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Various Options Available for Health Insurance

Medical care in India has improved by leaps and bounds. Today, India has among the finest health care facilities available in the world. However, with improvement in the quality of healthcare, the cost of healthcare is also rising rapidly. In order to deal with the rising healthcare costs and to ensure that your family is prepared to financially deal with the situation in case of an emergency, a health insurance plan is very important.

A health insurance plan can help you and your loved ones to be ready for any eventuality.  When you go for a cashless claim, you don’t even need to arrange money and the cost incurred is directly paid to the hospital by the insurer. Otherwise, you can submit a claim regarding the actual expense incurred. Having a good health insurance policy provides you with a sense of safety knowing that you are ready to deal with any unforeseen medical emergencies.

Individual Health Insurance

As the name suggests, this insurance policy is designed to insure an individual against illness and medical emergencies. It covers medical expenses such as hospitalization, tests and surgical expenses up to the cover limit. This is the simplest option available in case of health insurance.

Here, the premium is directly related to the age, medical history, as well as the size of the policy cover. If you need a larger sum assured, the premium will be high and vice-versa.

Family Floater Plan

This is an insurance policy type where you can buy coverage for all the family members under one plan. Here, the total sum insured can be used by any of the family members. More than one family member can simultaneously use the insurance coverage. However, the combined sum insured is always fixed.

A family floater policy can turn out to be cheaper as compared to the cost incurred when buying an individual insurance policy for each family member. But for the same amount of sum insured, the premium will be higher in this case than an individual insurance policy, as the possibilities of making a claim is much higher in this case.

Senior Citizen Health Insurance Plan

This insurance plan is designed to cater to the insurance needs of elderly people. Generally, a senior citizen health insurance plan has a higher premium because of the risk involved but then it provides coverage for critical diseases as well as cover for some of the pre-existing diseases too!

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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