In times of emergency, one needs not only emotional support but also financial support. Health insurance helps to meet the cost of rising medical expenses by paying the coverage, so the main question that arises is which type of policy to choose from the pool.
There are various policies available by different insurance companies, it is important to identify the needs and wants and then take the right decision. Let us have a look at the types of insurance policies available.
personal health insurance
It is a type of insurance that covers only the individual i.e. the policyholder. The Sum Assured in the policy is decided by considering key factors like age, lifestyle, medical records etc. The policy covers all the expenses incurred in case of any emergency related to the health of the insured.
Family Floater Health Insurance
As the name suggests this plan is for all the members of the policyholder including himself. This is the ideal policy an individual is looking for in a joint policy plan. The sum insured in the plan is also added for all the members involved, making the premium less expensive. If one of the members is above 60 years of age, it is beneficial not to opt for the plan, as the chances of them falling ill are high and thus the premium becomes expensive.
group health insurance
This is the type of plan that is purchased for co-workers or employees. It is a type of incentive given to the employees which increases their retention in the company. The plan has a low cost premium and some insurance companies also allow refills for the sum assured.
This plan covers hospitalization due to accidents, mental causes, maternity, critical illness etc. It is important to note that the policy lasts only as long as the employee is a part of the organization.
senior citizen health insurance
This plan is most ideal for individuals who are above 60 years of age. The policy covers medicines, pre and post treatment expenses, cases of critical illness and accidents.
Some companies also conduct a whole body examination before signing the policy to determine the sum insured and the premium value. Since senior citizens are at higher risk of health problems, these policies are considered more expensive.
maternity health insurance
This is a plan for newly wed couples or families who are planning to have a child in the coming years. All expenses incurred during pregnancy, before and after delivery and up to 90 days of child birth are covered in the policy. Policy waiting period at 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 health ailments under it. Health problems include – cancer, stroke, kidney failure, paralysis, coronary artery bypass surgery, heart attack, pulmonary arterial hypertension, multiple sclerosis, aortic graft surgery.
Since the treatment of these health problems is quite costly, the policy pays a fixed amount to the insured on being diagnosed. The policy has lifetime renewal and the most important part is that the policyholder needs to be alive for 30 days after diagnosis to receive the benefits.
The important thing to note is that, when diagnosed, the sum assured is paid in lump sum and then the policy terminates.
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