Health Insurance Benefits

We all know that we cannot predict the future. With increasing health hazards in India, whether it be due to lifestyle issues or due to environmental factors. Life and health have become vulnerable to several health hazards, and hence availing a health insurance plan becomes an absolute necessity. 

A health insurance plan offers a lot of benefits which protects you & your family from unexpected medical expenses. A health care policy covers the medical treatment expenses, pre & post-hospitalization costs, room rent and some of the critical illnesses too.

Understanding Health Insurances of India 

Health Insurances are kind of insurance coverage only which guards you and your family against all the medical expense for the future. This cover is provided by insurance companies.  With the rising health care costs, health insurance can prove to be a blessing. To have one you have to register with a particular health care insurance providing company, against the cover you need to pay the premiums which can be quarterly, half yearly or yearly depending upon your comfort.

Types of Health Insurance in India

  1. Individual Health Insurance Policy 

As the name already indicates, this health insurance policy offers financial benefits to an individual in case of any medical issue. The insurance company will charge you premiums depending on the benefits you opt for. Hospitalizations, cost of treatment, surgeries, etc. can be covered under this policy for a single person. Policy renewal is needed every year.

    2. Family Floater Health Insurance Plans

A family floater insurance plan is a health cover for the entire family. This type of health insurance policy provides financial cover to the entire family against any medical issues. For this, you need to pay a single premium only. Hospitalization, surgery, cost of treatment for all the family member is covered under this. 

This policy has a major advantage which is you get a cover for your entire family which includes 4 children along with 2 adults at a much cheaper rate. If you buy an individual health policy for each of your family members it will cost you so much.  Whereas a family floater health insurance plan provides you the same benefit at much cheaper rates. 

Another benefit is- this plan decreases the hassle of managing health insurance plan for each member of your family.

3. Critical Illness 

A critical illness health plan provides financial help to you when you are diagnosed with a critical disease or illnesses. This policy can be bought with some of the basic mediclaim policy or it can also be bought as a standalone cover alone. The critical illnesses which can be covered under this plan are-

  • Cancer
  • Stroke
  • Paralysis
  • Sclerosis
  • Organ failure 
  • Primary pulmonary arterial hypertension
  • Surgery
  • Heart attack
  • Bypass surgery for coronary artery
  • Kidney failure

This policy will bear all the expense which will come under for the treatment of these.

4. Senior Citizen Health Insurance Plans

This policy is similar to that of an individual health insurance plan. The only difference here is, it can only be availed by a senior citizen and it always comes with stringent medical check-ups. However, it comes at a high premium amount as old people are often vulnerable to more diseases and illnesses. In case the policyholder is having any pre-existing illnesses the premium towards the policy increases. Hence, it is always preferred to purchase health insurance plans before you get too old.

5. Group Medical Plans 

These plans are very similar to a family floater health insurance plan. But, there is a slight difference which is- the nominees in this plan are not the family members hence not related to each other. 

These plans are usually purchased by business owners and private limited Companies to provide a financial cover for the health issues to their employees. Some companies also offer this policy to the employees along with their family members. This policy adds a plus point for the employer as they pay the premium for their employees. 

Health insurance in India is growing at a rapid speed and is contributing a lot to the Indian economy as well. In the present world when you can’t predict anything and where health issues are common, the best that you can do to be protected is having health insurance for you and your loved ones as well. But before you opt for a particular one it is very important to research in the market and analyse yourself for your requirements.