It is a known fact that health insurance is a necessary investment for all. And, just as it is crucial to buy a healthcare plan, it is vital to buy the right one. Read on to know more about the different types of insurance plans available in India.
When a medical emergency occurs in a family, you would need emotional and financial support. While you may have your family members to lift your spirits, you would also need someone to take care of your medical expenses. This is where health insurance plays a critical role.
Buying a healthcare plan gives you the financial cushion against medical emergencies. Also, consider the constant rise in healthcare cost. The health insurance policy allows you to meet the expenses without any hassles. In India, insurance companies offer a variety of health insurance plans to suit the different needs of the people. These policies serve different purposes and have their unique features and benefits.
Let us look at the different types of health insurance plans in India.
- Family Floater Health Insurance Policy
One of the most popular healthcare plans in India, a family floater policy, allows you to cover all the family members under a single policy. Buying a floater plan is much more affordable than purchasing an individual policy for each family member.
Under a family floater health insurance plan, a single sum insured floats for all the members covered under the plan. This means every member covered under the plan can utilise the sum insured amount for treatment expenses. It is one of the best ways to provide health coverage to your spouse, children, parents and in-laws.
However, you must know that different insurers may have different terms and conditions for a family floater plan. For example, some insurers may not allow adding a family member who is more than 60 years as they are more prone to illness. And, if they permit, they may charge a higher premium.
- Individual health insurance
As the name suggests, an individual health insurance policy covers a single person. Many people buy an individual policy because it has an affordable premium. It covers almost all the medical expenses, in-house hospitalisation, pre-hospitalisation, post-hospitalisation, day care treatment, surgery cost, ambulance charges, etc.
If you are in the age bracket of 18 to 70 years, it is best advised to buy an individual healthcare policy. And, the best part of purchasing this policy is that you get to enjoy the entire sum insured, which is vital considering the huge medical costs. Also, it is better to buy an individual healthcare policy at a young age when you are in the pink of your health; this will help you get the coverage at a lower premium.
- Group health insurance
A group health insurance policy is specifically designed for organisations. The employers can cover the entire workforce under a single group health insurance policy. Today, many organisations provide health insurance coverage as part of the employee benefits program.
The policy is beneficial for the employees as it allows them to get financial coverage against medical expenses. It benefits employers too as it helps them win employees’ loyalty and boosts retention rate. Typically, a group health insurance policy comes with a low-cost premium. As an employee, you need not worry about paying the premium every month; the employer deducts the same from your salary.
One of the essential things to know about group health insurance is that you can get the policy benefits only until you are employed with the organisation. So, it is best advised to purchase a separate policy to get financial protection against medical expenses.
Apart from the above-mentioned health insurance types, you can also buy maternity insurance, senior-citizen health insurance policy, critical insurance, etc., to suit your specific needs.