Health insurance helps by covering the cost of surgical and medical expenses of an individual. According to the terms and conditions of the insurance, either the insured person needs to pay out-of-pocket, or the insurance company bears the expenses directly.
Nowadays, there are various types of health insurance in India; however, you need to choose the best health insurance in India to live a secure life. So, to choose the best one, you need to know about the types and details of health insurance in India.
What is health insurance?
Health insurance is a specific plan or insurance which covers the medical and surgical costs of a person who is insured. It can reimburse the expenses which may incur because of injury or illness or directly pay the care provider of that insured person.
What are the five types of health insurance?
There are five types of health insurance. Each of them is different and comes with different sets of benefits. Here is detailed information on those health insurances.
- Family floater health insurance
This health insurance allows a person to cover his family members under one policy; hence, everybody can share the sum insured amount. These are very affordable plans as you can share the sum.
For example, you have purchased a plan with a sum insured of INR 6 lakhs. In the single policy year, you can claim for INR 6 lakhs only. Your family member or spouse can claim 4 lakhs, and you can make claims worth the remaining 2 lakhs. Thus, these plans are perfect for nuclear families.
- Individual health insurance
You can choose to buy an individual health insurance plan and offer cover for your spouse, yourself, your parents, and your children. These policies can cover all kinds of medical costs like daycare procedures, hospitalization, rent of the hospital room, etc.
Under this plan, each member has their own part in the insured amount. For instance, if you purchase a plan of the insured sum of INR 8 lakhs, each holder can claim a maximum amount of 8 lakhs in a year.
- Critical illness insurance
Nowadays, there are different types of lifestyle-related health problems that you may need to face. Health conditions like stroke, cancer, kidney failure, and cardiac issues may be very costly to deal with.
This is where this critical illness insurance can be helpful for you. You can either purchase them or add-on them to your regular health insurance. You can even buy them separately.
- Senior citizen’s health insurance
These health insurance plans have been designed mainly, keeping in mind the medical requirements of senior citizens. Most of these plans offer additional covers like domiciliary hospitalization and psychiatric benefits as well.
Since older people are more likely to face various health problems, these policies sometimes may need a full medical check-up and maybe a little more costly than other insurance plans.
- Group health insurance
This kind of plan can be purchased for a large number of people by a group manager. For example, an employer can buy group health insurance in India for all his employees. These plans are affordable but may only provide cover for some basic health problems.
Therefore, these are the five types of health insurance plans from which you can choose the best health insurance in India.
