When you face an unexpected health emergency, it can put your financial future at risk as you will have to bear the extremely high costs of medical treatment. Hence, it is essential to subscribe to a health insurance plan to remain stress-free during emergencies.
A long list of health insurance companies provides different types of health insurance in India. It can get confusing to decide which one to go for. In this article, we will explore the different kinds of health policies and learn what to look for while comparing other plans.
Different Types Of Health Insurance In India
Before we look at how to compare different plans and choose the right one, let us look at the various types of health plans provided by every insurance company.
- Individual insurance: Individual health insurance is opted for by a single person who wants to avail financial security during a medical emergency. The premium is decided based on the age and medical history of the bearer. You can also include other family members, such as parents, spouses and children, by paying an extra premium.
- Family health insurance: A family health policy covers the medical needs of many family members. The plan offers a single sum insured for the whole family, which can be availed by any members who have signed up for the policy. The age of the eldest member of the family impacts the premium.
- Critical illness health insurance: A critical illness policy offers the sum insured in a lump sum when the bearer has been diagnosed with an acute disease such as cancer, liver/kidney failure, heart disease etc. The sum is decided beforehand, irrespective of how much the final bill comes up to.
- Senior citizen insurance: A senior citizen health plan is focused on covering people above 60. A senior is likelier to visit the hospital for checkups and tests. Hence, a plan dedicated to seniors is more advantageous than a senior in your family plan. However, since the visits are more frequent, the premium is higher.
- Personal accident insurance: Road Personal accident insurance is common and devastating. Be it death or disability, health insurance dedicated to covering an accident significantly reduces the financial burden on a person. The insurer offers a lump sum amount for the expenses.
- Group health insurance: A group health policy is bought by employers of middle and large-scale companies for their employees. They are usually added as a benefit in the employee’s CTC. The premium for a group insurance policy is less than an individual policy and offers extensive coverage. Some companies also offer the provision to include other members of the employee’s family in the policy.
How To Compare Different Health Insurances?
Now that you know the different types of health insurance in India, you can learn what to look for while comparing policies provided by various insurers.
- Type of insurance: We looked at the different types of health insurance plans and their features. Make sure you opt for a plan that is suitable for your requirements. For example, it is advisable to choose a family plan when you are younger so that the sum insured amount is reserved for older family members who would need it more often.
- Sum insured: When looking for health insurance, opt for a policy that provides a sum insured amount that suits your needs. Suppose you are opting for a family insurance plan with members needing multiple hospital visits. In that case, having a sum insured that meets those needs is advisable, as running out of funds during an emergency leads to a significant burden on you.
- Coverage: Make sure you look for what sort of coverage an insurer is offering. In a medical emergency, it is essential to ensure all hospitalisation, pre and post, room rent, ambulance charges and medicines are also covered.
- Premium: The premium is what you will be paying out of your pocket to the insurer; hence, you have to make sure you get the best out of it. Use a health insurance calculator online to determine the premium you must pay for the sum insured you need.
- Co-payment and sub-limits: Many insurers might have a co-payment clause requiring you to pay part of the expenses. Some insurances have a sub-limit on how much they will cover regardless of your sum insured. Hence, look for policies that have no such clauses.
It is essential to have an insurance policy to keep your family secure during emergencies. To know which plan to opt for, check out Niva Bupa’s healthcare plans and see which plan suits you best.