In developing countries like Pakistan, there is an urgent need for accessible and cheap health care systems. Healthcare facilities are advancing from consultations to all-in-one healthcare solutions.
Such models are perfect. However, like most other developing countries with large populations, the Health Insurance sector is underdeveloped. The population coverage ratio is very low, and that is mainly limited to employer-financed insurance protection. This means that there is little motivation to top up their company insurance plans by individuals.
Health insurance covers and provides crucial medical assistance during emergencies. In underdeveloped countries like Pakistan, health insurance is essential for everyone. It acts as a shield for the financially underprivileged in emergencies.
Health insurance is an insurance policy that offers the buyer coverage against all possible risks related to healthcare expenses. It usually covers hospitalization and pre- and post-hospitalization expenses, medical prescription & drug expenses, the cost of medical tests, surgical procedures, and critical illness.
Buyers can also opt for optional coverages such as maternity benefits and dental cover for themselves or their families. Standard policy covers range from Rs.50,000 to up to 1 million rupees. It offers buyers peace of mind by covering hospital expenses through cashless payments. You have to show your insurance card at the time of admission to a hospital.
On the basis of different healthcare features and other measures, the popular types of health plans in Pakistan offered by major insurance companies are as under:
Individual health insurance is a type of health insurance policy in Pakistan that people buy independently. This plan offers medical coverage for just individuals. It is one of those types of health insurance policies in Pakistan that work best if you don’t want to go for a group insurance coverage plan usually provided by individual employers and large-scale organizations.
People can also apply for family health insurance in Pakistan if they want medical coverage for their immediate family, like spouses and children. The amount paid as a monthly premium is based on the number of dependents in your family and the company’s terms and conditions. Keep all these factors in mind to pick the right option among Pakistan’s available health insurance policies.
Corporate health insurance is also commonly known as employee health insurance in Pakistan. It is a form of group insurance coverage usually offered by individual employers or organizations to their company staff members.
It is usually outsourced to different insurance companies in Pakistan. These health plans’ monthly, bi-annual, quarterly, or annual premiums are usually deducted from employees’ salaries. Most of Pakistan’s common employee health insurance coverages only offer medical emergency treatments and minor hospital checkups.
Accidental health insurance is also one of the more common types of medical insurance coverage used in Pakistan. Like medical insurance, it also helps to pay for hospitalization and other related healthcare expenses but only in the case of an accidental injury. However, this medical insurance plan usually does not cover self-imposed injuries and suicidal acts.
To apply for a health insurance policy in Pakistan.
Sadia Zaheer holds a Masters in Business Administration from IBA, Karachi. After working in several financial institutions in Client Management, Corporate Lending, Islamic Banking and Product Management she jumped careers to pursue a career in writing.
She is a Finance, Business and HR Development writer with four years of experience. She reads a lot and takes care of her multiple cats to remain calm.
This post was last modified on March 26, 2024 8:52 pm
Facing repeated financial challenges with no safety net to fall back on is a harsh…
Financial security is more crucial than ever in an increasingly economically volatile world. Unexpected expenses,…
In our ever-changing world, where unforeseen events can unexpectedly impact our financial stability, it is…
Insurance plays a crucial role in providing a safety net by offering financial protection against…
Life is a journey that encompasses various milestones, each with its own individual moments of…
Micro-investing is a modern and innovative financial strategy that empowers individuals to invest small amounts…