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An arrangement between an insurance company and a policyholder is referred to as a health insurance policy. By paying a premium, the policy provider agrees to give the policyholder with financial support for medical expenses. The policyholder has the option of choosing the cashless claim feature or receiving payment for medical services, hospital bills, surgical expenses, etc. The insured can receive treatment at a network hospital using the cashless claim option without worrying about the cost. Through an agreement, the insurance provider and the affiliated hospital pay the policyholders' bills.
There are 2 types of health insurance plans:
1) Indemnity health insurance plans - When receiving treatment, hospitalisation costs would be covered by an indemnity health insurance coverage. Simply said, up to the sum insured maximum of your plan, the actual hospitalisation costs are covered. The most popular option for families, individuals, and senior citizens is this type of basic or comprehensive health insurance.
These plans pay for in-patient care costs, physician fees, ICU fees, surgery, room rent, medications, pre- and post-hospitalization costs, etc. Additionally, the majority of health insurance providers provide cashless medical care for clients with indemnity-based health insurance plans.
2) Fixed benefit health insurance plans - A fixed amount is paid as coverage for specific predetermined illnesses or conditions in a fixed benefit health plan. Regardless of the actual medical costs, the payment is made as a flat sum. These policies are thought to be beneficial if you're looking for coverage for accidents or protection against particular critical illnesses.