Exploring Health Insurance Policy Types
Every individual must secure their health with an ideal health insurance policy. Health insurance is the boon that helps one manage their finances during an unexpected medical emergency situation. However, health insurance benefits only when it is suitable. An unsuitable policy, when purchased in a haste leads only to disappointment. Therefore, it is of massive significance to buy a health insurance policy that meets the precise medical needs of one.
If you are purchasing a health insurance policy for the first time, remember it is important for you to give emphasis to the type of health insurance policy you buy. In India, health insurance companies provide a wide range of health insurance policies to benefit policyholders in different ways, as per their specific medical requirements. Make sure you analyze your needs first and then make the right decision with the right type of policy. To have a better understanding, let us take a look at the health insurance policy types available in India.
Types of Health Insurance Plans
1. Individual Health Insurance - Individual health insurance is a health insurance type that provides coverage for the health expenses such as hospitalization and surgical of an individual. The best feature of individual health insurance is that a claim filed by one does not affect the sum insured amount of the other individual insured. In individual health insurance, the policy premium is decided based on medical history as well as the age of the individual buying the policy. To know more, click here.
2. Family Floater Health Insurance - Family floater health insurance is the health insurance type that provides coverage for an entire family under a single sum insured. The best feature of family floater health insurance is that all family members get insured under a single plan. Also, in case of family floater plans, there is no need to manage multiple policies. The premium of family floater health insurance is based on the age of the eldest family member. Click here to know more.
3. Senior Citizen Health Insurance - Senior citizen health insurance policies are specifically designed for people aged above 60 years. Usually, the premium of senior citizen health insurance plans is on the higher side due to the fact that the elderly are at a higher risk of suffering from illnesses. In general, coverage benefits under senior citizen plans include pre & post hospitalization, domiciliary hospitalization, emergency ambulance expenses and more. For more details, click here.
4. Maternity Health Insurance - Maternity health insurance is the cover that provides for the maternity expenses related to prenatal stage, delivery, and post-natal stage. An ideal choice for newly married couples and families planning a baby in the near future, maternity health insurance also provides cover for newborn baby expenses usually up to the first 90 days. Note that in most cases, maternity health insurance comes with a waiting period. Uncover more here.
5. Critical Illness Insurance - A must for people with a family history of critical illnesses like cancer, heart attack and others, critical illness insurance is a policy type specifically designed to cover a vast number of life-threatening conditions. The best part about critical illness policies is that they provide a lump sum amount on diagnosis of any of the covered critical illnesses. Also, the insured has total freedom of using the lump sum amount received for any of the expenses like school fees, house rent, etc. More in detail can be found here.
6. Top Up Health Insurance - Top up health insurance is a great choice for policyholders looking forward to expanding their coverage. Using a top up policy, one can easily avail extended without having to buy a completely new health insurance policy. However, it is important to note that top up health insurance comes with a “Deductible Clause”. In other words, if a claim is made, the payment is made over and above a defined limit (deductible) mentioned in the health insurance policy. More can be explored here.
7. Hospital Daily Cash - Hospital daily cash is a health insurance policy type in which the insured is paid a daily cash allowance, up to a specific limit, apart from the hospitalization expenses that they are covered for. Note that some policies include hospital daily cash benefit as an inbuilt feature in their health insurance coverage. Click here to know more.
8. Personal Accident Insurance - Personal accident policy is a type of health insurance that provides reimbursement of medical costs as well as compensation in case of disability or death caused due to accidents. Note that in case of personal accident insurance, no checkup is required. To uncover more, click here.
At Last
Having detailed knowledge of different types of health insurance policies available is a must for every health insurance policy buyer. Only when you would know which policy type you want, you would be able to make the ideal decision. So, make sure you invest some time in exploring all the policy types before making a final choice.
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.
