Health issues are on the rise, as are the costs of medical equipment and treatment. Today, if you face a medical emergency, you could potentially deplete your savings. However, you can safeguard your finances with a simple solution – you can invest in health insurance plans that you can encash when you need medical treatment. Health insurance is a proactive measure that assists you during unforeseen medical emergencies. Read on to understand the different types of health insurance policies.
Types of Health Insurance in India
Insurance companies offer several types of health insurance policies catering to your medical care needs. They are as under.
Individual health insurance
If you want coverage on an individual basis, this plan is for you. It offers financial protection to a single person against medical costs. The premium amount depends on personal factors like your age, medical history, body mass index, pre-existing health conditions, etc. Your choice of coverage also influences the applicable insurance cost or premium payable. Understanding these variables lets you make an informed decision while selecting a policy.
Family floater health insurance
If you want a health policy for your family but wish to save on the premium, you should consider a family floater plan. The health insurance plan covers the medical expenses of your family members. You need not worry about maintaining separate policies as the comprehensive coverage gets managed under a single premium. However, you must prioritise your family members’ health conditions, age, and needs while selecting a policy.
Senior citizen health insurance
This health insurance policy is exclusively designed for senior citizens. People aged above 60 years can enjoy its benefits. The coverage includes the cost of medicines, accident care, treatments, pre and post-hospitalisation charges, etc. Besides these, domiciliary hospitalisation and mental health care benefits are also covered. Moreover, like most types of health insurance plans, you can add riders to the policy to boost the coverage further.
Group health insurance plan
Large-scale organisations thrive because of a strong team. Hence, they need to fulfil specific responsibilities towards their workforce. Companies typically offer group health insurance as part of their employee welfare programmes, among other benefits. The policy helps retain talent within the organisation. As an employee, you can secure your and your parents’ health without paying a premium.
Critical illness insurance
Our lifestyle choices and unhealthy dietary habits have increased the occurrence of illnesses. Today, most people get diagnosed with ailments regardless of their age or medical history. Keeping this in mind, insurance companies offer critical illness plans to treat various long-term diseases, e.g. cancer, cardiac ailments, Parkinson’s, etc. You can raise a claim on it after completing the 2-4 years waiting period.
Final note: The different types of health insurance plans give you flexibility in choosing your desired coverage. Another way to avail of medical insurance is to recharge your Vi mobile connection. Vi offers an add-on hospicare insurance benefit with Aditya Birla Health Insurance. A ₹1000/day insurance benefit is all yours to use with a monthly recharge of ₹15 through this plan.
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