Did you know about these different types of health insurance policies?
As the money required to access quality medical assistance has increased over the years, it has now become very important for an individual to have a valid health insurance policy for themselves and their family members. It is also very important to choose the right policy to get the required medical coverage and that too, at the best cost.
To help you choose the right insurance plan as per your needs, here are the 4 commonly known types of health insurance policies available in the market today –
- Individual insurance plans
These are health insurance plans that only cover an individual policyholder. This is a type of indemnity plan, which means, the insurance company will cover you against the hospitalization charges and any other related expenses, either cashless or as reimbursement. To give you more clarity, an individual insurance plan specifically covers your treatment cost, pre- and post-hospitalization charges, rent of your hospital room, fees of the physician, and even laboratory tests within specified sub-limits. These plans are the best when it comes to insuring a single aged parent or in a scenario where you only need to insure one person, such as yourself.
- The family floater insurance plans
Family floater plans which are also commonly known as family health insurance plans, insure your entire family under one cover. They are also indemnity-based plans. The premiums of such family floater insurance plans are relatively more cost-effective when compared to the premiums charged for individual insurance plans. A family floater plan normally covers you, your spouse, and your dependent children; however, some insurance companies even offer provisions to insure siblings, dependent parents, and parents-in-law.
- Critical illness insurance plans
These are benefit-based plans which means that they pay out the pre-decided sum insured amount when a certain critical illness is diagnosed. Not all illnesses are covered and the ones generally included are- major organ transplants, strokes, cancer, kidney failure, and other such critical health conditions, that are a severe threat to life. Such dangerous diseases often cause a loss of income which makes it really difficult to run the house. In such dire moments, a critical illness insurance plan comes handy as they give the insured party a lump-sum amount that goes directly into your linked bank account. This can be used by you not only for the treatment but even to meet your regular expenses and to keep the house running.
- Personal accident insurance plans
These are also a type of benefit-based plan where the pre-decided insured amount is paid out in case of accidental death or injuries. These are useful for people who drive vehicles. The insurance amount is also given in the event of permanent or temporary disablement of the insurance policyholder. In the unfortunate event of death, the pre-defined insurance amount is paid to the nominee who is chosen by the insurance policyholder. These can be claimed when you get in an accident while riding a bike and even if you happen to get fractured while you fall down a flight of stairs or trip down in the washroom and get injured.
We hope this blog helps you understand the most commonly found health insurance plans in the market today.