The cost of availing medical treatments is skyrocketing with each passing day. Add this to the frequent cases of medical emergencies. In such a situation, not having a financial cover will burn a huge hole in your pocket.
The smartest solution to this issue is to buy health insurance. It not only provides a financial safety net in case of medical emergencies but also peace of mind. In this article, we will discuss various types of policies one can choose from to safeguard their financial interests.
Types of Health Insurance Plans
- Individual Health insurance plans: As the name suggests, an individual health insurance plan covers one person under the policy. One can opt for this type of health insurance if there are no dependents.
- Family Floater Health insurance Plans: All the members of a family can be covered under a family floater plan. Family health insurance plans are easier to manages as compared to buying a separate plan to cover each member. The sum assured of these plans can range from 1 lakh to 10 lakh depending upon the insurance company.
- Senior citizen health insurance: These plans are designed to cover the special medical needs of people in their old age. They are similar to family health insurance and only covers individuals beyond a certain age. The coverage may include annual health check-ups, hospitalization, pre and post hospitalization, ambulance charges, etc. While buying a senior citizen health insurance plan for your aging parents make sure to check that the renewability age is more.
- Personal Accident Cover: A personal accident cover provides financial stability in case you cannot make a living as a result of a physical injury. It also provides a death compensation to your family. Buying this plan is a good idea when you are the only breadwinner of the family. Injuries, disability or death due to accidents like falling, drowning, road accident, rail accident, etc. are covered under a personal accident health insurance policy.
- Critical Illness Covers: These plans cover particular illnesses rather than just a cover for hospitalization. Usually, a lump sum is paid upfront if the policyholder is diagnosed with the illness. The sum assured will provide monetary support to take care of the entire cost of treatment. Coverage for cancer, stroke, lung disease, etc. is provided under a Critical Illness health insurance plan.
These were some of the most common types of health insurance plans available in India.
Things to know before Buying Health Insurance
#1 Identify your Requirements
As you can see, a wide range of health insurance plans are available in the market. You need to be choosy about the type of coverage you opt for. A simple way to achieve this is to identify your requirements and then select a plan suitable to individual needs. For example, an unmarried person with no dependents can opt for individual health insurance, newly married couple can opt for maternity benefits or a person with a family history of terminal illness should opt for a critical illness cover.
#2 Research about the insurance company
Many general insurance companies offer a health insurance policy. In order to choose the best insurance company, carry out basic research. Get to know about the services offered by the insurer. Taking a look at the claim settlement ratio will also be helpful. To know about customer satisfaction, you can take a look at various social media profiles of the insurance company.
#3 Know the Inclusions and exclusions
Understanding the inclusions and exclusions of your health insurance policy will be helpful at the time of claims. You will be more confident while raising a claim against inclusions. Similarly, you will avoid raising a claim for exclusions and decrease the chances of claim rejection.
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