subject: The Different Types Of Health Insurance Policies Available Today [print this page] Health Insurance in India has become exceedingly expensive these days. Due to an improvement in medical technology and pharmaceutical advancements, medical costs are constantly on the rise. Despite that, or rather, because of it, it has become highly necessary to own a health insurance policy. Instead of having worries about finances hanging over your head when youre ill, its a much better option to know that you have a health insurance company taking care of it. The cost you pay for premiums is nothing compared to having that kind of relief.
When choosing a policy, its always better to know what the different kinds of policies are. While insurance companies will help you in picking one that suits your needs, its more advisable to know at least, the basic information about different health insurances.
There are two categories of health insurance Basic Plans and Major Plans. Basic Plans are for your everyday treatments and illnesses. They cover your hospital charges, accident treatments, surgeries, etc. However, keep in mind, that these plans usually have a limit. You cannot spend beyond a particular point, and if you do, then that money comes out of your own pocket. Major Plans are for inpatients as well as outpatients and can include the lab charges, rehabilitation rates, mental services rates, etc. Both of these categories have further types of health insurance policies that fall under them.
The first one is the most common and basic, known as the Usual Health Insurance Policy. This health insurance covers your basic hospital charges, but only as much your plan limit is. So, for example, if you have a limit of Rs. 25000 and your bill is Rs. 30000, you will have to pay the additional Rs. 5000 from your own pocket. Another kind of health insurance is the Family Floater Health Insurance. This policy covers an individual, his/her spouse and their 2 dependent children, as long as they live under one roof. The advantages of this plan are that any member can use this policy at any time of the year, and the premium costs land up being much lesser than it would have been of 4 different individuals.
There are other insurance policies as well. Called the Serious Disease Health Insurance, this plan is for people who have a serious disease and need the money for the cure. The loophole of this plan is that the patient is just given a whole amount at one time, and not given anything further. This is despite the hospital bills, treatment rates, etc.
The last kind of health insurance policy is for Senior Citizens. This policy may have high premiums but covers most of the ailments that a person above 60 years of age goes through.
Some banks and insurance companies have even more health insurance policies as a part of their offerings. With the need for health insurance being a primary requirement, make sure you know everything about the policy you are going to buy.
by: Pranav V Sharma
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