7 Types of Health Insurance Plans

Health insurance is a boon when medical expenses tend to pile up. People tend to avoid this subject and it is merely tagged as either boring or a tedious process. But people also neglect the fact how useful a health insurance plan can be. Everyday a new disease crops into the picture adding on additional and a potential medical expense to your financial savings.

Health Insurance in simple terms is a coverage or Insurance that covers an individual’s medical and varied surgical expenses. In times were the medical expenses are on the rise an health insurance plan would only come in handy to your rescue.

Today’s insurance companies put forward varied types of health insurance plans which serve their own specific purposes. If you map out your own requirements and financial plans you can easily choose from the 7 types of health insurance plans mentioned below:

1) Individual Health Plan

2) Critical Illness Plan

3) Hospitalization Daily Cash Benefit Plans

4) Unit Linked Plans

5) Health Saver Plans

6) Surgical Plans

7) Family Floater Plans

 

1) Individual Health Plan:

As the name suggests it’s a simple health insurance plan meant for individuals. The amount assured differs which would also lead to differences in the amount of premium. An individual can insure his entire family on an individual basis.

 

2) Critical Illness Plan:

Critical Illness plan is a kind of medical insurance policy which on diagnosis of critical illness and the medical procedures involved would pay a lump sum or a fixed amount of benefit. The critical illness diagnosed must be covered under the policy bought in order to hold good. The list of critical illness usually comprises of diseases which affect an individual with high severity, it is generally specific and has low frequency. 

 

3) Hospitalization Daily Cash Benefit Plans:

 As the name goes this policy pays a certain fixed amount of benefit related to every day of hospitalization. The payment is also subjected to certain number of days in a policy year.

 

4) Unit Linked Plans:

Unit Linked Insurance Plans is the way to go if you are looking forward to also invest in certain instruments. Under this plan when you pay a specified amount of premium certain part or percentage of it goes as an investment on which an insured earns returns. This plan has its fair share of charges and list of exclusions and so on and so forth and hence before buying this policy an individual must carry out extensive research regarding the policy.

 

5) Health Saver Plans:

Similar to unit linked plans the premium an individual pays would serve two purposes. A part of the premium would be invested in either an investment account or a savings account and the other part would be utilized for health cover. The major benefit that an individual can derive from Health Saver Plan is that the amount invested in a savings account can be withdrawn by him in order to meet expenses which are not covered under his policy.

 

6) Surgical Plans:

Surgical plans are specialized plans meant for covering the expenses and cost of surgeries. You can acquire this policy individually or can acquire it along with other medi-claim policies.

 

7) Family Floater Plans:

An individual health plan was meant for individuals and as mentioned above instead of insuring every family member individually you could opt for a family floater plan which insures the entire family as a whole. However the entire family would be eligible for a fixed amount. If certain family member undergoes the treatment and claims certain amount then for the remaining policy year only the balance amount will be eligible.

 

These are the various types of health insurance policies to mention a few. These policies would come in handy in case a medical emergency poses itself in front of you. Depending on your own requirements you can acquire the right policy.