Explain different types of health insurance in India

Health insurance is the equivalent of having a safety net when it comes to your health. While no one can predict the future or completely avoid medical emergencies, you can surely be better prepared for them. A medical insurance policy ensures that you have one less thing to worry about in times of distress. With the increase in medical expenses all over the globe, the need to have a health insurance plan is now more than ever. There are different kinds of medical insurance available in India; if you wish to know more about them, keep reading. 

Different types of health insurance in India

There are a few types of health insurance plans available, as mentioned below; you can pick the best health insurance in India as per your needs.

1) Insurance for specific diseases :

This is a unique policy that offers insurance against specific diseases. The policy became famous, especially after the current pandemic. As we all saw during the pandemic, how expensive hospitalisation became and how difficult it was to access medical care in those already difficult times. This kind of health insurance policy was popularly opted for by people who were seeking financial support regarding a specific illness. 

2) Group health insurance:

Group health insurance is the plan that is opted for by organisations for their employees. Organisations purchase a group plan for all their employees and provide medical coverage to them. Depending upon the insurer, the employee can further add their family members to their insurance plans. 

3) Individual health insurance plan:

If you are someone who is only looking for medical insurance for your own self, this will be the best health insurance policy for you. It only covers one single person and all the major medical expenses when need be. 

4) Insurance for critical illness:

There is a separate insurance plan for critical illnesses. Such insurance plans offer a fixed amount which is decided at the time of taking the insurance. You also get to select the number of critical illnesses against which your plan will provide you financial protection. If you get diagnosed with any of the selected diseases with your insurer under this policy, you can make a claim. Some of the diseases covered under this plan are cancer, kidney failure, paralysis, stroke, etc. 

5) Insurance for Personal Accidents

With the increase in people commuting with personal vehicles everywhere, the number of road accidents has also increased these days. This insurance policy offers coverage against hospitalisation caused due to personal accidents. Some of the best health insurance plans in India also offer benefits to orphans for education purposes in case of the death of a parent in an accident. 

6) Family floater plans

Family health insurance plans, as their name suggests, provide coverage for the entire family. You get coverage against the medical expenses of your spouse and up to two children with most family floater plans. Some of these plans even cover the parents of the policyholder. This is a great option if you are on a budget but want to secure your entire family under a health insurance policy. Since this kind of policy provides combined coverage for all, the one who needs the money can make a claim. 

7) Top-up insurances plans

If you are someone whose budget does not allow them to indulge in a fancy plan that covers all you can think of, you can opt for a basic medical insurance plan and add top-ups to it as per your needs. You will find many top-up health Insurance plans in India; these plans provide additional coverage and hence an increased sum insured. 

8) Health insurance for senior citizens 

It is said that the sooner you opt for a health insurance policy, the better it is, but what if a senior citizen wants to apply for health insurance? The good news is there is an insurance policy made just for people over the age of 65 years. Since the risk of some specific age-related diseases increases by this age, these insurance plans are created keeping the same in mind. 

Benefits of investing in a health insurance policy

1) Cashless hospitalisation:

One of the biggest advantages of getting health insurance is being able to avail of cashless benefits in some cases. If you get hospitalised with a hospital that comes under your insurer’s hospital network, you can avail of cashless hospitalisation there. There will not be any need to raise a settlement later, you can just make the hospital aware of your policy, and they will take it up with the insurer themselves. 

2) Financial security:

Getting health insurance in India is important due to the increase in the cost of medical care. Knowing that you have a medical insurance policy that has got your back in times of emergencies can be of great relief. Money can be a big stressor in such circumstances. When you get some financial security, you can manage any such grave situation better. 

3) Vaccination benefits:

Some medical insurance companies provide coverage for vaccinations as well. This can be of great advantage if you are investing in an insurance policy for your children, as children need some essential vaccinations in the early years of their life. 

4) Avail tax benefits:

As per section 80D of the income tax department of India, you are eligible to get tax deductions if you apply for a health insurance policy. 

5) Extra benefits:

If you are applying for health insurance with one of the best health insurance companies in India, you will get some amazing additional benefits such as annual health check-ups, coverage for dental treatments, coverage for physiatric help, etc. 

Summary

Even if you are someone who exercises regularly, nourishes your body with good food and takes all the safety measures to not fall ill time and again, you still need health Insurance. A medical insurance policy can provide you with added financial security in times of need. There are different types of health insurance plans available in India, such as individual health insurance, family-floater plans, senior citizen policies, policies for critical illnesses, etc. You are advised to go through what a policy exactly covers before finalising it and picking the one that suits your needs the best.