The expense of medical treatment has greatly increased along with the rise in health-related problems. The market offers different types of health insurance policies that can help you avoid paying an additional financial burden. Due to the variety of health insurance plans available in India, choosing the proper insurance plan might be a little challenging.

1. Individual Health Coverage

You can avail of an individual health insurance policy to get coverage for you, your spouse, your kids, and your parents. This kind of insurance policy covers your medical bills for things like surgery, lodging and board, daycare costs, and hospitalisation due to illness or accident.

There will be an Individual Sum Insured for each participant of the Individual Health Insurance plan. People who are between the ages of 18 and 70 can choose to purchase this plan.

2. Family Floater Health Insurance

Family Floater Health Insurance is the best suited option if you want affordable health insurance plan for your entire family. A single Sum Insured floats for each member that is covered by a Family Floater Health Insurance policy. The benefit of a Family Floater Health Insurance Plan is that the premium is much less than that of an Individual Health Insurance policy.

3. Health Insurance for Groups

A group of coworkers is the target audience for a group health insurance policy. Therefore, if you run a start-up or corporate office, you should purchase these plans for your staff members. It is within the category of benefits of health insurance provided to workers.

4. Health Insurance for Seniors

The Senior Citizen Health Insurance Plan is a type of health insurance specifically created for seniors over the age of 60. A senior citizen policy will provide coverage for the cost of prescription drugs, hospitalisation due to an accident or disease, as well as pre and post hospitalisation and treatment. Other benefits, including psychiatric benefits and domiciliary hospitalisation, are also provided.

5. Maternity Health Insurance

Along with the fundamental health insurance programme, a maternity cover can be purchased as an add-on. The full cost of the prenatal, birth, and postnatal phases is covered. This coverage must be opted in by newlyweds or families expecting a child in the near future. It provides coverage for infertility costs, childbirth, and newborn care for the first 90 days. There is a two-year waiting period to get the Maternity Cover.

6. Insurance for critical illnesses

Lifestyle-related illnesses are becoming more common. The insurance providers have offered the Critical Illness Policy with this in mind. This health plan, which is especially created for families in the middle class, covers conditions like:

• Cancer
• Stroke
• Kidney Disease
• Paralysis
• Surgery to Replace an Artery
• First heart attack
• Hypertension of the pulmonary arteries
• Several Sclerosis

The cost of treatment for many illnesses is high. Regardless of the actual cost of treatment, the Critical Illness Plan will start paying you as soon as you are given a diagnosis of the illness.

7. Supplemental health coverage

If you wish to get coverage for bigger sums, you can purchase a top-up policy. But these policies have a “Deductible Clause.” Therefore, in the event of a claim, the payment will be issued in excess of the policy’s specified amount. For instance, if you purchased coverage for Rs. 15 lakhs with a Rs. 3 lakh deductible, you will be responsible for paying the first Rs. 3 lakh of any claims. The insurance company will take care of any additional costs.

It makes sense to purchase one of the aforementioned policies because medical expenditures are on the rise. People must now get health insurance policies for both themselves and their families due to the ever rising expense of medical care. Comparing the terms and conditions of all types of health insurance in India becomes equally crucial.

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Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.

Millicent Grim