Explore these 4 Different Types of Medical Insurance Plans
February 27, 2021
Ambiguity plays a major role in our lives. You cannot anticipate what the future will hold for you. However, it is crucial to stay prepared for dire circumstances. And one factor that ensures this protection are medical insurance plans. The increasing surge of quality healthcare expenses has made it obligatory to have a medical insurance plan in place. It lessens the unexpected financial burden that arises.
However, there are more medical insurance plans that are available apart from the general individual medical insurance. All these plans suit individual needs. So, before you buy a medical insurance plan, you should know the varied kinds to determine which one is most suitable for you.
Find below some of the commonly prevalent medical insurance plans that serve different purposes:
- Individual Medical Insurance Plan
Meant for an individual solely, individual medical insurance is an ideal option if you plan to buy for yourself. You are entitled to receive the incurred amount during an emergency hospitalization under this plan.
Also, you are allowed to claim up to the chosen sum insured. Many insurance companies offer several benefits like coverage for domiciliary treatments, daycare procedures, dental treatment, vaccination and others.
You will find that most insurance companies offer numerous types of individual medical insurance plans. It would help if you researched and checked the policy wordings of each before you choose any plan.
- Family Floater Medical Insurance Plan
This medical insurance plan is meant for the entire family. In this manner, you can cover your complete family under a single policy and get coverage benefits for all. Generally, for family floater plans, the sum insured is equally divided among all the members. And like the individual medical insurance plans, you must pay regular premiums. But the sum insured in a family floater medical policy is higher.
Nevertheless, this total premium will be comparatively lesser if you opt for individual plans for each member of your family. It would help if you looked for the maximum possible renewal age of the policy so that your entire family is insured when you need it the most.
- Senior Citizen Medical Insurance Plan
In case you are in your retirement years, do not worry about not having a comprehensive medical insurance plan. For senior citizens, there are medical insurance plans that ensure that you can live self-reliantly and have a life of dignity. Many insurance companies offer benefits like coverage for organ donor expenses, hospitalization expenses, and cover for treatment at home.
With coverage for pre and post hospitalization charges, you can also get cover for daycare procedures. You will notice that most senior medical insurance plans offer policy flexibility wherein you can increase your sum assured while enjoying hassle-free claim settlement.
- Critical Illness Medical Insurance Plan
Designed to treat specific illnesses, the critical illness medical insurance plan is apt for you if you have a family history of critical ailments. Because of the upsurge in lifestyle diseases, covering yourself against these diseases has become imperative. The medical treatment of these can be an expensive affair, but with this medical insurance plan, you can alleviate these costs up to an extent.
Also, you may not have any ailments presently, but they may develop in the future. Thus, it will be wise to opt for a medical insurance plan after getting a thorough medical check-up. If you have a family history of any critical illness like diabetes, it will be wise to opt for a critical illness medical insurance plan.
Most insurers pay a pre-decided amount towards treatment on the detection of the illness.
Apart from the medical insurance plans mentioned above, there are other plans available as well. Thus, in case you have some other requirements, you can check more plans online.
To get several options, you can check reputable insurance companies like Tata AIG. You can visit the website and explore medical insurance plans. Moreover, you can use their premium calculator and check if the plan is appropriate for you or not.