​What Are the Different Types of Health Insurance You Must Be Well-Versed With?

Health insurance in India is one of the best financial options more than anything else if you factor in the increasing healthcare cost. However, there are distinct kinds of health insurance plans available to meet the varying needs of consumers. Let’s discuss the distinct kinds of health policy available in India. 

What are the seven kinds of health insurance plans in India?

Individual health insurance plan – 

An individual health insurance plan is an important policy which you might purchase to cover your children, parents, and spouse. This kind of insurance plan covers your healthcare expenditures for illness and injury linked with hospitalisation, room rent, surgery expenses, daycare processes and more. 

Every family member covered under an individual health plan has a sum insured individually. For instance, if you avail of individual health insurance equaling Rs 3 lakh sum insured covering your spouse, two kids and self, then each of the individuals will have a sum insured amount equaling Rs 3 lakh. Note that this process makes your premium comparatively higher. 

If you are one of those who fall between the age groups of 18 and 70 years, then you can select this plan. The prudent part of purchasing an individual insurance policy is that it provides an individual insured limits for every family member covered. 

Family floater health plan – 

In the case, you are looking for an affordable health policy for all your family members, then you may consider opting for the family floater health policy plan. As per the family floater health policy plan, a single sum insured fund floats for all family members under the health insurance plan. A family floater health plan is advantageous as the premium in comparison is lower than an individual health policy. This health policy covers you, your children, your parents, and your children. 

You must not add in a family member who is more than sixty years of age. This is because such family members are susceptible to illness and adding them may impact your insurance premium. If you or your eldest family member is less than sixty years of age, then ensure to purchase a family floater plan. 

Group health insurance plan – 

A group health insurance plan is well-designed for various employees or staff working together. So, in the case, you own a start-up or any corporate home, you must purchase such plans for your staff or employees. This is a type of benefit provided to your employees. As an employer, you can purchase the cover to enhance employee retention rate. 

Group health insurance policies come with a low premium. A few insurance companies permit you to refill the sum insured that also unlimited times in case it’s exhausted. This plan covers your hospitalisation expense owing to critical illness, accident, maternity, and psychiatric illness. 

Purchasing a group health cover not just provides cover to your staff or employees but even increases your company’s goodwill. An important point here is the employees are covered just until they are employed in your organisation. 

Senior citizen health cover – 

Health insurance coverage is dedicatedly formed for the old individuals over the age of sixty also known as senior citizen health insurance coverage. In the case your grandparents or parents are over the age the sixty years, then this cover is a prudent choice for you. 

A senior citizen cover provides cover for the expense of medicines, post and pre-hospitalisation treatment, hospitalisation arising due to illness or accident, etc. Alongside these, a few other benefits like psychiatric and domiciliary hospitalisation are even covered. 

A few insurers might ask for a total body check before they offer the senior citizen health policy. The highest entry age limit is pushed to seventy years with lifetime renewability. And, as you know, senior citizens are highly susceptible to illness, and such plans are more costly than any other medical insurance policies. 

Maternity medical insurance – 

A maternity cover may be taken up as a rider along with your basic medical insurance policy. All the expenditures incurred in prenatal, delivery and postnatal are covered. Newly married families or couples who are looking to have a baby in upcoming years must purchase this insurance plan. This Mediclaim covers infertility expenses, and child delivery expenses and covers the newly born baby for up to an initial three months. Maternity cover comes with a minimum waiting time frame of two years. 

Critical illness policy – 

The occurrence of lifestyle-linked diseases is increasing day by day. Keeping account of this, insurance companies have come up with critical illness insurance plans. Dedicatedly designed for the middle class, this medical plan covers illnesses like – 

• Aorta graft surgery
• Multiple sclerosis
• Pulmonary arterial hypertension
• First health attack
• Coronary artery bypass operation
• Paralysis
• Kidney failure
• Stroke 
• Cancer

Getting treatment for such illnesses is a costly affair. As per critical illness health insurance, as soon as you get diagnosed with a disease, it pays you a predetermined amount regardless of the actual expense incurred towards the treatment. 

Nothing can come across as a smart step than purchasing this critical illness plan as it prevents impact upon your savings. The policy comes with lifetime renewability. If you avail a critical illness insurance, then you must survive for thirty days after the illness diagnosis. 

It would be wise to purchase this insurance if you have a past family record of some critical diseases. Besides providing lumpsum amounts, a critical illness plan reimburses the cost that goes towards hospitalisation and care. Also, you can get the benefit of complementary medical check-ups. 

However, you must remember that after a claim has been filed, then the insured sum would be released in a lumpsum form. After the sum insured is released, the medical policy comes to an end. 

Top-up health policy – 

You can purchase a top-up insurance plan if you are looking for a cover of a higher amount. However, such insurance has a​ deductible clause. In the case of any claim, then the payment would be done over a defined limit as mentioned in the plan.

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