What Are the Various Health Insurance Plans You Can Purchase?
In the current day scenario, it has become increasingly essential to have a safety net for any medical needs. With the rising treatment cost, it has further made it crucial to have a financial backup that can help you cover them. Health insurance is the best way to secure any emergency medical assistance without burning a hole in your wallet.
While there are various health insurance plans that you can buy, it is critical you know the advantages of each policy. Let us look at the different health covers that are available and can be the right fit for your needs.
Individual health insurance
An individual health insurance cover offers coverage to the sole beneficiary. This beneficiary is the policyholder itself. The premiums for these plans are based on not a single factor but a combination of many. Age, medical history, pre-existing diseases, sum assured, deductible, co-pay are some of the prominent factors on which the premium is decided. This plan is recommended for individuals who are just starting in their careers as a part of their investment portfolio. The coverage for these plans can be enhanced using add-on riders considering your requirements.
Family health insurance
A health insurance plan that can be extended to your entire family is a family floater health insurance. A single premium payment covers all the beneficiaries of the policy. Further, this plan can be extended to infants or senior citizens too. Thus, a varied range of illnesses can be covered using a single policy. The premium under health insurance plans for family is determined based on the eldest beneficiary of the plan.
Critical illness insurance
Critical illness insurance covers life-threatening diseases that at times can have fatal consequences. Some common ailments that are covered under a critical illness cover are cancers of specified intensity, kidney failure, stroke, paralysis, etc. The main advantage of a critical illness insurance is the lump sum payment made by the insurer on the diagnosis of the ailment. This lump sum payout can not be used to avail treatment, but also other post hospitalisation expenses that can be expensive.
Senior citizen health insurance
These policies are specifically designed to cover the common ailments faced by the elderly. The entry age on these plans is higher when compared to a standard insurance cover. Thus, to protect your elderly parents right from the start, a senior citizen health insurance makes a smart choice.
Group health insurance plans
An insurance cover extended by an organisation or an entity to specified individuals associated with the entity is known as a group insurance policy. It is usually offered by employers to its employees as an additional employment perquisite. The coverage for this plan is common for all those covered. Although it can be extended using additional riders. This policy is only valid until the individuals are associated with the organisation.
Now that you understand some of the insurance plans that are available in the market, analyse your needs and select a plan that meets your requirements. Different stages of life can require you to opt for different coverage options. Lastly, do not forget to compare policies when buying a suitable insurance cover for you and your family.