Different Types of Health Insurance Policies

Due to lifestyle and environmental factors, incidences of chronic ailments are increasing in the country. Coupled with higher healthcare costs due to inflation, managing critical ailments without health coverage is financially stressful. You may choose from several kinds of health policies as discussed below:

  • Indemnity plans

Also known as health insurance plans, these cover medical and hospitalization expenses. These include:

  • Individual plans

These types of health policies cover only the insured, and the benefits are not transferable. An advantage of this type of Medical cover policy is that you can avail of a higher coverage without any age restrictions to renew the same.

  • Family floater plans

It is an umbrella cover for your entire family. You pay the premium for a single policy to procure coverage for all your loved ones at an affordable cost. The policy provides benefits to all the insured family members. However, if one member utilizes the entire sum insured of the family floater plan, others are at risk of no coverage.

  • Group health insurance plans

An employer offers agroup mediclaim policy to the employees and their family members. This policy will pay for hospitalization expenses due to an ailment or accident. Group plans provide wider coverage to employees without any restrictions on diseases. 

  • Health insurance for senior citizens

If you want coverage for your aged parents, including them under a family floater may be expensive. Several insurers provide medical insurance for senior cirtizen. This plan offers coverage, which is similar to regular individual plans. However, it may have several limitations, such as a long waiting period for pre-existing conditions, strict medical check-ups, and a higher premium for getting the coverage.

  • Critical illness plans

A regular health plan may not be enough to treat critical illnesses, such as cancer, kidney failure, and organ transplant. A critical illness insuranceplan pays the policy benefits as a lump sum in case of a diagnosis of a life-threatening ailment.You may use this amount for treatment or paying debts, education expenses, or household expenditure. Often, the premium for these policies is higher when compared to a usualhealth insurance plan. You may either opt for a standalone critical illness plan or include it as a rider with your regular health policy.

Insurers provide different types of cashless health insurance policies to suit the unique needs of every individual. Get your health cover today and live tension-free.


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