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5 Different Types of Health Insurance Plans That You Can Consider

by Bhargav Baweja CMO Marketing

While you might be working very hard towards the objectives of your life, an unexpected illness or a medical emergency involving you or your family members could easily damage your financial health. Health insurance is a smart way to protect yourself against such high medical costs.

However, to make sure that you select the right plan, you first need to know the different types of health plans that are now available in the market. If this is the first time that you are planning to buy a health insurance policy, here is a list of 5 of the most popular types of policies you can consider-

1. Individual Health Insurance Policy

As the name suggests, this type of policy is for an individual. Most of the individual plans cover pre-and post-hospitalisation costs for a fixed duration and offer cashless as well as reimbursement facility. Many of the policies also include charges of diagnostic tests and emergency ambulance up to a fixed limit.

Factors like your age, location, life expectancy, existing conditions, and lifestyle are taken into consideration by the insurance provider to determine the policy premium.

2. Family Floater Health Plans

If you want to safeguard the health of your family, a family floater plan can be an excellent choice. The coverage of such policies is shared by all the different members of your family. You can add your parents, spouse, and children along with you in the policy.

The insurance coverage will get used every time any of your family members use medical services and file a claim for the same.

3. Critical Illness Health Insurance

The treatment for critical conditions such as kidney failure, cancer, heart attack, and paralysis is generally costly. The coverage of a standard individual for family floater policy might be inadequate to cover the cost of such conditions.

Moreover, many health plans do not cover these conditions at all. You can go for critical illness insurance which is generally available as an add-on with most policies. This will provide you with a higher coverage amount to cover the expenses of such critical illnesses.

4. Group Insurance Plans

Many of the employers in India offer group insurance plans to the employees. Many different types of social groups and clubs also provide such policies to their members. The employees or the members generally receive such an insurance policy at a cheaper cost as the risk of the insurance provider is spread across multiple policyholders.

However, the coverage of such policies is generally low and inadequate to cover the expenses of a severe medical condition.

5. Top-Up Plans

If you already have an insurance plan such as an individual or group insurance plan, you can consider super top-up health insurance plans for supplementing the existing coverage. With such policies, there is generally a deductible amount after which the super top-up plan gets activated.

If you want to increase the coverage amount of an existing individual or family floater policy, you can go for super top-up plans by paying an additional premium.

What Should You Select?

A simple way to pick the right health insurance is by focusing on your needs. As the benefits and features of different types of policies are different, selecting a plan that best suits the needs of you and your family is the best approach.

Look for a popular insurance portal where you can easily compare health policies of different insurance providers. This will enable you to understand the various features of top health insurance policies, allowing you to select the one that best suits your requirements.


About Bhargav Baweja Freshman   CMO Marketing

4 connections, 0 recommendations, 25 honor points.
Joined APSense since, May 24th, 2017, From Mumbai, India.

Created on Apr 23rd 2019 09:03. Viewed 109 times.

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