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Types Of Health Insurance Plans That You Should Know About

The kind of lifestyle we are leading is contributing to rising health complications. And hospital bills can end up burning a hole in your pocket. It is why you need an effective health insurance plan to protect your hard-earned savings. A health insurance plan is designed to cover the cost of your medical treatment so that you do not have to deal with the financial burden. In this blog, we will be discussing different types of health insurance plans that you can buy. 

·       Individual Health Insurance 

This health insurance plan provides coverage to a single person. However, you can pay extra premiums to add other family members such as parents, children, spouses, etc. Additionally, the premium is charged based on the sum assured, age, and health record. In this, the individuals can be insured for different amounts based on their age and health factor. 

·       Family Floater Plan 

As the name suggests, this health insurance plan is taken for your entire family, including spouses, children, and parents. It is a comprehensive plan, and any member covered under this plan can claim the benefits. Similar to an individual health insurance policy, you will be paying a regular premium. And this amount is based on the eldest family member’s age who is covered under the plan. 

But if you have someone in your family with critical medical issues, then this plan may not be feasible for you. Because a majority of the sum would be directed towards the treatment of that person, leaving very little coverage for the others.

·       Group Health Insurance 

A health insurance provider typically offers a group health plan to employees of a company. It is not a comprehensive policy compared to other health insurance plans, and the coverage is also limited. You extend the cover range to your family members by paying an extra premium. However, this depends on the employers. Additionally, this health insurance policy will be terminated as soon as you resign from the company. Therefore, it is not safer to rely only on group health insurance companies for financial aid during hospitalization. 

·       Coronavirus Health Insurance Plans

Post-Covid 19, health insurance plans to cover people infected with the virus have been a new addition to the list. These policies cover hospitalization costs, including amounts spent on masks, PPE kits, oximeters, gloves, ventilators, etc. People who already have an insurance policy can also invest in these plans, along with their existing ones.

·       Senior Citizen Health Insurance Plans

This insurance plan for senior citizens covers adults of the age group 60 and above. It engulfs hospitalization expenses, including in-patient expenses, OPD expenses, pre, and post-hospitalization expenses, and daycare procedures. The senior citizen health insurance plan also offers tax rebate benefits under section 80 D.

·       Maternity Health Insurance Plans

A reliable health insurance company will offer maternity health insurance plans to cover expenses during pre and post-natal care, child delivery- be it normal or cesarean. Some providers in their maternity plans also include the expenditure of vaccination of the newborn. The transportation charges for carrying the woman in labor to the nearest hospital are also included in these types of insurance plans.

·       Critical Illness Health Insurance Policy

This type of health insurance policy covers critical or life-threatening diseases such as kidney failure, paralysis, stroke, cancers, etc. The cost of treating these illnesses is high and requires a regular medical appointment for even years. 

The number of doctor’s visits, together with the costs of various treatments, can end up becoming a substantial amount, which may not be able to afford. And this insurance plan is designed to cover such costs by paying a lump sum at the time of a positive diagnosis. Ensure to check out the kind of illnesses covered by the plan before investing in one. 

·       Unit linked Health Insurance Plans (ULHP)

It is another type of health insurance policy that has been added relatively recently. Unit linked plans are unique because they offer health insurance along with investment. A ULHP helps in building a corpus to cover costs that are not engulfed by health insurance plans.

Benefits Of Health Insurance Plans

Now that you know what are some of the various types of standard health insurance policies. Let us take a brief look at the benefits of investing in them.

  • Pre And Post Hospitalization Expenditure Cover

It covers the cost of a certain number of days, both pre and post hospitalization, of the mentioned illnesses or diseases.

  • Cashless Medical Treatment

Health insurance providers have a tie-up with several hospitals, and if you are treated in any of those, you do not have to pay a penny from your pocket.

  • Ambulance Charges

The transportation fee is taken care of by the provider after hospitalization.

  • No Claim Bonus (NCB)

You or the insured will be offered a bonus if there has been no claim for treatment filed in the previous year on your part.

  • Medical Check-up

Most of the plans provide free regular medical check-ups, while others offer it as an add-on benefit.

  • Tax Rebate

You can avail of tax benefits under section 80 D of the IT Act, 1961. It provides you a rebate based on the premiums you pay.

  • Pre-existing Diseases

Health insurance plans also cover your or loved one’s diseases that you or they had before purchasing the policy. However, the insurance companies only hold your back for the specific illnesses mentioned in the terms.

  • Preventive Healthcare

This benefit with preventive health check-ups ensures that you are taken care of before falling sick and incurring high hospitalization costs. 

Whether you are dealing with a health issue or not, having a health insurance plan is a good option. Above are some standard health insurance plans that serve a specific purpose. These plans lessen the burden off your shoulders during hard times and let you be at peace. Based on your needs, you can choose a policy that saves you and your loved ones from financial burdens imposed by high medical treatment costs. 

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