Health insurance is a must-have for everyone in an unpredictable world such as ours. During unplanned medical emergencies, an insurance plan becomes your saving grace. You can reimburse your medical expenses, like surgeries, hospitalisation, etc., or the insurer can make the payments for you (depending on your insurance company).
In addition, many insurance companies have direct tie-ups with a network hospital to ensure cashless treatment for patients there. Still, many do not understand the importance of insurance and often believe that health insurance plans are expensive.
In this article, we will learn more about health insurance types and how they can help us.
Different types of health insurance plans
Single-person health insurance plan:
Single-person health insurance policy offers coverage on an individual basis. In this plan, you can receive the incurred hospitalisation expenses and claim up to the sum assured. People between 18 to 65 years old are eligible for this plan.
Family Plans:
In this single health insurance plan, the entire family is covered, and it is also known as a Family floater health insurance plan. It gives you financial coverage against hospitalisation, surgeries, treatment, etc., and the premium is also lower than the individual health insurance plan. Here, the sum insured is shared equally between the beneficiaries.
Senior citizen plans:
You should select this plan if you want to buy an insurance policy for your parents or other senior citizens. It provides coverage to senior citizens aged 60 and above. Generally, the premium amount in the senior citizen plan is slightly higher than in other plans. This is because senior citizens are more likely to face medical issues.
Personal Accident insurance:
The personal accident insurance plan offers coverage for hospitalisation in case of any motor vehicle accident. In addition, many insurance companies offer weekly compensation in case of total or partial disability; this plan covers accidental death too.
Critical health insurance plans:
A critical health insurance plan gives you financial protection if you are diagnosed with a critical illness. This health insurance plan offers protection against heart attacks, cancer, stroke, kidney failure, paralysis, etc. Further, this policy has a lifetime renewable feature and offers a high sum assured amount.
Group health insurance:
The group health insurance plan is made to cover a group of people. Generally, an employer or a company gives group medical cover to their employees. It offers medical coverage and also allows them to add their dependents in some cases. There is also coverage for hospitalisation caused due to illness or any injury; sometimes, it offers value-added services like an annual health check-up, online doctor consultations, diagnostic tests, etc. This coverage is free for the employee.
Maternity plans:
This plan offers coverage for pre and postnatal medical care and delivery expenses. If you plan to start a family, you must opt for this plan. Some plans may cover the newborn baby for some time as well.
Benefits of Health Insurance:
There are many positive points to buying a health insurance policy. Here are some key benefits:
- Financial security: Financial stability is crucial for a bright future, and getting insured is critical for this. A medical emergency never comes knocking at your door, so you must be fully prepared for uncertainty.
- Higher medical cost: Nowadays, healthcare expenses are very expensive, and it is estimated that they will rise with inflation in the future. So, for our safety, we must take a health insurance plan for our financial safety.
- Tax Benefits: As per section 80D of the IT act, 1961, all insurance premiums paid towards health insurance are eligible for a tax deduction. Senior citizens can claim a tax deduction of up to ₹50,000 for a health plan’s premium.
Conclusion:
It goes without a doubt that health insurance is necessary for everyone. But, more than anything, it will keep you at peace, knowing there is something reliable to fall back on for you and your loved ones. So pick the right health insurance plan today and secure your family’s bright and healthy future!
