In an emergency, a person not only needs emotional support, but also financial support. Health insurance helps bear the costs of increased medical expenses by paying for coverage, so the main question that arises is what type of policy should be selected from the pool.
There are different policies available from different insurance companies, it is important to identify needs and wants and then make the right decision. Let’s take a look at the types of insurance policies available.
Individual Health Insurance
This is a type of insurance that covers the individual, i.e. only the policyholder. The sum insured in the policy is fixed considering major factors such as age, lifestyle, medical records, etc. The policy covers all expenses incurred at the time of any emergency related to the insured’s health.
Floating family health insurance
As the name suggests, the plan is for all members of the policyholder, including themselves. It is an ideal policy that a person is looking for a combined policy plan. The sum insured in the plan is also combined for all included members, which makes the premium cheaper. It is advantageous not to choose the plan if one of the members is over the age of 60, as they are more likely to fall ill and thus make the premium more expensive.
Group health insurance
This is the type of plan that is purchased for co-workers or employees. It is a kind of incentive offered to employees which increases their retention in the company. The plan has a low cost premium and some insurance companies also allow top-ups for the sum insured.
The plan covers hospitalizations caused by accidents, psychiatric reasons, maternity, serious illness, etc. It is important to note that the policy only holds until the employee is part of the organization.
Health insurance for seniors
The plan is most ideal for people over the age of 60. The policy covers the cost of medication, before and after treatment, serious illness and accidents.
Some companies also carry out a full body examination before signing the policy in order to fix the sum insured and the price of the premium. Since seniors are more prone to health problems, these policies are considered more expensive.
Maternity health insurance
This is a plan for newly married couples or families planning to have a baby in the coming years. All expenses incurred during pregnancy, before and after childbirth and baby expenses up to 90 days are covered by the policy. The waiting period of the policy in 2 years.
Critical illness insurance
Lifestyle diseases have increased over the years due to which insurance companies have come up with an insurance policy that covers certain diseases. Health issues include – cancer, stroke, kidney failure, paralysis, coronary artery bypass, heart attack, pulmonary arterial hypertension, multiple sclerosis, aorta transplant.
As the treatment of these health conditions is quite expensive, the policy grants a fixed amount of payment to the insured as they are diagnosed. The policy is renewable for life and the most crucial part is that the insured must survive 30 days after the diagnosis to receive the benefits.
The important part to note is that when the diagnosis is made, the fixed sum insured is given in a lump sum and then the policy ends.
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