When people decide to purchase a health insurance policy, they are often confronted with a dilemma. Because there are so many different types of medical policies available in India, they can’t make up their minds as to which kind is the most suitable. So, to help you arrive at a conclusion, here is a breakdown of the different policies and their features.
Individual Health Insurance Policies
This health insurance policy is ideal for people who live alone. Here only the policyholder is entitled to the benefits.
Its features are:
- The minimum entry age is 18 years and the maximum age ranges from 60-80 years
- You get a lifetime renewal facility
- It offers extensive coverage against a host of illnesses
- Your policy will also cover both pre and post hospitalization charges, costs of medicines, therapy, surgery, prosthetic devices, doctors’ fees and room rent etc.
Family Floater Plan
If you have a family and do not want to buy separate policies for all of them, you can consider the family floater plan. In terms of coverage, it is similar to the individual health insurance policy.
Its unique features are:
- You can include your spouse, children (up to three of them), parents, in-laws, and siblings (as dependants)
- Only one premium suffices the entire family
- You can make an insurance claim for more than one family member simultaneously as long as the sum insured is sufficient to simultaneously cover the treatment of multiple policyholders
- You can introduce changes in the policy to accommodate changes in your family like the birth or death of a member
- Family insurance plans also give you child-specific benefits like bilirubin test, autism screening and hepatitis test
Group Health Insurance Policies
Employers utilize group health insurance policies to lure the brightest talents into their fold by including it in the employee benefits package.
Its salient features are:
- It brings all the employees under the umbrella of one scheme
- All employees get uniform health benefits
- The employer has to pay only one premium
- If an employee resigns or is laid off, she/he will no longer be able to enjoy the perks of the policy
Critical Illness Plans
These are special medical health insurance plans that only cover debilitating illnesses. If you come down with any of them, it can spell disaster, not just your health but your finances as well. Some of the ailments covered under this scheme are:
- Heart attack
- Kidney failure
- Complete or partial paralysis
- Bacterial meningitis
- Speech loss
- End-stage liver disease
If someone in your family has any of these ailments, it raises your risk of getting them as well. In such cases, it would be wise to invest in this plan. If you want to know whether you’re genetically predisposed to a critical illness, you can consult a doctor on MediBuddy.
The features of a critical illness plan are:
- There is a waiting period of three months
- You do not need to be hospitalized to claim the sum insured. Diagnosis alone would do
- There are no clauses that specify that you need to utilize the sum insured for your treatment. You can use the money in any way you choose to
How well you’ll be able to utilize the benefits of your health scheme depends on whether you make the right choice. So identify your requirements and see which type of policy best fits the bill.