What are the different types of health insurance in India?
Health insurance is an investment that will come to your rescue in the times of need. So, it is important that you do your homework and pick a policy that is right for you and your family.
Regardless of your income, it is important to invest in a health insurance plan that provides a cushion in the event of medical emergencies. Instead of just picking a policy, take the time to study the various options available to you. This way, you’ll be able to choose an insurance that caters to all your needs.
Here’s a look at the most common types of health insurance policies. This will serve as a sound starting point on your search for the best health plan.
Critical illness health cover
- This health cover is designed to treat those critical and life-threatening ailments such as cancer, heart attacks, strokes, meningitis, etc.
- The treatment for such conditions is usually expensive, and this policy covers their diagnosis as well as treatment.
- The list of illnesses varies from one provider to another. For example, conditions that can be traced back to pregnancy or childbirth are not covered. Similarly, an HIV infection isn’t covered under this health insurance. In case of some conditions, you will have to sit out a waiting period before your insurance policy covers the condition. So, take a closer look to better understand these policies.
- When you opt for this plan, hospitalisation is not necessary to make a claim. A simple diagnosis is enough.
Senior citizen health insurance
- From diabetes, hypertension to rheumatic conditions such as arthritis and osteoporosis, senior citizens are more prone to ailments and need a specific policy covers these.
- The medical costs for ailments could also be phenomenally high. And, without a salaried job, it can be difficult to pay for the right treatment.
- It provides coverage to individuals from the age of 65 and above. Do note that the premium for these plans is higher than other insurance plans.
Group health insurance
- If you run an organisation, you may want to ensure that your employees are safe from harm, especially critical ailments or injuries via accidents.
- To protect their health, you can purchase a group health insurance policy for your employees.
- This specific type of insurance provides coverage to a group of individuals in one go.
- It contains a set of a specific benefits and covers that are common for the entire group.
Family floater health insurance
- If you want to purchase health insurance that caters to the needs of the entire family, then this is the type that is ideal for you.
- Usually, this policy lets you cover up to 6 members in your family. The exact number varies from insurer to insurer.
- It pays for hospitalisation expenses of your family members in the event of ailments and other medical conditions. For example, if one member of your family needs to undergo a medical procedure after an accident, he or she can utilise the total sum insured.
- This policy’s premium is calculated slightly differently. It is based on the age of the eldest member of the group.
Individual insurance plan
- This plan is the most basic policy that you can buy and covers only the policyholder.
- The insurance plan usually pays for a range of expenses such as hospitalisation, room rent, physical check-ups, transplant expenses, and more. But, the details of these depend on the plan you select and the insurer’s terms.
- For an individual insurance, the premium of the policy is determined based on the medical history and age of the person.
- Usually, an individual insurance also offers other benefits such as tax exemption, discount on day care procedures, cover for emergency ambulance, and cover for diagnostic procedures.
Plan for the future and select a health insurance that offers end-to-end coverage without draining your savings and income. To find out more, click here.