What are the Various Types of Health Insurance Covers Available?

What are the Various Types of Health Insurance Covers Available?

The insurance market is flooded with a host of options of different types of insurance plans from which one can choose. We also have trusted insurers like Care Health Insurance that cater to the demand for customized health insurance. Before making a decision, it is essential to compare health insurance plans available and what is best suited for your needs. Each company usually offers these six common types of health insurance covers. Whether one is looking to buy an insurance cover for senior citizens or maternity health insurance, it is crucial how these plans differ and getting familiarized with these so that the one that best fits the budget can be selected. These are discussed below in detail.

Types of Health Insurance Covers:

The different types of health insurance covers available are:

●      Comprehensive Family Floater Plan:

These plans help families get comprehensive health coverage under a single policy for a single premium paid annually. The insured members of a policy share the sum insured amount without any restriction for any individual. These plans are available for you at an affordable premium rate and offer cover for various expenses such as in-patient care, costs during pre and post-hospitalization, day care treatment, ambulance, doctor’s fees, medication, and so on.

●      Individual Health Insurance:

Individual health insurance plans, as we infer from the name, is a health plan which provides coverage for only one person. The entire sum insured is utilized by that insured member. The premium paid here is decided based on the person’s age and some other critical factors. Such health policies will be a good option for those who have a medical condition and might incur hefty medical bills in one single year. These plans also provide benefits, like covers for hospitalization, pre and post-hospital expenses, day care treatments, and ambulance cost cover.

●      Senior Citizen Health Insurance:

There is a correlation between old age and illness, and no person can ever deny that. So, a health plan is necessary for a person in this phase of life, but there is no need to settle with a regular plan. Instead, one has the choice of Senior Citizen Health Insurance. It is the best health insurance plan in India that is crafted for elderly people above 60 years of age. These plans provide a higher sum insured for your old parents’ medical treatment and age-related illnesses. There are some benefits, like AYUSH treatment, that are quite advantageous for this age group.

●      Critical Illness Cover:

These are covers designed for specific illnesses like cancer, listed by an insurance company. They give the much-needed coverage, a high sum insured, for a range of treatment-related expenses. Some plans provide a lump-sum payout for your medical bills and other costs, whereas some plans are indemnity-based health plans which will cover expenses up to the selected sum insured.

●      Top-up Health Insurance:

Top-up health insurance and super top-up health insurance are plans that give any individual the comfort of additional health coverage for an existing policy. These plans start covering your expenditures only above a threshold known as a deductible. In an age when health care prices are inching upwards, your existing policy may not be sufficient enough to give comprehensive protection to you and your family. So, these top-up plans play the role of an extra health policy cover.

●      Maternity Health Insurance Plans:

The cost of maternity health care is getting quite expensive in India. Reputed health insurers, like Care Health Insurance, offer maternity-specific plans that will cover your incurred pregnancy care expenses, including hospitalization, delivery expenses, and new-born baby care expenses.

The above is a basic guide to the different types of covers available in our country, and only after going through the blueprint of each should a decision be made because this is primarily an investment for your future care.

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