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What are the Different Types Of Health Insurance Plans in India?
The world has witnessed an exponential increase in medical and healthcare costs in the past few years. Now more than ever health insurance has become a necessity. In such a scenario, thorough knowledge about the various types of health insurance plans will help you make the right decision.
Types Of Health Insurance Plans in India
1. Individual Health Insurance Plan
As the title suggests, these plans cover an individuals’ medical expenses. Hospitalization that is required for over 24 hours after an injury or an illness is covered. The plan also covers pre and post-hospitalization, day-care procedures, etc. It is best suited for people who are at a greater health risk. Immediate family members and parents can be added to the plan at any point in time. The highlight of Individual Health Insurance is that it offers a separate sum insured amount to each covered member.
2. Family Floater Health Insurance Plan
A family floater health care plan is one where multiple family members including your spouse, children, and parents can be covered by paying a single premium once a year. The premium floats equally among all the covered members. This, in turn, ensures accessibility and uniformity of health coverage. A family floater is the best choice for married individuals who wish to cover the medical expenses of their parents, spouse as well as children all in an exclusive healthcare plan.
3. Group Health Insurance Plan
Group Health Insurance plan is specifically designed for a group of people working in an establishment. It is most commonly provided by an employer to their employees. This insurance plan is also known as corporate health insurance. It enables the employees the choice of an additional health cover for their family members. It covers hospitalization costs that occurred due to critical illnesses and illnesses/injury etc.
4. Critical Illness Insurance Plan
The treatment costs of terminal diseases are relatively higher and almost always need multiple long-term hospitalizations. Critical illness insurance policies cover such life-threatening illnesses and diseases, for example, cancer, kidney failure, stroke, paralysis, etc. These plans are fixed payment plans, which means that in case an insured is diagnosed with any of the listed diseases, a pre-decided sum is paid out to him. The policy expires after the payment is made.
5. Personal Accident Cover
Accidents are unprecedented, the medical costs involving treatment of injuries can drain your savings. Personal accident insurance policies cover medical expenses caused by accidents. The policy covers:
- Accidental Death
- Permanent Partial disability
- Permanent Total disability
6. Maternity Health Insurance Plan
Maternity health insurance can be purchased in addition to the basic health policy. The plan encompasses all expenses incurred during the prenatal, delivery and postpartum stages of the insured. This particular plan is best suggested to buy this plan at the appropriate time. Couples who are newly married or are planning a baby should definitely invest in this policy. It provides expenses for child delivery, medical termination of pregnancy, and infertility expenses.
7. Senior Citizen Health Insurance Plan
It is an insurance policy specifically designed to cover the insurance needs of people over 60 years of age. Since the elderly need much greater medical attention and are more likely to file a claim, the premium for this plan is comparatively high. The plan also covers pre-existing conditions and coverage depending on the terms of the policy.
How many types of health insurance plans are there in India?
When there is a multitude of options to choose from, selecting the best plan that is in line with your needs might seem challenging at first. However, keeping the following points in mind before opting for a healthcare insurance plan, will help you in the same:
- Opt for the plan which best suits your needs from the different types of health insurance coverage available in India.
- Choose the adequate sum insured amount. You must ensure that in case of a medical crisis, the amount would be enough for you and your family.
- You must carefully opt for the right type of health insurance, one that will help you cover the expenses of any medical emergency
- If you want to cover your parents who are senior citizens, you need to find a suitable plan and coverage
- Purchase a health insurance policy from a company that is efficient in resolving claims. You can check its Claim Settlement Ratio, customer ratings and reviews.
- Picking a health insurance company with the largest hospital network is advisable. Hospitals that come under a company’s network provide you with the facility of cashless claims
Different Types Of Health Insurance Plans in India
It is essentially a health insurance program for the underprivileged, weaker members of society, and the general populace. In the event of hospitalization due to a medical emergency, the plan provides financial protection.
Medicare will be the most affordable health insurance option for low-income families, offering good benefits at no or minimal cost. Your ability to receive Medicaid benefits depends on your income, the size of your household, your family situation, and other factors.
An indemnity health plan is the most expensive type of health insurance," continues Schrader. The insured person is given the option to select the medical center and the doctor they want to see.
Should You Purchase Health Insurance or a Mediclaim Policy in India? Insurance professionals advise choosing a health insurance plan even though both mediclaim and health insurance plans qualify for tax benefits under Section 80D of the Income Tax Act. This is so because health insurance plans provide extensive insurance protection.
Author Bio
Paybima Team
Paybima is an Indian insurance aggregator on a mission to make insurance simple for people. Paybima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. Paybima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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