Types of Health Insurance policies

There is nothing more important than protecting your loved one. Buying a Health Insurance policy is the best shield to protect you and your family from unexpected hospitalisation expenses amidst the rising cost of medical expenses these days.

You might be wondering at times which policy will benefit you, while choosing the right Health Insurance policy for you as well as for your family. Figure out the benefits of different Health Insurance policies and then finalise the right Health Insurance plan catering to your needs.

The factors like premium, coverage, deductibles and policy tenure might confuse you from choosing the relevant Health Insurance plan. This article covers various Health Insurance Plans and their key benefits that are available in the Health Insurance market.

Different types of Health Insurance policies

Before understanding the types of Health Insurance policies, it is important to know what are Indemnity-based Plans and Lumpsum benefit Plans, which would help you to choose the best among the various Plans.

 Indemnity Plans

Indemnity-based Plans are Health Insurance Plans where the insured is paid with the actual amount incurred during an in-patient hospitalisation for a treatment up to the Sum Insured and the other benefits given under the policy.

 Lump Sum Benefit Plan

A  Lump sum benefit health plan is one under which lump sum  amount is paid irrespective of the incurred medical expenses.

Many Health Insurance Plans are available in the market. Here is a quick rundown of the general description of each type of health Plans.

Indemnity Plans

Some of the Indemnity Plans include,

Individual Health Insurance plan 

Many of us tend to ignore self-care in an effort to ensure the health and happiness of our families. It’s high time to remember that the well-being of a family depends on an individual’s health. For those who are more focused on taking care of their own health, opting for an individual Health Insurance policy proves to be more worthy.

An individual Health Insurance policy offers coverage only for a single person. The coverage under the individual health plan is made on an individual Sum Insured basis. This type of insurance plan covers your medical expenses arising out of injuries, illnesses, diseases or accidents in terms of pre- and post-hospitalisation expenses, day care procedures, Domiciliary hospitalisation, out patient, organ donor expenses and so on.

Family floater Health Insurance plan 

An individual Health Insurance plan will not be able to cover the entire family members’ medical costs. You need extended coverage for all your family members. A family floater Health Insurance policy is an overall package that covers you and your family. It can act as the best remedy to avoid the financial burden while taking care of your family. Here, the Sum Insured is shared among the insured family members who are covered under this policy. 

The family members covered include the insured, spouse and children. Some insurers cover parents and parents-in-law under this type of policy.

The Sum Insured will float among the insured family members. The Sum Insured is not restricted to one individual as in the case of an individual Health Insurance plan. Family floater Health Insurance Plans have options with a higher Sum Insured, thereby rendering greater coverage.  It covers pre-and post-hospitalisation expenses, medical check-ups and a lot more. 

Group Health Insurance plan 

A Group Health Insurance plan is a collective Health Insurance Policy designed for a group of members or staff of companies, organisations, societies, etc ( where employer –employee or member relationship is established ) Group medical insurance policy will cover medical expenses both on an individual and family floater basis.

Group medical insurance policies are beneficial for both the employees as well as employers. 

The employees get coverage for in-patient hospitalisation expenses due to accidents/ illnesses, pre-existing diseases, specific illnesses, maternity, delivery and/or newborn and many more as per the requirement of the employer from day one.

Companies buying group Health Insurance for the employees garner the trust and credibility of their employees. Also, the employees must note that they are covered under the plan until they work with the particular employer. 

Senior citizen Health Insurance plan

The senior citizen health cover is for people above the age of 60. The policy offers maximum coverage for the pre- and post-hospitalisation expenses due to disease/illness, treatments like chemotherapy, radiotherapy, dialysis, etc.

It also covers the cost of orthopaedic implants, vascular stents and pacemakers. Along with these, other benefits like coverage for pre-existing diseases can also be availed under the senior citizen Health Insurance plan.

Some insurers may prefer a pre-medical screening test before buying the policy. However, if specified medical reports are submitted, some insurers provide certain discounts on the Premium even on renewals also.

Women’s Health Insurance plan

Women’s Health Insurance plan is a special plan exclusively designed for securing women’s health. Such women-centric Plans provide wider coverage for females and their families. The coverage extends for pre- and post-hospitalisation expenses, AYUSH therapies, organ donation charges, modern treatments, Day Care treatments, ambulance coverage and so on.

Under the Women’s Health Insurance plan, wider coverage is given for assisted reproduction treatment, pregnancy care, delivery, newborn care and voluntary sterilization under certain terms and conditions of the policy.

Lump sum benefit plan

Some of the Lump Sum benefit Plans include:

Critical illness Health Insurance plan

Treatment of critical health issues like Cancer, Stroke, Brain tumour, and Kidney failure etc. leads to huge financial expenses. These are critical conditions that require immediate treatment and should not be delayed unnecessarily as they may lead to severe consequences.

Keeping this in mind, most Insurance Companies offer you critical illness cover to protect you from facing a high financial upheaval and to help you avoid unwanted hassles and stress. This type of policy offers lumpsum compensation for paying the hospitalisation expenses of such critical illnesses (subject to terms and conditions of the policy). Expenses for modern treatments, bone marrow transplants and first-time major organ transplants are also covered exclusively in such type of policy.

Top-up Health Insurance plan 

A Top-up policy is purchased for broader coverage of your Health Insurance plan. If you seek a higher Sum Insured, you can choose this type of policy, there by availing additional benefits. Even if the Sum Insured of your regular health plan is exhausted, your medical expenses can be covered by this Top-up Health Insurance plan. It helps in enhancing the health plan limit at a much-reduced cost; thus, Top-up Plans act as an additional insurance cover to your existing Health Insurance policy and are quite affordable. 

Most of the Insurance Companies provide such Top-up Health Insurance Plans accompanied by benefits like coverage for modern treatments, organ donor expenses, delivery expenses and so on. Some of the insurers offer this plan without pre-insurance medical screening.

Star Health also provides customised policies for patients with Diabetes- Type I and II, patient who have undergone Heart surgery, Cancer patients and Children with Autism.

Conclusion

It is always important for you to choose the right Health Insurance policies suitable for your health care needs. In such cases, having an idea of the various types of Health Insurance Plans will help you to pick the right policy for you and your family. 

Star Health Insurance provides different Health Insurance Plans covering individuals, families, employees, women and Senior citizens. It also offers health Plans for people diagnosed with certain diseases with exclusive coverage and benefits. Most policies can be purchased online with round-the-clock assistance.