We all know what health insurance is, right? If a close friend of yours were to ask you about the benefits it brings along with itself, the rationale behind individualized premium calculations, and the different types of health insurances in the market, how would you break it down for them?
In an ideal scenario, you wouldn’t! More so because the average individual doesn’t simply know.
Sure, you might put together some jargons or slap on some complicated insurance term and let that conversation slide. But are you getting down to the core value of a health insurance policy? Seems dicey.
“If you can’t explain it simply, you don’t understand it well enough.”
-Albert Einstein
The purpose of this article isn’t to call you out on your medical insurance aptitude. Instead, it is to help you stay informed in the simplest and easiest way possible. It is also to help you look at better, newer, more suited options that can help safeguard the prosperity and wellbeing of yourself and your loved ones. Shedding light on several different types of health insurances, we hope to draw a fresher perspective towards health insurance in general.
In fact, you would be surprised to know that health insurance customers were largely found to have a positive outlook on their health insurance journey, according to a recent PWC study. They were mostly satisfied with their health insurance and claims settlement experience, which challenges the conventional perception towards insurers.
A sense of sanctuary and protection is all one seeks during unforeseen medical emergencies. Regardless of its type, a health insurance plan can help you be ready for both generic and specific kinds of requirements. While financial coverage is one crucial aspect, health insurance aims to retain your peace of mind at the end of the day.
The following are an array of 7 different types of health insurance policies in India that can suit specific needs:
Individual Health Insurance
All in all, an Individual Health Insurance plan covers you, your spouse, your children and your parents under one health plan. However, the sum assured for each individual opted-in is separate. This simply means everyone gets an individual sum assured value. Isn’t that just convenient?
If you and your family members fall under the age category of 18-65+, this is an ideal health policy option for you.
This type of health insurance covers costs incurred during hospitalization, surgery, daycare, medical expenses incurred during injury/illness treatment etc.
Family Floater Health Insurance
Like the individual health plan, this policy type can provide cover for yourself, your spouse, children and parents. The principal distinction between the two – in a family floater medical coverage, your spouse and children are secured under one common sum assured. This implies both the expense and the absolute total safeguarding plan shared among all the family members. In individual health care, coverage charge and aggregate assurance amount are committed to one individual only.
The deciding point? Lower premiums than the individual health plan.
However, if you have members in your family aged 60 and beyond, this would not be an ideal option. Mainly because due to the age factor, they are highly prone to illness, which may fluctuate your premium.
Group Health Insurance
Organizations commonly offer this kind of insurance to their employees as part of job benefits, and group insurance health plans have relatively low premiums. This type of insurance covers all costs related to hospitalization in the event of an accident, injury, illness, maternity, psychiatric diagnosis etc. But it does so on the base level. If you’re an employer, start-up, or corporate organization, purchasing this health plan for employees can give you an added edge in the job market. Under some plans, these insurance plans come with renewability of sum assured even post exhaustion.
Senior Citizens Health Insurance
Ideal for the age category of 60+ citizens and family members, this type of health insurance is an indication that one can never be too late to opt-in. A senior citizen health plan in India covers costs of medical treatments, medicines and hospitalization. It is important to note that since one is more prone to being diagnosed with illness during old age, the premiums are on the higher end. The maximum entry age barrier has recently been extended to 70 years, and it comes with lifetime renewability.
Maternity Health Insurance
With the option of adding this health insurance as a rider or an add-on, maternity health insurance covers prenatal and postnatal expenditures, including hospitalization expenses. Additionally, it also covers delivery, infertility risks, and provides coverage for the newborn up to the first 90 days. However, you must note that the Maternity health cover has a minimum waiting period of 2 years in India.
This health plan is particularly viable for newly married couples or families preparing for a baby in subsequent years.
Critical Illness Health Plan
A critical illness cover is an individual and family wellbeing reimbursement cover, which is straightforward to obtain and gives admittance to a list of 10-37 critical ailments pre-listed by the insurer and as approved by IRDAI. This list is inclusive of the following that is covered under the most critical illness health plans:
- Heart Attack
- Multiple Sclerosis
- Stroke
- Cancer
- Major Organ Transplantation
- Coronary Artery Bypass Surgery
- Paralysis
- Kidney Failure
- Aorta Graft Surgery
- Primary Pulmonary Arterial Hypertension
- Heart Valve Replacement
- Parkinson’s Disease
- Alzheimer’s Disease
- End-Stage Liver Disease
- Benign Brain Tumor
Eliminating the financial burden with a critical insurance plan can make the treatment and recovery all the more relaxing. Not only does a critical illness health plan go past standard medical coverage, but depending on the plan also covers numerous unforeseen expenses like the cost of monetary coverage for daily living expenses, transportation and sabbatical coverage if need be.
While the above comprehensively cover significant types of health insurances in India, you must evaluate your needs and personal circumstances before picking one.
For everything that follows, there’s Cover 360.
Cover 360 is a complete health insurance services platform that offers all the information, comparison facility and easy buying options for the best-of-the-best health insurance policies in India. Our trustworthy one-stop solution makes health insurance policy comparison more straightforward than ever and aids in meeting your pricing needs, treatment coverage and relevant add-on requirements holistically.
Visit us to explore your health insurance options today!