6 Types of Health Insurance Policies

Health Insurance

Medical expenses has been increasing drastically in present times. A sudden medical emergency can drive off your lifetime savings. But a health insurance can safeguard your medical costs and provide a hell lot of medical benefits. So, health insurance is a must for every individual.

Health Insurance is a kind of insurance policy which provides coverage of your medical expenses against an annual premium. It is an agreement between the insurance company and the insured individual, where your medical cost is beared by the insurance company against the charged annual premium. An added benefit of health insurance is that, you will get tax benefits on your premium of your policy under Section 80D of the Income Tax Axt 1961.

Insurance companies offers a wide range of health insurance policies to meet different needs of individuals. So, to choose the best suited health insurance plan, you need to have full insights of the various kinds of health insurance policies.

Here are the 6 different types of health insurance policies.

  •  Individual Health Plan- It is the basic health insurance policy that every individual must have. Under this plan, your individual medical cost     is covered by the insurance company. Additionally, your family members can take the benefit of this plan by paying separate amount     as a premium. The amount of sum assured will decide the premium amount that you will pay.   
  •  Family  Floater Health Plan- In this health plan, your family enjoys the benefit of health insurance under one health insurance policy. It is     assumed that not all the family members will fall ill at the same time. This health plan provides coverage to members like your childen, spouse and your parents. In case of hospitalization, insurance company will bear the cost of pre as well as post hospitalization.
  • Maternity  Health Plan- As the name suggests, this health plan provides coverage for maternity and other related expenses. It takes care of pre and post natal care, delivery of the child and even covers the costs of vaccination in some cases. However, the coverage can differ from one insurer to other. To be precise, it takes care of your medical expenses altogether.
  • Senior Citizen Health Plan- Under this health plan, the medical expenses of senior citizens or the old people of age above 60 years are covered. The health issues during your old age will be financially taken care of with the help of this plan. As per the guidelines of IRDAI, each insurance company must provide coverage upto the age of 65 years.
  • Critical Illness Plan- This particular insurance plan will receive a fixed amount for any critical illness mentioned under the policy. Some of the critical illness includes- cancer, heart attack, stroke etc. These illness are generally low in frequency and high in severity. You will get a lump-sum amount to payoff your medical costs. Usually, cost of treatment for a critical illness is quite high in comparison to other treatment expenses. 
  • Hospital Daily Cash health benefit plan- This health plan provides a specific amount of money for every day hospital cost.           

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