Types of health insurance?

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Health insurance is a necessity, and we all know that. But there are different types of health insurance, and if you are a beginner, you won’t be aware of what kind of health insurance is available. and which one would be best to suit your needs.

What is Health Insurance?
Health Insurance is a type of insurance that covers the medical expenses of the insured. These expenses could be related to any medical expense such as hospitalization costs, cost of medicines, or doctor consultation fees. Nowadays, healthcare is very expensive, a small illness or accident can cost you lakhs. And in case of deadly illnesses such as Cancer or so, the expenses could be never-ending. And to meet such expenses health insurance is a must, it not only covers you but your family as well. So, make sure you buy one, and forget to claim the tax benefits given below.

Types of health insurance available-
1. Individual health insurance-
An individual health cover is a policy, you may buy to cover you, your family- spouse, children, and parents. This policy covers medical expenses for injury and illness, hospitalization, daycare procedures, and more. The sum insured is applicable to each person individually. For example, if you have a health insurance coverage of 4 lakhs per person insured, you can make a claim up to 4 lakhs for each person. But the premium amount associated with this policy is a bit higher.

2. Family floater health insurance-
This is a very affordable health insurance policy looking for low-premium health insurance that covers your whole family. Under this, all your family members are covered by a single insurance plan. For example, if you have 5 lakh cover, then any family member can claim up to 5 lakhs. If your eldest family member is above 60 years, then this policy would be better for you, as they are more prone to illness.

3.Group health insurance
A group health insurance is suitable for a group of people, usually, employees working in a firm. So, if you own a company, you can buy such plans for your employees. This policy has a low premium. They cover hospitalization due to illness, accident, etc.

4. Senior citizen’s health insurance-
This insurance plan is designed for people above the age of 60 years. It will offer you coverage for medical expenses such as medicines, hospitalization, etc. This insurance policy would require you to get a full body checkup, the maximum age entry limit is 70 years. As senior citizens are more prone to illness this has a higher premium rate.

5. Maternity insurance-
A maternity cover can be bought in addition to the basic health insurance plan. All the expenses related to pregnancy- prenatal stage, delivery, and post-natal stage are covered. It is suitable for newly-wed couples who are planning to have a child. This policy has a minimum waiting period of 2 years. It covers your child delivery, infertility expenses, and coverage for the baby for up to the first 90 days.

6.Critical health insurance plan-
Lifestyle diseases are very common nowadays. This was designed for middle-class families, so that they could afford treatment for critical illnesses such as cancer, stroke, kidney failure, paralysis, first heart attack, etc. Under this policy, as soon as the person is diagnosed with the disease, it will pay you a predefined amount as mentioned in the contract, irrespective of the cost of treatment. This would be an option to purchase in case your family has a history of diseases.

In closing – These are the types of insurance available for you, but you would need to take a look at your requirement and then decide which policy would be best for you.

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