A health insurance policy is a contract between an insurance company and a policyholder. In exchange for a premium, the policy provider agrees to pay the policyholder's medical expenses. The policyholder can receive reimbursement for medical treatments, hospital expenses, surgery bills, and so on, or opt for the cashless claim function. The cashless claim function enables the policyholder to receive care at a network hospital without worrying about payment. The insurance company and the network hospital work together to settle policyholders' bills.
You can compare health insurance plans online at Paybima. Buying medical insurance online allows you to select the plan that best meets your needs.
There are two kinds of health insurance policies:
Health Insurance Indemnity Plans
An indemnity health insurance policy would cover the costs of hospitalization incurred during treatment. Simply put, it is the actual hospitalization bill that is covered up to the sum insured maximum of your plan. This is the most prevalent type of health insurance and is chosen for a basic or comprehensive health plan for families, individuals, and senior citizens.
In-patient treatment expenses, doctor's fees, ICU charges, surgery, room rent, medicines, pre-hospitalization expenses, and so on are all covered by these policies. Furthermore, most health insurance firms provide cashless treatment as part of indemnity-based health insurance plans.
Health Insurance Plans with Fixed Benefits
A fixed benefit health plan pays a certain amount as compensation for predetermined illnesses or conditions. The payment is made in the form of a lump sum, regardless of actual medical bills. Such insurance are useful if you need accidental coverage or protection against specific essential illnesses.