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The health insurance market has become competitive. Individuals are realizing the importance of having a health insurance plan as medical costs are rising on a regular basis. As such, insurance companies are joining the bandwagon and offering a health insurance plan. While earlier general insurance companies were offering health insurance plans, nowadays, there are various life insurance companies too which have joined the fray and are offering health insurance plans to individuals. Are the plans offered by health insurance companies and life insurance companies similar?
They are not. Though life insurance companies do offer health insurance policies, there are various differences in the policies offered by life insurers compared to those offered by general insurers. Do you know about the differences? Let’s find out:
Difference between health plans offered by health insurers and life insurers.
General insurance companies offer a range of health insurance plan. Common types of health plans offered by general insurers include the following:
Compared to this, life insurance companies offer only specific fixed benefit plans which may be for specific diseases or general hospitalization plans. You can find specially designed plans for cancer or for cardiac related ailments. There are critical illness plans too which cover listed critical illnesses.
Did you understand the differences? Health plans are offered by both health insurance companies and life insurance companies but both plans are different in various aspects. So, when choosing a health insurance plan, understand these differences and then choose a provider and a plan suitable to you.
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