In today’s world, health must be the topmost priority for each one of us. If your health is good, everything is good. Your health can affect your physical, mental, and emotional well-being. If one has a healthy life, then he will always stay motivated towards his work and will be creative.
Health insurance, also known as a medical insurance Policy, is a safety net for you and your family from financial troubles and helps you never compromise your health. Best Health insurance covers all the medical expenses of the policyholders (especially pre- and post-hospitalisation, doctor consultations, daycare procedures, medical care at home, ambulance charges, OPD facilities, etc.). The importance of health insurance cannot be overlooked, as it offers peace of mind and financial safety to you and your family.
Types of Health Insurance?
When considering what types of health insurance are, it is very crucial to know the different options available in the market. There are numerous types of health insurance policies tailored to meet wide-ranging healthcare requirements.
The 7 Types of Health Insurance Plans
Listed below are some types of health insurance policies. Understanding the seven types of health insurance plans can help individuals opt for the right plan based on their needs and budget. To clearly understand the 7 Types of Health Insurance Plans, it is important to understand what they offer.
- Health Insurance for Individuals: Offers coverage to a single individual and takes care of unexpected medical expenses, including hospitalisation, surgeries, and treatments.
Characteristics of Individual Health Insurance:
- Designed for a single person.
- Covers hospitalisation expenses.
- 2. Family floater Health Insurance: Covers the entire family under a single policy.
Characteristics of Family Floater Health Insurance:
- It covers a complete family under a single plan.
- Provides coverage for hospitalisation expenditures.
- 3. Group Health Insurance: Group health insurance is provided by employers to their employees as part of their benefits package. It is generally more affordable and offers basic coverage.
characteristics of Group Health Insurance Plan
- Offers coverage for employees and their families.
- Basic coverage is free; additional premiums apply if family members are also covered.
- No waiting period.
- Covers hospitalisation expenses.
- Senior Citizens Health Insurance: Tailored for individuals above 65 years of age. This insurance provides you with coverage for the cost of hospitalisation and medicines, whether it arises from a health issue or any accident.
characteristics of Senior Citizen Health Insurance Plan
- Tailored for people above 65 years of age.
- Covers hospitalisation charges.
- Premiums are higher due to increased health risks.
- Insurance for Critical Illness: Offers a lump sum amount if the insured is diagnosed with critical illnesses such as cancer, heart attack, kidney failure, respiratory disease, and stroke.
Characteristics of Critical Illness Health Insurance Plan:
- Offers lump-sum payment upon diagnosis of an enclosed critical illness.
- Entitled for lifetime renewal without age restrictions.
- Requires the policyholder to live for at least 30 days after diagnosis.
- Contains complimentary annual health check-ups in some plans.
- 6. Maternity Health Insurance: This plan offers expenses related to pregnancy, childbirth, and post-natal care, including newborn expenses and delivery costs.
characteristics of maternity insurance plan
- Pre- and post-natal care
- Covers Hospitalisation bill
- Newborn care
- Coverage for complications/termination
- Top-up and Super Top-up Health Insurance: A top-up health insurance plan provides additional coverage only for a single claim exceeding the specified deductible amount. Super top-up health insurance is a type of health insurance policy that offers additional coverage to your standard health coverage and works on a cumulative basis for multiple claims in a policy year. It helps you cover additional medical expenditures.
Types of Health Insurance in India
People often wonder how many types of health insurance exist in India. Health insurance policies are categorised here based on coverage, premiums, additional benefits, and claim processes. Different types of health insurance in India are as follows:
- Personal Accident Insurance
- Mediclaim Insurance – Individuals seeking daily hospital cash benefits
- Hospital Cash Insurance – Individuals who wish to have their hospitalisation charges covered
- Disease-Specific Health Insurance – Individuals with specific health concerns
- ULIPs – Individuals who want insurance coverage and want it to be an investment at the same time
How Many Types of Health Insurance Are There?
Individuals often want to know how many types of health insurance exist. The answer differs based on classification criteria. Generally, health insurance has two types:
- Comprehensive Health Insurance
- Fixed Benefit Health Insurance
- Indemnity-based Plans
Types of Claims in Health Insurance
A health insurance claim is a formal request by a policyholder to the insurance company to seek reimbursement covered under their active health insurance policy. When purchasing an insurance plan, briefly knowing the types of claims in health insurance is especially important.
Here are types:
- Cashless Claims: Cashless Claims are the most suitable type of health insurance claim. Here, the insured can receive medical treatment at a network hospital without paying the complete bill upfront. The insurance company settles the bill directly with the hospital. To make a cashless health insurance claim, ID Proof (Aadhaar card, PAN card, driving license) is required.
- Pre- and post-hospitalisation claims: These types of claims offer medical expenses incurred before and after hospitalisation. Pre-hospitalisation claims include expenses related to diagnostic tests and consultations. While post-hospitalisation claims cover follow-up treatments and medications after discharge.
- Reimbursement Claims: The insured pays the hospital expenses upfront and later claims reimbursement from the insurer by submitting relevant documents.
Types of Health Insurance Policies
Types of health insurance policies available allow individuals to choose plans that best suit their needs. Policies are specially designed for individuals and their families, addressing the need for medical insurance for family. Many insurers provide downloadable types of health insurance pdf documents that outline benefits, terms, and conditions for easy comparison.
Conclusion
Selecting the correct types of health insurance depends on your health, budget, and individual medical history. With countless types of health insurance plans offered, opting for the right policy guarantees financial security during medical emergencies. By considering the different types of health insurance, including types of health insurance in India, you can make a well-informed decision.
