The growing importance of medical support has seen an increasing demand for health insurance plans. The shift in the lifestyle of individuals has made it imperative to have health insurance coverage that financially aids timely medical treatment. You can buy many types of health insurance policies, but selecting a suitable policy is based on your requirements. Here are seven types of health insurance policies that will help you have comprehensive coverage for medical treatments:
#1 Individual health covers:
As the name suggests, you can buy this type of health insurance policy for one beneficiary, i.e., the concerned individual. It can be purchased for either yourself or any of your family members. The procedure can be fully customized to fit the beneficiary by opting for the right coverage, additional riders, and an adequate sum insured.
#2 Family floater health cover:
If you want coverage for all your family members at once, a family health insurance plan is what you should opt for. This policy offers a single sum assured available for all beneficiaries. So, you can have your parents and children covered under the same health insurance coverage. The premiums for this policy are comparatively cheaper since the risk is spread among many beneficiaries. However, one thing to note is the premium for a family health insurance coverage is based on the age of the eldest heir. So, having more senior members with already existing health conditions will increase the premium.
#3 Group health cover:
A group insurance policy is designed to offer coverage for many people at once having a common association. The most commonly found group health plans are those employers provide to employees. Here, a common set of benefits is available to all the employees. Originally, these plans were provided to employees but can be extended to provide coverage for their families for an additional premium. The highlight of group insurance coverage is the absence of a waiting period for any medical coverage.
#4 Senior citizen health cover:
As you grow older, you are prone to more ailments. Senior citizen health insurance covering these commonly faced ailments in older people can act as a financial buffer when there is limited income and increased medical expenditure. These health insurance plans are specifically designed to cater to elderly individuals.
#5 Maternity health cover:
Maternity plans are another insurance policy you must consider when starting a family. This plan can be bought in addition to a family floater or individual policy. The cost of check-ups, delivery, and post-natal expenses are included. Some plans also extend maternity to cover the newborn for up to 90 days. Since this cover has longer waiting periods of 24 months and above, purchasing one at the beginning is advisable.
#6 Critical illness cover:
Adding a critical illness insurance policy as a backup plan has become necessary with increasing incidences of lifestyle diseases. Cancer, stroke, paralysis, coronary artery bypass surgery, and kidney failure are ailments covered by an essential illness policy. Since the treatment cost for these ailments can drain your hard-earned savings, having a critical illness cover will help avoid this financial strain.
#7 Top-up health cover:
Not all standard plans fit; they may need to be customized to provide suitable coverage for your medical needs. Top-up covers are an excellent way to fine-tune the policies mentioned above. This way, you can enjoy comprehensive coverage to address medical requirements when needed.
Note these seven unique types of health insurance plans that cater to different needs and must be selected after a thorough analysis and comparison.