The Different Types Of Health Insurance Policies Available Today

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 you’re ill, it’s 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, it’s always better to know what the different kinds of policies are.

While insurance companies will help you in picking one that suits your needs, it’s 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.