Insurance in its literal terms means ‘protection’. It is a form of risk management, primarily used against the risk of uncertain loss. No one plans to get seriously ill, but most people especially seniors need professional hospitalization and medical care at some point. Insurance helps in covering these costs and offers additional security and benefits such that you and your family members end up paying less for the needed health care services.

Everyone needs insurance! No matter your age, gender, or nationality. Just like you need insurance, in case anything happens to your vehicle, house, or other assets. Health and Medical Insurance covers you if you or your family members become sick or suffer an injury.

Health insurance and medical insurance are two different terms that are often interchangeably understood and used by people. However, there is a slight difference between them. If you are also confused among health and medical insurance, then you are at the right place, read on!

Health Insurance covers all hospitalization expenses including pre-hospitalization and post-hospitalization like ambulance, lab tests, home healthcare services, medication costs, and other related expenses.

Types of Health Insurance Policies:

1. Individual Policy: Provides coverage to the person insured against different kinds of ailments.  It can also cover the other benefits mentioned above.

2. Family Policy: Provides coverage for the entire family is insured and this policy offers all members of a family with a fixed amount of insurance. This can be availed either for the treatment of an individual or a sum total for the treatment of any family member.

3. Pre-existing Disease Policy: Provides coverage for all diseases which the person has since before purchasing the insurance plan, like diabetes, high blood pressure, stents, stroke, etc. This type of policy is comparatively costly and also the claim is only partial as much as 70% to 80% at most.

4. Surgical and Critical Illness Policy:Provides coverage against critical diseases such as cancer, heart attack, stroke, etc.

5. Senior Citizen Policy: Provides coverage for all health-related issues that can arise in old age.

6. Preventative Healthcare Policy: Provides coverage for all medical check-ups and related expenses such as consultation fee, concessions in test fee, etc.

On the other hand, Medical Insurance offers coverage limited to hospitalization expenses and treatment towards certain pre-specified conditions, ailments, and accidents. Medical Insurance can be on cashless or reimbursement basis.

Types of Medical Insurance Policies:

1. Individual Medical Policy: Provides coverage to the person insured against different kinds of ailments.

2. Family Medical Policy: Provides a lumpsum payment to the individual on reaching a certain age or to the next of kin when the insured individual dies. After which, this policy cannot be renewed and is considered closed.

3. Pre-existing Disease Medical Policy: Provides coverage for all diseases which the person has since before purchasing the insurance plan, like diabetes, high blood pressure, stents, stroke, etc. It also covers any other ailment that the individual might get due to the pre-existing disease.

4. Renewability Age: All medical policies provide coverage for only a year.

There are a lot of insurance companies in the market that have different plans with added benefits and an individual must take an informed decision. Since the presence of the COVID pandemic, most insurance companies are providing COVID Insurance as well, do check them out.

Curodoc also offers home COVID management package, post-COVID rehabilitation, post-COVID care, and essential medical equipment rentals such as oxygen cylinders, vitals monitoring system, home ICU setup, hospital bed, oxygen concentrators, wheelchair, etc at affordable rates.