If you are searching for a health insurance policy, it is important to first understand the different types of plans now available in the market. Only after understanding the different plans that you can select one that best suits your requirements. Check out this post to know five different types of health plans.
With the rising cost of healthcare in the country, it is now imperative for every individual to invest in a health insurance policy. Irrespective of what your age or health condition is, health insurance is now a must for everyone. The policy will cover your medical expenses up to the maximum coverage amount of the policy to make sure that quality medical care does not put any kind of stress on your finances.
However, a simple search for top health insurance policies on the internet will provide you with millions of results. So, how can you make the right decision? Start by first understanding the different types of health plans. To help you pick the best, we have listed 5 of the most popular types of health insurance available in India-
- Individual Plan
As the name suggests, an individual plan is for a single individual. It will cover your medical and surgical expenses up to the maximum coverage amount specified in the policy.
The premium of the policy is directly proportional to the coverage amount. So, a higher coverage amount will require you to pay a higher premium.
- Family Floater Plan
A family floater plan covers your entire family under a single health plan. You can add your spouse, dependent children, and parents in a family floater policy. These plans have a single coverage amount and a single premium.
The coverage amount is shared by all the different members of the family. As multiple people will be sharing the same policy, make sure that you set a higher coverage amount if you buy a family floater policy.
- Pre-Existing Illness Plan
Most of the health plans have a waiting period of up to 2-3 years only after which they cover existing illnesses or related conditions. If any medical expenses arises due to these conditions within the waiting period, the insurance provider will not cover those expenses.
A pre-existing illness health plan can be purchased to avoid this waiting period. These policies cover existing ailments from day one and cover all the expenses arising due to those conditions. These plans are generally preferred by senior citizens who have conditions such as diabetes, blood pressure, cholesterol, etc.
- Unit Linked Health Plans (ULHPs)
You might have already heard about ULIPs which are unit-linked life insurance plans. You can now also find ULHPs, which are a combination of health insurance plans and investment. With these plans, some part of your premium is invested in different types of instruments, and the remaining is used for offering health coverage.
ULHPs is an excellent choice for individuals who want to earn some type of returns or profits from their investment in a health plan. However, the returns from such policies are not fixed and depend on market conditions.
- Group Mediclaim
One of the most popular types of health insurance plans in India is group mediclaim. Employers offer these policies to their employees as an added benefit of working in their organization.
While the group mediclaim is an excellent incentive for the employees, one should keep in mind that the coverage of such policies is generally inadequate. Even if you are covered under one such policy, you should still consider purchasing an individual or family floater policy.
Selecting the Right Health Insurance
As the features and benefits of all the different types of health insurance policies vary considerably, there is no single type of policy that is right for everyone. Understand how each type of policy works and what features they offer to select one that best suits your requirements.
Use a 3rd party comparison portal to compare top health policies and give special attention to the insurance provider you select. Always go with a reputed company even if it means paying a slightly higher premium.
