- What is medical insurance?
- Why is it important?
- When should I get medical insurance?
- What are the types of medical insurance available?
- What should I look out for when picking a medical insurance policy?
- What are the costs involved?
- How do I choose what medical insurance to buy?
- Additional things to look out for
- Additional resources
What are the types of medical insurance available?
There are four main types of medical and health insurance policies:
- Hospitalisation and surgical insurance takes care of hospitalisation and surgical expenses incurred due to illnesses covered under the policy.
- Critical illness or dread disease insurance provides you a lump sum (one–off) benefit upon diagnosis of any of the specified 36 critical illnesses or dread diseases.
- Disability income insurance provides an income stream if you are unable to work due to sickness or injury. This is normally a portion of your pre-disability income.
- Hospital income insurance pays you a sum of money on a daily, weekly or monthly basis if you have to stay in the hospital due to illness, sickness, or injury. Of course, there is an annual limit on how much you can claim.
An insurance company may offer you these products individually or in combination. Always have a proper discussion with your insurance agent or broker to figure out which policy or combination would suit you best.