Types of Health Insurance Policies

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Types of Health Insurance Policies

The rise in health-related issues has led to advanced medical equipment. As a result, treatment costs are increasing rapidly.

If you face a medical emergency, your finances are under threat in such a scenario. Moreover, your savings might become insufficient, forcing you to take a Loan. A solution to this problem is getting a Health Insurance Policy. It is a proactive measure that assists you during unforeseen medical emergencies.

The plan mitigates unexpected financial burdens arising from accidental hospitalisation or illness. Also, the buying process is easy if you approach it the right way. This involves learning about the different types of Medical Insurance in India. It helps you choose the right coverage based on your requirements and budget. The standard ones to know are Individual and Family Health Insurance Plans. Other types include:

Senior Citizens Insurance

This Policy is dedicatedly designed for senior citizens. Hence, you must be aged above 60 years to enjoy its benefits. The coverage includes the cost of medicines, accidental hospitalisations, treatment for illnesses, pre and post hospitalisation charges, etc. Besides these, domiciliary hospitalisation and psychiatric benefits are also covered. Also, you add riders to the plan to boost the coverage further.

Group Health Plan

Large-scale organisations thrive due to a strong team. Hence, they need to fulfil specific responsibilities towards their workforce. Among other employee welfare programmes, they focus on healthcare plans. This involves buying a Group Health Insurance Plan. The Policy helps in retaining the talent within the organisation. As an employee, you get to secure your health without paying the premium.

Maternity Health Insurance

It is an Insurance Plan meant to pay for the expenses during your maternity period. You buy it separately or include it as an add-on with your Comprehensive Health Insurance Plan. The prenatal stage, delivery and post-natal stage expenses are covered in both ways. If you are married or planning to start a family, you should consider this Healthcare Plan for insuring child delivery.

Critical Illness Insurance

Our lifestyle choices and unhealthy dietary habits have increased the occurrence of illnesses. Most people get diagnosed with ailments regardless of age or medical history. Keeping this in mind, the Insurance companies offer a Critical Illness Policy to treat various diseases. These include cancer, stroke, paralysis, kidney failure, heart attack, coronary bypass surgery, kidney failure, etc.

Personal Accident Policy

The share of road accidents in India has increased over the years. This results in medical emergencies leading to disability or even death. Insurance companies also offer a Health Plan specifically for accidents to provide assurance. This is known as Personal Accident Insurance. The Policy provides a lump sum compensation to the victim or the family in physical damage.

Some plans also include educational or orphan benefits to secure children's future. You should get the Insurance Plan if you regularly travel on long journeys prone to accidents. Understanding these Policies in detail is a good practice before choosing a Healthcare Plan for your requirements.