Types of Health Insurance Plans to Check Out

Health insurance plans, often known as medical insurance, are a contract in which the insurance provider pledges to reimburse the insured’s medical expenditures if the policyholder fails and requires emergency medical treatment. Leading health insurance providers team up with a chain of hospitals or network hospitals to provide cashless treatment to the insured.

Read along to know more about health insurance plans and the factors that make them crucial.

Parameters to Check When Looking for the Best Health Insurance Plan

There are several factors that should be considered when selecting comprehensive health insurance plans. A few of such parameters are discussed below:

  • The perks of the coverage: The complete coverage provided by an insurance policy is a  crucial factor to consider when purchasing it. Comprehensive health insurance coverage is likely to cover the insured’s medical bills and even help lower out-of-pocket costs. 
  • The sum insured: The amount of the sum insured is also important to factor in while looking for insurance policy coverage. Comparing the maximum amount of the same would help individuals select the right sum insured that would be adequate to cover medical expenses.
  • Network hospitals: Leading health insurance plans include a large network of hospitals that offer cashless treatments. However, it is important to look for plans that have network hospitals in the insurance buyer’s location so that they can access medical treatment free of cost in case of an emergency.
  • Fixed waiting period: If the policyholder has a pre-existing illness, it is recommended to pick a health insurance plan that comes with a shorter waiting period.
  • Riders: Leading health insurance policies allow policy buyers to add extra riders to the policy to increase its coverage. To benefit from this, individuals should look for health insurance plans that allow them to add riders and customize their coverage to their requirements.

Only after checking these, individuals should check the premium of health insurance plans and pick one that fits their budget. Subsequently, individuals should also check the claim settlement ratio of the insurance provider. Notably, the claim settlement ratio reflects the total number of claims received and the number of claims actually settled by the insurance company. Selecting an insurance provider with a high claim settlement ratio will ensure that the policy buyer can raise claims and get them approved readily in times of need. 

Types of Health Insurance Plans in India

These are the leading types of best health insurance plans in India and they are explained below:

Individual Health Insurance Plans

Individual health insurance policies serve a single policyholder who receives all of the promised coverage benefits. Individual health insurance policies typically pay the insured’s medical expenditures depending on the chosen sum insured and the premium paid. Some of the advantages provided by these insurance plans include in-patient hospitalization charges, pre-hospitalization charges and post-hospitalization fees, and daycare expenses. An individual health insurance plan is best suited for those people with greater health risks. These insurance plans often do not have a maximum age for policy renewal. This allows the insured to enjoy a lifelong insurance renewability advantage. Moreover, on the basis of an individual sum insured, insurance buyer can also cover their parents and close family members under the health insurance plan.

Family Floater Health Insurance Plans

A family floater health insurance plan covers the entire family on the basis of a floater sum insured. Family floaters are useful since they make it easier for policy buyers to handle the policy plan by insuring themselves and or family members. When compared to senior citizen health insurance, a family floater health insurance plan is a more economical alternative, especially when you include parents in the coverage. A family floater health insurance plan provides coverage to these members of a family at an affordable premium: lawfully wedded spouse, parents, dependent children, brother, sister,  parents-in-law, and other relatives, as specified by the terms of a given policy. 

Senior Citizens Health Plans

Senior citizen health insurance policies are designed to fulfill the insurance requirements of adults who are 60-75. It is recommended that you purchase a senior citizen health insurance plan because most individual or family floater policies do not cover people above the age of 65 and allow only renewals. Notably, some of the coverage benefits offered by senior citizen health insurance policies include daycare fees, cashless hospitalization, domiciliary hospitalization charges, pre-existing disorders, and specified diseases.

Critical Illness Insurance Plans

Critical illness insurance policies are designed to cover a variety of life-threatening disorders including heart attack, cancer, stroke, paralysis, and renal failure. These health insurance policies provide a lump sum payment upon the initial diagnosis of a severe disease, which the insured can claim in and outside of India. Since critical illness treatment tends to be expensive, these policies tend to come with an extensive coverage amount. Based on one’s requirements and financial standing individuals can opt for health coverage.

Women-Specific Insurance Plans

Women-specific health insurance plans have been designed specifically to meet the health insurance needs of women of various age groups. These health insurance plans protect women against the high healthcare costs during pregnancy, retirement, newborn babies, child education expense, and other expenses. After a certain age, health insurance plans cover women for certain diseases to which they are predisposed. Unlike a women-specific health insurance policy plan, an individual health insurance plan may fail to cater to the needs of women, causing them to miss out on insurance coverage benefits. Additionally, leading insurance providers offer health insurance policies for women at relatively low premiums.

Illness-specific Health Plans

Individuals seeking comprehensive coverage for a specific illness, such as cancer, heart disease, or heart disease, may consider disease-specific insurance plans. Typically, disease-specific health insurance policies waive the waiting period, which is deemed essential under standard health insurance plans. However, disease-specific is best suited for those with a family history of illness, such as hypertension or diabetes.

Individuals should identify their needs and requirements with regard to coverage, exclusions, and cost of premiums for better comparison of health insurance plans. Having a better idea of the same will help them

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