plans give lump sum amount when the policyholder is diagnosed with a pre-specified critical illness which is insured by the plan.
Generally, a critical illness health insurance online includes around six to 12 diseases diagnosed after purchasing the scheme, though the list may vary from one insurance company to other. Besides, medical and hospitalization bills, it pays for other incidental expenses also, including travel and boarding, post-operative care etc.
It can supplement income when insured is recuperating. Usually, majority of people fail to differentiate between critical illness insurance and basic mediclaim policies. Customers need to understand that both these types of plans are very much different in nature and hence, one cannot be a substitute for the other.
Both these insurance products are made to cater different purposes. However, when purchased in combination, they can enhance one’s health insurance coverage.
It helps the policyholder and his or her family members to overcome any temporary loss of financial source resulting because of sudden emergencies. In fact, it is advisable to create an emergency fund to take care of unforeseen events which are not insured by the other.

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