Health insurance is an insurance product that covers the insured’s medical and surgical expenses. It reimburses medical expenses incurred due to illness or injury or pays the insured’s care provider directly.
Types of Health Insurance
Every person is unique and has a distinct set of requirements. A solitary health insurance product is insufficient to meet the needs of every individual. This is the precise location where a variety of health insurance plans are available. Let’s investigate what they are:
Individual Health Insurance Coverage
Individual health insurance policies can provide coverage for the individual, his or her spouse, children, and parents. Typically, these policies cover all types of medical expenses, such as hospitalisation, daycare procedures, hospital room rent, and more. Each participant of an individual health insurance plan has their own sum insured. So, let’s say you purchased an individual plan with a sum insured of INR 8 lakhs for yourself, your spouse, and both your parents. Each of you will be able to make a maximum annual claim of 8 lakhs against your health insurance.
Family Health Insurance Floater
A family floater policy allows you to insure your entire family under a single policy, with everyone sharing the total quantity insured. Since the amount insured is shared, these plans are typically more cost-effective than individual plans. Suppose you and your spouse purchase a family insurance plan with a sum insured of INR 8 lakhs. In a single policy year, claims cannot exceed INR 8 lakhs. Your spouse may submit claims totaling INR 6 lakhs, while you may submit claims totaling INR 2 lakhs, or vice versa. Family floater plans are typically optimal for young nuclear families.
Health Insurance for Senior Citizens
These health plans have been devised with the medical requirements and needs of senior citizens in mind. Most policies for senior citizens include additional coverage, such as hospitalisation at home and even psychiatric benefits. Because senior citizens are more likely to have health problems, these policies may require a pre-purchase medical examination and may be more expensive than standard policies.
Critical Illness Insurance
There are an increasing number of lifestyle-related diseases. Long-term treatment and management of health issues such as cancer, stroke, renal failure, and cardiovascular disease can be extremely costly. Specifically for this reason were critical illness insurance policies developed. Either as a rider or add-on to your standard health insurance plan, or as a separate plan, they are available for purchase. After the diagnosis of a critical illness, these policies frequently provide claim payments in the form of a single lump-sum payment.
Group Medical Insurance
Unlike individual and family floater policies, a group manager can purchase group health insurance plans for a significant number of individuals. For instance, an employer can purchase group insurance for all of their employees, or a building administrator can do so for all of the building’s residents. These plans are reasonably priced, but they typically only cover fundamental health concerns. Employers frequently purchase these plans as an additional employee benefit