Health

Learn the Different Types of Health Insurance Plans Available in the Market

It is rightly said that health is wealth. Keeping yourself in the best of health is indeed an important consideration in today’s fast-paced life. It, however, becomes necessary to protect yourself financially in case a medical emergency was to occur. With medical costs rising by the day, it is advisable to invest in a health insurance policy.

In today’s world of options, you have various choices as far as health insurance is concerned. You maycompare health insurance plans – their features and benefits, and select the best policy.

Following are seven major types of health insurance plans available in India.

  1. Indemnity plans

An indemnity plan offers reimbursement of the expenses incurred during hospitalization. The insurance provider is liable to cover all costs up to the sum assured limit. Expenses that may be claimed include room charges, thecost for alternative treatment, surgery costs, and in-patient care expenses, among others. Indemnity plans allow flexibility, as you may visit a hospital of your choice, based on the type of treatment you wish to undergo.

  1. Cashless plans

As the name suggests, a cashless plan prevents the need for making any out-of-pocket expenses. Your insurance provider settles the medical bills with the hospital itself. You, therefore, need not worry about making alast-minute arrangement of finances. It is necessary to be admitted at any of the insurer’s network hospitals in order to avail of thecashless facility.When you compare health insuranceplans offered by different companies, this plan should be on your priority list.

  1. Top-up plans

There may be times where you may exhaust your sum assured amount. This leaves you with no coverage in case of a medical emergency. A top-up plan helps in increasing the sum assured on your existing health insurance policy. It is important to remember that a top up will come into effect only once the sum insured amount of your current health policy is crossed. Your insurance provider then pays the claim amount over and above the sum assured.

  1. Critical illness plans

Critical illness health insurance policies offer coverage against serious diseases such as cancer, third-degree burns, heart attack, and stroke, among many others. Afterdiagnosisof any critical illness covered in the policy, you are authorized to receive a lump sum amount. You can use this amount to meet medical costs, as well as other financial expenses.

  1. Personal accidental plan

Around 480,652 accidents were reported in the country, according to a Report on Road Accidents in India 2016, by the Government of India. This shows that one simply cannot rule out the risk of the occurrence of an accident. It is, therefore, necessary to seek financial protection in case an unfortunate event was to occur. A personal accidental plan offers coverageforbodily injuries, impairment or mutilation, as well as death. Since accidents may also result inloss of income, the sum assured provided by the insurance provider compensates the same. You may use the amount to meet your medical expenses and other day-to-day finances. Once you comparemedical insurance plans, make sure to strongly consider this plan as it could fill the gap of loss of income for your family, in case of your sudden accidental death.

  1. Daily hospital cash plan

This type of health insurance policy offers a fixed amount of money for daily hospitalization, irrespective of the actual cost. For example, the hospital you are admitted to charges INR 1000 per day, while your daily-defined limit is INR 2000 per day. Your daily hospital cash planoffers the daily-defined limit of INR 2000, even though you have paid a lower amount of INR 1000. You may use the extra sum to cover certain costs that are not included in your insurance plan such as admission fees, or physiotherapy, among others.You may compare mediclaim policy plans offered by various insurance providers as the daily cash benefits range from INR 500 to INR 10000 as per your requirements.

  1. Family floater health plan

This type of plan covers numerous members of a family under a single plan. The sum assured amount is capped at a certain limit, which may be utilized by any of the family members during the policy tenure. You may, therefore, cover your family, such as yourself, spouse as well as dependent children under a single plan. You may compare mediclaim policypremiums of numerous providers and choose the one offering the most competitive rate.

The above-mentioned types of health plans offer a unique set of features and advantages. You may, therefore, compare medical insurance plans, analyze the terms and conditions in detail, and make the best choice as per your needs and requirements.