Which is the Right Health Insurance Policy for You?

Health coverage has now become the need of the hour. Rising medical costs coupled with a rise in lifestyle-related diseases has led to an increase in the demand for health care plans. Such plans provide financial security in case of a medical emergency. The insurance provider meets all your medical costs, right from pre-hospitalization expenses to post-discharge. Purchasing health care plans, therefore,offer peace of mind and help you recover without having to worry about meeting exorbitant medical expenses.

Before investing in a health insurance policy, it is imperative to know the various types of plans available in the market. You may analyze the various options, and make a choice based on your needs and requirements.

Following are the five major types of health plans you may choose from.

  1. Individual health plans

As the name suggests, an individual health insurance planoffers coverage for an individual’s medical and surgical expenses. You may pay a regular premium for the term of the policy and then enjoy health coverage during this tenure. Your insurance provider will offer compensation for any out-of-pocket hospitalization expenses borne by you, up to the sum assured limit. Alternatively, you may also opt for a cashless health plan, wherein the insurance provider settles the bills directly with the hospital.

  1. Senior health plans

Individuals in the older age group are highly susceptible to medical conditions and diseases. The Insurance Regulatory and Development Authority of India (IRDAI), the statutory agency promoting insurance in India, has therefore, stipulated that all health insurers have to offer coverage to individuals, up to 65 years of age.Such insurance policies cover medical costs of senior citizens during hospitalization, thereby offering financial protection during their golden years.

  1. Family floater health plans

 A family floater health insurance plan covers multiple members of the family under a single plan. Such a policy covers the individual, spouse, and children. Some insurance providers also extend this benefit to cover dependent parents, parents-in-law, and siblings. The sum assured limit in a family floater plan could be used by any member of the family. In case you wish to opt for a cover of INR 4 lakh, then any member of your family can claim thebenefit of the entire limit. A major advantage of family floater plans is the lower premium costs. Since a greater number of individuals seek medical coverage, insurance providers offer insurance benefits at a lower cost.

  1. Group insurance plans

Group insurance plans offer health coverage to multiple individuals in a particular group. Numerous employers offer coverage to their employees under such a plan. All the members of a group health insurance policy enjoy the same benefits. The premium cost payable by employees under a group plan is comparatively lesser than an individual plan for the same level of protection. It is important to note that under a group insurance plan, you will continue to enjoy coverage as long as you are a part of the group. In case your employment is terminated or you switch your job, you may cease to avail of the benefits of the policy.

  1. Unit Linked Health Plans

Unit Linked Health Plans offer the dual benefit of insurance coverage and investment. Such a policy does not only offer health coverage but also helps you build a corpus that may be used to meet expenses not covered by health insurance plans. It is important to note that such plans come with a maturity benefit and provide the advantage of withdrawal from the corpus in case a need arises.

With such types of insurance plans available in the market, making the right choice may become a cumbersome task. You may compare the features and benefits of various plans, and choose the most suitable plan as per your needs and requirements. You canbuy medical insurance online or visit your nearest branch.

It is rightly said thatthere is nothing more valuable than good health.Therefore, it is recommended that you should invest in a health plan and secure your financial well-being.