A health insurance plan is the best alternative to saving money and availing medical treatments seamlessly. Different types of plans are available to suit your needs. In this article we will discuss the various types of health insurance plans available in India.
What is Health Insurance?
Health insurance or medical insurance provides financial coverage in case you need hospitalization due to an illness. Sometimes people tend to delay medical attention by overlooking any symptoms just because of lack of finances. However, with a good health insurance plan, one can avail medical treatments without worrying about the cost.
Types of Health Insurance policies in India
- Individual Health insurance policy: As the name suggests, these plans offer financial benefits to an individual in case of medical emergencies. Hospitalizations, cost of treatment, surgeries, etc. are mostly covered under this plan. These plans are usually valid for one year, after which the policyholder needs to renew the plan.
- Family floater plans: This is a type of health insurance policy which a person can buy in order to get coverage against illnesses for his/her family. Multiple nominees can be added in a family floater plan. Even though it is similar to individual health insurance in India it acts as an umbrella of coverage for the entire family. This plan decreases the hassle of managing health insurance plan for each member of your family. You can review the coverage for your whole family in one go with a family floater plan.
- Group Medical Insurance Plans: These group insurance plans are similar to a family floater plan, but the nominees need not be related to each other. These plans are usually opted by business owners to provide a financial cover over their employees. An employee and his/her family member can avail medical treatment under this plan.
- Critical Illness: As the name suggests, a critical illness plan provides financial help if the policyholder is diagnosed with a critical disease. This cover can be bought with a basic mediclaim policy or can be bought as a standalone cover. Common ailments covered under the plans are:
- Organ transplant
- Primary pulmonary arterial hypertension
- Aorta graft surgery
- Heart attack
- Bypass surgery for the coronary artery
- Kidney failure
- Unit Linked Health Plans: These are unique health insurance plans in India that offer a dual advantage – health insurance benefits as well as investments. Based on the market performance, you can expect a return at the end of the policy tenure. If you are well aware of the nitty gritty of the stock market, buying a Unit Linked Health Plan can prove to be beneficial for you.
What Are Various Health Insurance Exclusions?
- Pre-Existing Diseases: Usually, health insurance policies clearly exclude any pre-existing disease from the coverage. But some plans have a waiting period to cover a pre-existing disease. Diseases like cataract, kidney stones, arthritis, few chronic diseases, joints treatment, etc. are excluded from the policy. To avoid last moment hassles, read if your policy document has a list of diseases mentioned in the exclusions.
- Waiting Period: A health insurance policy can have a waiting period in order to begin the coverage. Exceptions could be for accidents or death of the policyholder. Usually, waiting periods are applicable to health insurance policies like Critical Illness covers.
- Maternity Benefits: Treatments and medical procedures related to childbirth may not be covered under your health insurance benefits. Get in touch with your insurance company to know if they offer maternity benefits as a separate plan. If you have a normal health insurance plan, do check if this is a complete exclusion or a waiting period is applicable after which the benefit can be availed.
- Medical Procedures and Alternate treatments: A health insurance plan usually does not cover the cost of treatment and procedures involved in joint replacement, cosmetic surgery, dental surgery, etc. Also, treatments other than allopathy like homeopathy, Ayurveda, etc. are not covered
Choose a plan that will be most beneficial to you and your loved ones in the time of need. Remember that a lot can be achieved with good health. Thus, opt for a plan that will help you ensure your good health.
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