Unveiling Types of Health Insurances


Unveiling Types of Health Insurances

The new-age health care system has equipped most hospitals with modern technologies and facilities but the costs involved to utilize them have gone sky-rocketing. Medical emergencies can strike at any time, and along with emotional support, you need financial support to float out of the situation. Hence it has become imperative to invest in the right kind of health insurance so that the medical expenses involved don’t weigh you down.

Let’s understand the different types of health insurance in India and their purpose to choose a health plan that best suits your needs.

1. Basic Individual Health Insurance Policy

As the name suggests, this type of health insurance plan covers an individual’s medical expenses incurred due to any illness or injury-led hospitalization. The cost of room rent, any procedural surgeries, and more are covered. The best part of this plan is to add other family members like your parents, spouse, and even children by paying an extra premium and enjoying the sum assured for each individual separately.  

Every insurance has a waiting period before the benefits of the policy kick in. Are you wondering what the waiting period in health insurance is? It is the period where you cannot claim or access all the benefits of the policy. It can range typically anywhere from 30 days to 4 years based on specific diseases or conditions. 

2. Family Floater Health Insurance Policy

If you are looking for an all-inclusive plan that can cover you and your entire family, along with your parents, then this is the right plan for you. Under this plan, the sum assured is equally distributed among all the insured family members. The premium for this kind of policy is comparatively lesser than individual health policy, making it an affordable choice.

3. Senior Citizen Health Insurance Policy

As the name indicates, this plan has been specifically designed for people who are of the age of 60 years. If you have parents or parents-in-law who fall in this categorical age, then this is a go-to plan for you. Most health insurance companies may even ask for a complete health check-up to assess any pre-existing medical conditions. The premiums of these plans are usually high, given that elderly people are prone to serious illnesses. 

4. Group Health Insurance Policy

This plan is usually a good choice when an employer or a company wants to extend health insurance benefits to its employees to retain them. The employees are covered for the hospitalization due to accident, illness, or even maternity. However, this kind of plan is terminated once you leave the workplace, so it is best not to just rely on this plan.

5. Critical Illness Insurance Policy

Critical illnesses like cancer, paralytic stroke, heart attack and more such life-threatening situations incur a huge cost for treatment, so if you have a family history of any of these diseases, it’s a wise choice to invest in this plan. Once you have been diagnosed with this disease, you are given a predefined amount and your hospitalization expenses are reimbursed.

Now that you have gained sufficient knowledge go ahead and pick a plan that suits your need.

Unveiling Types of Health Insurances Unveiling Types of Health Insurances Reviewed by DelhiEvents on Monday, March 29, 2021 Rating: 5

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