What are the 4 Main Types of Health Insurance for Medical Needs?

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In India, the price of healthcare is soaring. If you’ve recently been to a hospital, you know how expensive even a minor treatment may be. Therefore, having health insurance is important in order to receive the greatest medical care without spending a fortune. But you have to choose the best health plan due to the variety of options available, including senior citizen health plans, family floater insurance, disease-specific insurance plan, and individual health plans.

So that you may better understand, below is a brief overview of the many types of health  insurance for medical insurance for medical emergencies available in India and their advantages:

Individual Health Insurance Plan

One person is the policyholder and receives all the coverage advantages available under individual health insurance policy. Individual health plans typically pay the insured’s medical costs in accordance with a specific sum insured and the paid premium amount. Hospitalisation costs for inpatients, daycare treatment, pre and post-hospitalisation expenses, and domiciliary hospitalisation costs incurred are a few privileges provided by these policies.

Individual health insurance plans typically have no upper age limit for policy renewal, which means the policy offers the insured lifelong renewability features. This is best suited for persons who have higher health risks. Additionally, there are no limitations on the number of claims that may be filed throughout the duration of an individual health insurance policy in one financial year.

Critical Illness Insurance Plans

You could dig deep into your wallet if someone is diagnosed with a serious illness since you might have to cover the costs with your savings. Given the high cost of critical illness treatments, it is advised to be protected by such insurance. Plans for critical illness insurance cover a variety of life-threatening conditions, including stroke, heart attack, paralysis, renal failure, cancer, etc.

When a critical disease is initially diagnosed, these plans offer a lump sum payment that the insured person may use both nationally and internationally. The insured may even use this amount to pay off any outstanding bills, such as those for a child’s future, or in any other manner permitted by the regulations. Critical Illness Insurance Plan by Care Health Insurance provides coverage for 32 life-threatening illnesses under one plan.

Family Floater Plans

Based on a floater sum insured, a family floater health insurance plan provides coverage for every family member. Family health insurance policies are helpful since they make it simpler for individuals to handle their health insurance by insuring themselves and their loved ones.

When you need to include your parents in the policy, a family health insurance policy is also more affordable as one premium is paid for all the insured members for an affordable premium. A family health insurance plan covers the many members of your family, including your spouse, parents, children, your parents-in-law, etc. Young families are advised to buy family health insurance for medical crises as there is less possibility of filing multiple claims, and the person filing the claim can get more coverage for less premium.

Senior Citizen Health Insurance Plans

These policies are intended for anyone over the age of 60. The risk of serious illnesses is higher among the elderly, and the cost of treating these illnesses is likewise higher. In order to ensure that your elderly parents have enough medical coverage in their post-retirement years, it is advisable to purchase a senior citizen plan for them.

Due to the wide coverage benefits, the premium is typically higher. The premium paid, however, is also eligible for tax benefits under Section 80D. Therefore, if you buy it for yourself and your elderly parents, you can receive a total tax benefit of up to Rs. 50,000.

Now that you have a basic understanding of the various health insurance for medical emergencies, you can easily choose one for you and your family. If you are not married, you can get a senior citizen health insurance plan for your elderly parents as well as an individual health insurance plan or a family floater if you have children. A critical illness insurance policy is necessary to provide the best medical care for your loved ones, given the rising expense of medical care.

About Gregers Møller

Editor-in-Chief • ScandAsia Publishing Co., Ltd. • Bangkok, Thailand

View all posts by Gregers Møller

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