Types of Health Insurance Plans

 Types of health insurance plans

1. Individual health insurance: - It covers the medical expenses of hospitalization, surgery, medicine, Etc., of a single person. It covers these expenses up to the insured amount. For example, if your health policy has coverage of 2 lakhs rupees, then the company will bear the cost of up to 2 lakhs rupees. The age limit for taking this plan is 18 to 70 years of age.

You can add your spouse and children under this plan by adding some extra amount. In this case, the above 2 lakh individual plan will give each member coverage of 2 lakh rupees. Thus, it increases network coverage.

 

1. Family health insurance/family floater plan: - It covers your entire family with members – your parents, spouse, children, and siblings, if any (under 18 years) under one program. The ensured amount is shared equally by all the family members. For example, if your plan covers 20 lakh rupees, then this amount will be shared by all the family members.

 

Here, the premium required is lesser than the individual health insurance. And the premium amount depends on the age of the eldest person in your family. So, you must take a family health policy before the most senior person in your family ages above 60. Because, after 60 years of age, the health risk is very high, which will affect your premium amount. 

 

If two or more members fall ill at the same time, then this plan will cover the expense of all of them till the limit of the program.

 

1. Critical illness insurance: - This insurance policy provides a lump sum when the policyholder is diagnosed with a critical illness like cancer, heart disease, kidney failure, or paralysis. While taking this policy, you must select the necessary conditions you want to be covered.

 

When the beneficiary is diagnosed with a critical illness, they are eligible to avail of this policy. Then, the company will provide them with the amount decided while purchasing the insurance policy without depending upon the pre and post-hospitalization expenses. Hospitalization is not mandatory to claim under this plan.

 

1. Senior citizen health insurance: - This is for people aged 60 to 70 years. It covers both illness and injuries due to accidents. It covers the expense of hospitalization, medicines, and also post-treatment cost. Other benefits, like psychiatric treatment, are also covered under this. Also, alternative treatments come under this policy. 

 

While buying this policy, the company may do a complete body check-up. Because, at this age, the health risk is more. But, once you take the procedure, you can renew it your entire life.

 

1. Top-up health insurance is the insurance plan above the regular health insurance plan. People take this plan when they need more coverage than their ordinary health policy. In this policy, a clause says Deductible. This means t times the range may decrease in the future. Sometimes, you will have to pay more than a predefined amount. You will get the amount from this insurance only after the amount of general health insurance is covered. 

 

1. Personal accident insurance: - To avoid high expenses while treating significant injuries due to accidents and save a life, you will need this insurance policy. This plan provides a lump sum amount to treat the damages due to the accident. 

 

Some companies also provide educational and orphan benefits to the beneficiary's children. Also, in some cases, if the beneficiary has faced an accident and has to pay alone, then the company will pay it. 

 

It covers accidental death and permanent and partial disability due to accidents. Also, some companies give weekly compensation for permanent and partial disabilities. Adding to these, it provides a lump sum in case of death and permanent disability.

 

1. Mediclaim: - The expense is not fixed once you get hospitalized. If the expenditure exceeds the amount covered by the company, this can affect your financial condition badly. If you have a medical policy, those extra expenses will be covered. This covers the additional charges that are not covered under the general health insurance policy of hospitalization.

 

1. Maternity Insurance plan: - you can take maternity insurance as either an add-on to the original intent or an individual health insurance plan. It covers prenatal, delivery, and after-birth medical expenses. It covers the medical costs of both baby and mother after some time to childbirth. Most maternity insurance plans have a waiting period of 2 to 4 years. So, it would be best if you took it at an early age.