During medical emergencies, financial support is necessary to manage the treatment expenses. Soaring healthcare costs and expensive treatment procedures can affect your savings.
This is where health insurance comes to your rescue to provide you with financial support. Here, we will discuss the 7 types of health insurance plans in India to protect your loved ones during emergencies.
7 Types of Health Insurance Plans in India for Your Family
Let us explore the 7 types of health insurance that you buy to protect you and your family. These are as follows:
- Individual Health Insurance
Individual health plans are the most common types of health insurance policies in India. This type of policy covers only an individual and covers overall treatment costs after admission to a hospital.
The premium in these plans depends on factors such as medical history and age. Additionally, by adding extra premiums, you can add your spouse, parents, and children as beneficiaries.
- Family Floater Health Insurance
This type of health insurance covers the entire family under a single sum insured. To some extent, it is similar to an individual policy, but the sum insured option in this case is higher and shared between your family members.
The major advantage of this type of health insurance is that it is cost-effective, as you do not need to manage the different individual policies.
- Critical Illness Plan
A critical illness plan is a disease-specific health insurance policy which covers treatment expenses related to critical diseases. These diseases include kidney ailments, cancer, multiple sclerosis, and heart attack.
The policyholder receives a certain amount for extensive treatment coverage upon diagnosis of the covered illness. There is no need for hospitalisation to make a claim, similar to individual health policies.
- Senior Citizen Plan
Of all the various 7 types of health insurance plans, health insurance for senior citizens is suitable for individuals aged over 60. It covers all the essential treatment costs for senior citizens, including cashless hospitalisation and coverage for pre-existing diseases.
Additionally, it offers benefits like a preventive health check-up. Old age comes with many illnesses, which is why the premium amount is higher.
- Maternity Insurance Plan
Maternity health insurance plans provide coverage for various types of pregnancy-related treatments. These include expenses of delivery (both C-section and normal), hospitalisation, pre-and post-natal care, and newborn care.
Newborn care is provided to the mother up to a certain duration to raise the baby properly. Most maternity plans come with a waiting period before they get active.
- Personal Accident Insurance Plan
Accidents can happen unexpectedly, and the expenses can drain all your savings. Thus, buying a personal accident insurance plan is the best option to cover these types of expenses.
It will cover all the necessary medical expenses while undergoing treatment after an accident. Generally, a personal accident health insurance plan offers benefits against 3 events; these include partial disability, total disability, and death due to accident.
- Mediclaim
A medical insurance plan helps policyholders to cover treatment expenses if they get admitted to a network hospital for at least a day (24 hours). It provides compensation for hospitalisation expenses due to medical emergencies to offer financial protection during challenging times.
This type of health coverage covers all the costs associated with surgeries, hospital stays, and other medical treatments, helping the policyholder to cover the hefty medical bills.
How to Choose the Best Health Insurance?
Here are some tips you need to consider for selecting one of the best health insurance plans:
- Look for the Right Coverage
Choose a plan that will secure you and your family against a wide range of medical problems and provide benefits. If you are buying a family floater plan, check whether that particular policy meets the health requirements of each member of your family.
- Select Plans with Affordable Premiums
While it is essential to buy a health insurance plan that caters to your needs, it is equally important that it suits your pocket as well. Budget is a crucial aspect if you are planning to buy health insurance. Thus, look for plans with affordable premium options.
- Prefer Family Over Individual Plans
An individual health insurance plan is a great option for an individual who does not have any family to support. However, if you want to buy health insurance for your family, family health insurance can be beneficial compared to individual plans as it provides maximum benefits.
- Choose a Plan with Lifetime Renewability
When you buy a health plan, confirm the duration for which the plan will cover you and your family. It is preferable to look for plans with a lifetime renewability option because you will require a health plan at a later stage of life.
Conclusion
Choosing the right insurance for yourself and your family requires proper research about various coverage options, premiums, and additional benefits. It is important to compare all the abovementioned 7 types of health insurance plans to select the right one. However, consider whether your chosen health insurance plan is meeting the healthcare needs of your family members.
