Types of Health Insurance Policies in India
One needs to ensure the security of health of oneself as well as of the family. With the increasing cost of healthcare and medical treatments across private hospitals in India, health insurance has become almost mandatory for everyone. Health insurance ensures not only health security but also hassle-free claim reimbursement. In today’s world of advancements, people have different choices when it comes to buying health insurance. There are various plans readily available in India to cover every aspect of a medical emergency. Some popular types of policies are explained below: Individual Health Insurance Policies: This health insurance policy offers coverage to an individual against several illnesses, offering benefits like cashless hospitalization and various add-ons. The entire sum assured is available for only an individual and the premium is determined by the age of the insured. Under this policy, each insured member is entitled to receive the entire amount separately. Family Floater Health Insurance Policies: With these health insurance policies, you can cover all your family members against multiple diseases under a single cover. Family floater Mediclaim cover offers a fixed sum assured for the family members that can be availed either by an individual or as a lump sum
for treatment of one person. Floater benefit means that the sum assured, as specified for the proposer under the policy, is available for any one or all members of his/her family for one or more claims during the tenure of the policy. As compared to individual plans, family floater Mediclaim plans come at a marginally incremental premium. Surgery & Critical Illness Insurance Plans: This is usually brought as a standalone policy or a rider for the treatment of various critical illnesses, such as kidney failure, paralysis, cancer, heart attack etc. As the treatment of such diseases is expensive, the premium is also very high. A critical illness is a serious, possibly terminal disease, strictly defined by the insurer. Most critical illness policies provide payment as a lump sum benefit if the policyholder is diagnosed with one or a number of specified terminal conditions. Pre-Existing Disease Cover: After a waiting period of 2-4 years, various policies offer a cover against pre-existing diseases, e.g. diabetes, hypertension, kidney failure, cancer etc. Pre-existing disease cover includes the diseases or illness that the policyholder had before buying the policy. Senior Citizen Health Insurance Plans : This health insurance plan is designed particularly for senior citizens, offering protection from health issues during old age. According to IRDA, every insurer must provide cover for people up to the age of 65 years. Preventive Healthcare:
Undoubtedly, healthcare is very expensive and nobody wants to fall ill; anyways. So, now we have preventive health care that takes care of you and does not let you fall sick. This policy includes coverage for preventive healthcare treatment, such as regular health check-ups, concession in X-ray fees, consultation fee etc. By offering various healthcare benefits, this plan aims at keeping you healthy, thereby considering health check-ups at regular intervals. Preventive Healthcare is medical care rendered not for a specific complaint but focused on prevention and early-detection of diseases. Some health insurance policies limit coverage for preventive care services while others encourage such services. Maternity Health Insurance: Health insurance companies today provide coverage for maternity and additional expenses, including both pre and post natal care, child delivery (normal or caesarean), which sometimes lead to vaccination of newborn babies. Maternity insurance covers the newborn baby up to the validity of the maternity insurance policy. It also covers ambulance charges for ferrying the mom-to-be to the nearest network hospital of choice. Personal Accident Cover: These personal accident plans are frequently provided as riders to standard health insurance plans, which provide coverage for hospitalization and reimbursement of medical expenses, in the case of an accident. These are issued as fixed benefit policies, where specified sums are paid on occurrence of specified or unforeseen events, such as accidents. Such events can result in death or disability of the individual. However, the payout is not related to the expenses incurred.
[Source: http://healthsome1.blogspot.sg/2016/05/types-of-healthinsurance-policies-in.html]