India’s healthcare costs are on the rise. We don’t have to tell you. You’ll be shocked at how much even the simplest procedure can cost. Therefore, to avail the best medical treatment without making a hole in your pocket, a health insurance policy becomes no less than a necessity. There are many types of health plans available, including individual, family, and senior plans. It can be difficult to choose the right one.
To help you better understand, we have compiled a list of Indian medical insurance plans and their benefits.
Individual Health Insurance
An individual health plan, as the name implies, provides coverage for an individual. You can also add your spouse, children, parents, and other family members. You can pay an additional premium.
The premium is calculated based on each individual’s age, medical history and the respective sum insured. Individual plans claims filed by one insured member don’t affect the sum insure of the other. If you’re single or don’t have children, an individual health plan can be purchased for you and your spouse. You will receive the entire sum insured on an individual basis. Because of the extensive coverage and the guaranteed sum, the premium for a family floater is slightly higher than that for a single person.
Family Floater Health Insurance
A family floater plan provides coverage for all family members. This includes spouses, children and parents. The premium is usually based on the age the oldest family member. It is very similar to an individual plan for health. Only the difference is that the policy covers all family members under one sum assured.
A family floater plan can be a great option if you have children or family members who are not suffering from serious health problems.
A family floater plan may not be suitable for those with elderly relatives or people who have serious health issues such as cardiovascular disease. This is because one member will use the entire sum insured amount and leave less coverage for the rest.
If you have a Rs. 10 lakhs, and one family member must have open-heart surgery. 5 lakhs within a year. All other members of the family can claim Rs. 5 lakhs more in that same year. An individual health plan is a better choice in such situations.
Critical Illness Insurance
Critical illness policies cover life-threatening conditions such as cancer, stroke, paralysis, kidney failure, stroke, and other serious illnesses. These conditions can be costly and may require many hospital visits over a prolonged period. Other than hospitalization, there may be other expenses such as doctor visits, chemotherapy, and so on. The insured sum is paid as a lump sum, which can be used for all medical expenses.
The policy will specify the number of covered illnesses at the time of purchase. In the event of a life-threatening condition, it provides income loss compensation. You can either add it to your existing insurance policy as a rider or purchase it as a standalone plan for critical illness.
Hospital Daily cash benefit plans
This type of medical plan provides a lump sum amount for every day you are hospitalized. The amount assured is set at the beginning and will remain fixed regardless of any expenses. If your plan provides Rs. You will receive the daily hospital expense for every day up to Rs.1500 or Rs.1000, even though your plan provides Rs.5000 per day.
This amount can be used by the insured to pay for additional expenses not covered by their basic insurance plan. A daily cash plan can be purchased as either a rider, or standalone.
Senior Citizen Health Insurance Plans
These plans are for those over 60 years old. Senior citizens are more susceptible to serious illness and treatment is more expensive. To ensure that your parents are adequately covered in the future, it’s a good idea to purchase a senior citizen policy.
Because of the coverage benefits, the premium is often higher. You can still get tax benefits under Section 80D for the premium you pay. If you purchase it for yourself or your parents, you will get a total tax benefit in the amount of Rs. 55,000 (Rs. 25,000 for you and Rs. 30,000 for a senior citizen’s medicclaim plan
Group Health Insurance
Employers or companies often offer group health insurance to their employees. This coverage is limited in amount and features. You can extend the coverage to family members by paying an additional premium. This will depend on the employer.
The policy will be terminated if you leave the company. It is best to not rely solely on your corporate or group health insurance and instead buy separate health insurance.
Once you are familiar with the various types of medical insurance plans available, you will be able to choose one for you and your family. You can purchase an individual or family floater health plan if you don’t have children, and a senior citizen plan if your parents are older. A critical illness policy is important due to the high cost of treatment to provide the best medical care for your loved ones.
You can purchase one by visiting ETInsure to view the various health insurance plans offered by top insurers. It’s easy and quick!