Saturday, January 23, 2021
Home Business Health Insurance Plan: Understand its Types

Health Insurance Plan: Understand its Types

This article will help you by explaining you different types of health insurances

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.

Follow NewsGram on Facebook to stay updated.

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.

Health Insurance Plan: Understand its Types
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

Health Insurance Plan: Understand its Types
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.

Also Read: Bollywood Has A Beautiful Side: Actress Aditi Rao Hydari

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.)

STAY CONNECTED

19,120FansLike
362FollowersFollow
1,773FollowersFollow

Most Popular

Study Reveals Valuing Friendships Can Keep One Healthy

Having friends in life is important as they give us both emotional support and practical advice, whenever needed. A new study now suggests that...

White House To Display The Moon Rock In Oval Office

NASA has loaned a Moon rock for display in the Oval Office of the White House at the request of the Joe Biden administration. The...

Analysis Shows Batterry Storage To Be Cheaper Than New Coal Power Plants

A new economic viability analysis on Friday revealed that renewable energy along with battery storage in Tamil Nadu is cost competitive with new coal...

Vegan kids may have low level of vitamin D

If your child is fully vegan, then there are chances that they may have a lower level of vitamin D, a new study suggests. The...

Pandemic time used for self-development, survey reveals

The pandemic year 2020 is past us but not the coronavirus and the impact it brought into our lives is probably the biggest disruption...

What And When Do You Need Estate Planning Strategies

There are estate planning strategies to reduce estate taxes. If you have assets that are exempt from the estate tax and that you intend...

Loney Adults Over The Age of 50 May Face Mental Health Problems

Lonely adults aged 50 and over reported an average of two worsening depressive and other mental health symptoms during the Covid-19 lockdown, a new...

Remembering Subhash Chandra Bose on Birth Anniversary: Know 5 Lesser Known Facts and Quotes by “Netaji”

Subhash Chandra Bose, popularly known as "Netaji" was born on 23rd January 1897. Netaji is considered the most exceptional and revered Freedom Fighter in...

Recent Comments