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Health often takes a backseat owing to the busy lives we lead. While some people are better prepared in the event of an illness, for others it often means a financial crisis. This is because healthcare costs are on the rise. India has one of highest medical inflation rates in the world. If one relies on salary and savings to meet healthcare expenses, they might find themselves short. In order to safeguard your financial health from unexpected medical emergencies, buying health insurance cover for you and your family is surely the way to go.
With health insurance, you can focus on recovery and not worry about meeting expenses. But choosing the right health insurance plan is crucial to ensuring the best cover.
While there are a great many options available to choose from in the insurance market, some plans have traditionally proved to be more beneficial to the insured than others. Here are the top five types of health insurance plans that you can explore, if you are looking to buy a new insurance policy for yourself and your loved ones:
Individual health insurance is one of the most commonly purchased insurance plans, largely since it can be bought to cover yourself, your spouse, children and parents. This policy helps cover your medical expenses for injury and illnesses-related hospitalization, surgery costs, room rent, daycare procedures and more. The best part about individual health insurance is that each beneficiary covered under the plan gets an individual sum insured, which means that for a policy worth Rs. 5 lakh, each beneficiary is entitled to claim up to Rs. 5 lakh to cover the cost of their treatment.
Family Floater Health Insurance is one of the most popular and affordable health insurance plans for families. The premium for this plan is comparatively lower than other types of health insurance plans available, especially if the members of a family are below the age of 60 years. Since it is a 1+3 plan, it covers the insured person, their spouse and two kids, while also covering room rent in case of hospitalization, maternity benefits, and ambulance charges.
If you have family members aged above 60 years, getting a Senior Citizens Health Insurance can be beneficial. This plan is designed specifically for older people and offers the shield of financial protection to the elderly by covering the cost of medicines, hospitalization due to accident or illness, pre and post hospitalization and treatment, amongst others. The maximum entry age for this plan is 70 years, and the policy comes with lifetime renewability.
Maternity Health Insurance is a great option for people planning to expand their family. One of the most beneficial plans for women in their childbearing years, this plan can be bought as an add-on along with the primary health insurance plan. It usually covers all the expenses incurred during the prenatal stage, delivery and post-natal stage, medically necessary pregnancy terminations, infertility expenses and coverage for the newborn baby up to its first 90 days. The minimum waiting period for maternity cover, however, is two years.
With a sharp rise in lifestyle-related chronic ailments, getting yourself a critical illness insurance early on can be extremely beneficial for you in the event you are afflicted with one, more so since getting such diseases treated can be an expensive affair. This health insurance plan typically covers serious ailments like cancer, stroke, kidney failure, paralysis, coronary artery bypass surgery, first heart attack, pulmonary arterial hypertension, multiple sclerosis, aorta graft surgery, etc. Upon your diagnosis, a predetermined amount is disbursed to cover the cost of treatment.
The article is contributed by Amrit Singh, Co-founder and CRO at Loop.