Many people tend to delay seeking medical attention even when there are symptoms just because of the money crunch. But if you have a good health insurance plan, you can avail medical treatments and not worry about the cost.
Health Insurance
Health insurance is the kind of insurance that provides financial coverage in case you are hospitalized due to illness or accident.
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This is why having health insurance is important
By now, you must have come across some kind of content talking about the importance of buying health insurance and doing that early. A health insurance plan is your best saviour in life, considering the increasing cost of healthcare facilities in India.
Buying health insurance gives you peace of mind. More importantly, you are sure to get the best healthcare when hospitalized as the insurance company covers all your cost. Many health insurance companies also offer free annual health check-ups.
So, a health insurance plan acts as your saving for critical times. While you pay an annual premium, the financial help you get in trying times supersedes it.
Buying it early in life has its own set of benefits like you enjoy a good Cumulative Bonus and increased sum insured over the years. Also, buying health insurance plans offer you tax benefit under Section 80D of Income Tax.
Individual health insurance
You can buy an individual health insurance plan to cover yourself, your spouse, children and parents. Every member covered under an individual health insurance plan has an individual sum insured. This makes the premium for individual plans a bit higher.
An individual health insurance plan covers the hospitalization costs resulting because of injury or illness. Individuals in the group of 18 to 70 years can buy this plan. The best thing about an individual health insurance policy is that it offers individual sum insured limit for each member covered.
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Health insurance policies similar to the individual health insurance plan in India
Critical illness insurance
A critical illness insurance plan covers life-threatening diseases like cancer, stroke, paralysis, kidney failure, etc., for an individual. The cost of treatment for such illnesses is high, requiring multiple hospital visits for a long period. Apart from hospitalization, there are various other expenses associated with critical illness insurance like chemotherapy, doctor visits, etc. The sum insured amount is paid in a lump sum and can be used to cover all the medical costs.
The total number of illnesses covered under the policy are specified at the time of purchase. Again, the policy offers compensation for loss of income on the diagnosis of a life-threatening health condition. The plan can also be also bought as a rider to your existing health insurance plan.
Maternity health insurance
A maternity health insurane plan can be bought standalone as well as a rider with your standard health insurance plan. All the expenses, like the ones in the prenatal stage, delivery, and also post-natal stage, are covered under the plan.
The policy is best for newly married couples or families planning a baby. It covers child-delivery, coverage for a newborn baby up to first 90 days, and infertility expenses. The maternity plan comes with a minimum of a two-year waiting period.
Senior citizen health insurance
The health insurance policy is specifically designed for people above the age of 60 years. If your parents or grandparents are above the 60 mark, then this plan is a great option to get them covered. A senior citizen health insurance plan covers pre and post hospitalization, cost of medicines, hospitalization arising out of illness or accident, etc.
As senior citizens are more prone to illnesses, senior citizen plans are more expensive than other health insurance plans.
Group health insurance
Group health insurance is used by an employer to provide coverage to its employees. The coverage is offered for a limited sum insured, and also policy features are not that extensive. The coverage can be extended to family members by paying an extra premium. The policy gets terminated as soon as you leave the organization.
Health insurance policies similar to the group health insurance plan in India
Family floater health insurance
A family floater plan is an affordable health insurance plan that covers all your family members. Under the plan, a single sum insured amount floats for all the members that are covered under the plan. The premium for a family floater plan is comparatively lower than individual health insurance plans. The policy can cover you, your spouse, children and parents.
If the eldest member of your family has the age of fewer than 60 years, buying a family floater policy is a good option.
Group personal accident insurance
Group personal accident insurance is the group insurance policy that covers a group in case an accident leads to death or disability. The plan offers compensation in case the insured group’s members suffer from a permanent, total or partial disability.
The plan aids the insured member or his family members to cover large expenses incurred because of death or disablement. Several health insurance companies offer insurance with worldwide cover.
Group travel insurance
Group travel insurance is the group insurance policy that covers a group of people travelling together against unforeseen medical or non-medical eventualities. It offers coverage for personal accidents, medical expenses, passport loss, baggage loss, personal liability, flight delays, cancellations, etc. The coverage for group travel insurance begins when the trip starts and ends when the group members return home.
The group travel insurance is available for domestic as well as international travel. It comes with a single sum insured that covers all the group members.
Conclusion
Thus, there are many varied types of health insurance plans available in the market. You have to know about and choose a plan that suits your needs best.
