Health Insurance Plan: Understand its Types

Health Insurance Plan: Understand its Types

Health insurance protects you and your family from financial costs associated with medical care. It helps you to pay for different expenses, such as doctor visits, prescription drugs, hospitalization, and vital preventive care.

Unless you are extremely rich to bear the extraordinary cost of emergency or chronic medical care, you would need health insurance. You can either buy a comprehensive health insurance plan or risk going into bankruptcy due to high medical bills.

Looking for health insurance can be quite challenging when you come across different types of policies out there. In order to decide which, one is the best for you, you have to understand what each of them offers. And in this article, we help you with the same; we are explaining different types of health insurance.

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Individual Health Insurance Plan

This is health insurance that covers the medical expenses of a single person who is insured. These policies pay for the hospitalization and surgical expenses of an individual. The premium paid by the insured individual depends on the age and medical history of the one who is buying the plan, visit an insurance broker.

Family members covered under the family floater health insurance plan can claim for surgical expenses of hospitalization fees. Unsplash

Family Health Insurance Plan

This plan is for someone who wishes to buy health coverage for his or her family that includes parents, spouse, and children. Family members covered under the family floater health insurance plan can claim for surgical expenses of hospitalization fees.

Similar to the individual insurance plan, the primary insured has to pay a regular premium to avail all the policy benefits. The premium for this type of policy is determined depending on the age of the most senior member covered within the policy.

Group Health Plan

This plan is purchased by an employer for his or her employees. The premium in this insurance plan is relatively lower than the individual health insurance plan. Moreover, these plans are generally standardized and provide similar advantages to all employees.

Critical Illness Health Plan

Some critical illness policy covers medical expenses associated with treating life-threatening ailments such as paralysis, tumor, cancer, etc, while other fixed benefit plans give a payout on diagnosis of specified critical illnesses.

Following are some of the diseases covered under critical illness health insurance policy:

  • Cancer

  • Certain organ transplant

  • Aorta graft surgery

  • Paralysis

  • Kidney failure

  • Multiple sclerosis

  • First heart attack

  • Kidney failure

  • Primary pulmonary arterial hypertension

  • Coronary artery bypass surgery

Considering the health risk in elderly individuals, the premium of such insurance is higher in comparison to other health insurance policies. Pexels

Senior Citizen Medical Insurance

With age comes diseases, and treatment of these ailments require a lot of money. To meet such high medical costs, insurance companies offer special medical insurance that is dedicated to elderly individuals. Considering the health risk, the premium of such insurance is higher in comparison to other health insurance policies.

Super Top-Policy

This plan provides additional protection over the basic medical policy to increase the insured sum. One can only leverage this policy when the sum of the main insurance policy is completely exhausted.

Choose the Right Health Insurance Policy

With different types of health insurance policies, you will also find tons of health insurance providers. So consider the following pointers when assessing the policies:

  • Consider the premium asked by the provider.

  • Be clear about the co-payment you will have to bear with every visit

  • Consider the market reputation of the medical insurance provider.

  • Read the terms and conditions of the health insurance policies.

Do not fall for the flashy sales pitch; instead, be practical about the process. Make sure you compare different offers and then make the final decision.

Final Thoughts

Health insurance offers financial assistance for unexpected medical emergencies. Everyone has unique health requirements. Some may need individual coverage; others may be looking to cover the medical expenses, the entire family. To cater to the different needs, insurance companies come up with different types of policies. And above, we have explained the prominent forms of health insurance. This way, you can make a well-informed decision regarding the coverage.

(Disclaimer: The article is sponsored, and hence promotes some commercial links.)

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