An Overview of Health Insurance Plans Available in India

Mumbai, August 19, 2020

Mr Ghosh is a middle-aged family man worried about the soaring cost of healthcare facilities. Health check-ups to minor operations cost a lot more than what it did a couple of years ago. Now, this has got him thinking of how he can secure his family from the steep medical costs.

Are you like Mr Ghosh? Do you have similar concerns?

Fret not! Health insurance is the key to all your problems. Be it a minor day-care procedure or a severe case of hospitalisation, health insurance includes all of them.

But do all health insurance plans cover all these facilities? Well, not all but there are specific types of health insurance plans that offer different coverages. Let us look at the various health covers that you can buy and the types of insurance cover that they offer.

Individual Health Insurance Cover

Individual health insurance plans are the most standard type of insurance cover that you can buy. It starts with offering coverage for the policyholder but can be subsequently extended to include other family members too. Of course, there is an additional charge for including your family too.

Here the premium is charged taking into account your health condition, age, pre-existing ailments or diseases and more. The sum assured is a standalone amount for each individual and does not impact the coverage for other members of your family. It is an excellent choice, whether you are a first-time insurance buyer or have complete knowledge of how insurance works.

Family Floater Health Insurance Cover

A family floater plan is a good choice when choosing health insurance plans for family. Here you can opt for coverage for all your dependents on paying a single premium amount. The premiums under a family floater policy are based on the age of the eldest member covered under the plan.

A family floater policy can be ideal in case you do not have any ailing members in your family. Here the policy can come handy as the insurance amount is available for members without any restrictions. In cases where any member of your family needs frequent medical attention, a family floater plan may not be the best choice. It is because any hospitalisation for this member of your family will eat up most of your sum assured and only the balance amount will be available for other members. In this scenario, you could opt for a higher sum assured.

Critical Illness Insurance Cover

Health ailments strike at most inopportune times and so do life-threatening diseases like cardiovascular conditions, different types of cancers, paralysis and more. These severe ailments are of such severe intensity that they need a separate insurance cover. Here comes the critical illness insurance.

These insurance policies cover the complete treatment of the policyholder when these diseases occur. Apart from hospitalisation, any pre and post-treatment costs are also covered by these insurance policies. Moreover, the insurers pay out the entire sum assured at the beginning that can help the patient obtain treatment of their choice and can aid in getting the necessary financial assistance.

Senior Citizen Health Insurance Cover

Designed to provide coverage to the elderly, a senior citizen health insurance policy offers financial protection from the ailments that come with increasing age. Since the treatment cost is on the rise, a health cover can help you save the retirement corpus for the golden years and stay protected against any medical problems.

Group Health Insurance Cover

A group insurance plan is provided by organizations offering coverage for their employees. The coverage is available at an economical price when compared to its counterparts. Also, the insurance cover can be extended to other family members for a minimal increase in the premium amount. But while opting for a group health policy, remember not to depend entirely on one. This insurance policy does not cover you once you leave the organisation.

Now that you are aware of the different insurance covers that you can buy, make sure you select the right policy depending on your insurance cover preferences. Stay prudent and avail health insurance plans!

(Disclaimer: This is branded content. Readers are advised to exercise due discretion before entering into any correspondence, investment or business dealings on the basis of this content.)


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