Health insurance is one of the cost-effective and important ways of protecting your family and finances. The substantial increase of costs in quality healthcare treatment has made it vital to invest in a quality medical insurance policy.
A health insurance policy might sound boring but if offers an effective protection to your family against unforeseen medical expenses. Today, we enumerate the different kinds of health policy coverages you can get in the market:
1. Individual Health Insurance
This type of policy only covers one individual. But you can include other family members such as spouse, parents, children by paying an additional premium. And premium for the plan will be charged on the basis of age, medical history, the sum insured, city of residence among other factors. In this type of policy, the claim filed by one individual does not impact the claim of other people.
2. Family Floater Health Insurance
In this type of plan, coverage is extended to the entire family that includes children, spouses, parents, and any directly dependent individuals at a single premium. Generally, the age of the eldest member of the family determines the premium that will be charged in this plan. What differentiates this plan from individual health is that all the members are covered under a single plan. Members can jointly ask for a claim until the coverage amount is exhausted.
3. Critical Illness Insurance
This type of policy focuses on providing coverage for life-threatening diseases such as stroke, certain types of cancer, paralysis, kidney failure, etc. The treatment costs of critical illnesses are very high and needs regular hospital visits for an extended time period. Other than hospitalization, there are different expenses, including dialysis, chemotherapy, doctor visits, etc. Moreover, critical illness insurance only pays out a lumpsum on diagnosis, and doesn’t covers treatment cost. It is a good additional cover to have, over and above a regular indemnity plan.
4. Group Health Insurance Plan
This type of health insurance plan is generally offered by a company or employer to the employees. The coverage and features of these plans are limited. However, insured individuals can also include their family members in the plan by additional premium, but this entirely depends on the employer. And once you leave the company, you will no longer be a part of this coverage plan. Therefore, it is not recommended to rely on this type of health insurance policy solely.
5. Senior Citizen Health Insurance Policy
As the name suggests, these plans are for people who are above 60 years old. Older individuals are more vulnerable to diseases, and their treatment can be quite expensive. Therefore, you should consider taking a senior citizen plan for the elderly parents to make sure they can get quality treatment post their retirement.
6. Super Top-Up Policy
As the name suggests, this medical insurance policy is taken on top of the regular policy to increase the overall insured amount for a marginally small increase in premium payouts. It can only be used when the primary policy has been exhausted.
Health insurance policies offer the right financial assistance for unforeseen medical emergencies. Each individual has unique medical needs.
While some people need coverage for themselves, others would be looking for coverage that covers their family. The above types of health insurance policies are designed to cater to the different health coverage needs of the individuals and their families.
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