Health Insurance And Critical Illness Cover: An Introduction

In today's world, it is a well-known fact that investing in versatile health insurance is a necessity. However, what happens when you are diagnosed with a life-threatening ailment such as cancer or heart disease? This is when a critical illness health insurance plays an important role.

Health insurance and critical illness insurance are two categories of insurance. The goal of both types of health coverage is to safeguard you and your family from hefty medical bills.

But wait, how do you choose which type of health insurance is the best for you?

This article discusses in detail the differences between health insurance and critical illness coverage. From features and premiums to the claim filing process, we talk about everything. Keep reading to find out which one is the best option for you.

Why Are Health Insurance Plans Insufficient In Covering Critical Illnesses?

The assumption that your health insurance plan can cover you against major life-threatening ailments is dangerous. An individual or family floater health insurance is your best bet against hospitalisation expenses, OPD consultations, daycare procedures, etc. Critical illness health insurance serves a different purpose.

Let us understand the major differences between the two:

Top 5 Health Insurance Plans in India

Listed below are our top picks for health insurance plans in India.

Top 5 Critical Illness Insurance Plans In India

Listed below are our favourite picks for critical illness insurance plans in India.

Health Insurance Vs Critical Illness Insurance: Which Is The Right Plan For Me?

While there are several health insurance options out there in the market, one must be aware of their medical needs and requirements. A purchase decision for a health insurance plan or critical illness plan for yourself must be made on the following parameters:

• Consider your family history of critical illnesses like cancer, heart attacks, etc. and opt for critical illness health insurance as compared to a general health insurance plan in such a situation.
• If you have suffered any major ailment such as bypass surgeries, a critical illness plan is your best bet as the insurance plan will cover you for the same after you serve a specified waiting period.
• If you are in the pink of your health and are only looking for a comprehensive health plan look for the best health insurance plans.
• Consider a health insurance plan for yourself if you are in your early or mid-20s as there is a lower chance of developing a critical illness ailment.

However, remember one thing no matter which health insurance category you opt for, you are eligible to avail of tax benefits under section 80D for both.

How To File Health Insurance Claim?

• There are 2 ways to file a health insurance claim, it can either be a cashless claim or a reimbursement claim.
• You can raise a cashless claim when you avail of hospitalisation or medical treatments on the network hospital of your insurance provider. In this case, the network hospital will settle the hospital bill directly with your health insurance provider
• Simply inform the TPA desk in your network hospital and fill out the claim settlement form along with attaching all the necessary documents.
• After the health insurer verifies the submitted form and documents, they will settle your claim.

How To File A Critical Illness Insurance Claim?

• If you are diagnosed with a critical illness, you are required to serve a survival period after which you can file a claim with your health insurance provider.
• Fill in your claim request along with the necessary documents like diagnostic tests, doctor's prescriptions, and others.
• Your critical illness provider will verify the submitted documents.
• After the claim request is approved, you will receive a lump sum amount which you can use for availing treatments for the same.

Wrapping It Up

A health complication can arise anytime, it does not ask for permission before entering your life. It is a well-known fact that a health insurance plan is a financial support system that helps you on your road to recovery.

A critical illness plan and a health insurance plan are two sides of the same coin. Both categories serve the purpose of protecting you financially from the hefty medical bills.

Choosing between the two may be confusing but you must consider your needs and requirements before doing the same. Get in touch with our insurance experts today to find the best health plan for yourself.

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