Check out the popular types of health insurance plans in India:
- Individual Health Insurance Plan: This plan is designed to cover the medical costs of an individual. The insurance company pays for the medical bills of the policyholder. Also, known as a medical plan, it’s the basic form of health insurance.
- Family Floater Health Insurance Plan: This plan offers medical coverage for your entire family. You can include all members of your family - like your parents, children, and spouse under a single plan. The premium cost of this plan depends on the number of people covered, the age and health conditions of the senior-most person included in the plan.
- Senior Citizen Health Insurance Plan: While senior citizens can be included in the family floater plan it’s a better idea to opt for a stand-alone senior citizen plan for individuals aged over sixty. The health-related issues and expenses that arise for senior citizens are far more severe and frequent than they are for younger people. Paying a higher premium is worth it because it provides extensive coverage benefits, like multiple hospital visits, treatments, home treatments, and even medicines required.
- Critical Illness Health Insurance Plan: Life-threatening diseases like cancer, stroke, kidney-related ailments, etc. require multiple visits to the hospital and multiple varied treatments. The treatment costs of critical illnesses are steep and the coverage offered by a regular health insurance plan may not be sufficient. Individuals who have a history of critical illnesses in the family can opt for this plan to extend their coverage.
- Disease-Specific Health Insurance Plan: There is no age limit for such a plan. It is designed specifically for people who are susceptible to specific diseases or are in and around people who are infected with a specific disease. So if you happen to contract said disease the insurer covers the costs from diagnosis to recovery.
- Group Insurance Plan: This is the health plan offered by an employer to employees. The company takes out a group insurance plan for all its employees. This type of insurance provides only basic health coverage and the premium is also pretty low in comparison to other plans. But with a little bit extra premium you can add your family into this plan depending on your employer.
Additional Reading: 5 Tips For Choosing A Health Insurance Plan