What are the Types of Health Insurance?

Keeping yourself prepared for any health-related emergency is extremely important to ensure you do not need to stress about it in the hour of need. Health insurances are a cover for your health-related expenditures for the unforeseen circumstances and challenging days to come. If you are planning for health insurance but are unsure, as the different available kinds confuse you, read on as we explain the seven types of Health Insurance, their benefits, and what they offer.

Types of Health Insurance

The seven various types of health insurance available are as follows:

• Individual health insurance

  Are you looking for health insurance for your spouse, children, and yourself? In such a scenario, individual health insurance can be your best option. This health insurance covers any illness, hospitalisation, surgery charges, accidents, and daycare procedures. It also offers cover for pre and post-hospitalisation expenditures.
  
  Each covered person will have an individual sum insured in their name. Thus, the premium amount for this kind of insurance goes a little on the higher side. Anyone between the age of eighteen to seventy can avail of the benefits of health insurance.

• Senior citizen health Insurance

  If you are sixty or above and are looking for an insurance or Mediclaim policy, the senior citizen health insurance policy is the most appropriate. As the chances of contracting any disease are higher for older people, this health insurance policy ensures you get covered for your medical expenses and pre and post-hospitalisation expenditures. The age limit to enrol for this health insurance is seventy, with lifetime renewability. As age-related diseases are more common, this medical insurance for senior citizens is quite expensive.

• Group health insurance

  Group Health Insurance or Mediclaim policies are employee health insurance policies offered by large organisations. This kind provides coverage for accidents, mental and physical illness, maternity, and other medical charges, including hospitalisation for surgery.

• Family floater health insurance

  The family floater health insurance policy will make things easy for you when looking for health insurance for your whole family. This mediclaim policy for a family is a single overall sum insured that covers your entire family’s medical expenses. The premium charges for this type of health insurance are comparatively relatively low. The reason for this is a general mix-balance of age groups in a family, which is a determining factor for health insurance.

• Critical health insurance

  Critical Health Insurance helps people with chronic and acute health conditions. It includes cancer, kidney failure, organ transplants, heart transplants, and others. You will get coverage only after thirty days of being diagnosed with a critical health condition. This health insurance policy does not depend on your medical bills; you will get paid only a pre-fixed amount for your medical invoices. Expenses would also include hospital expenses and complementary health check-ups. It is one-time insurance and gets terminated once the sum insured is released.

• Maternity health insurance

  These types of health insurance are generally availed as a rider with general health insurance policies. Under this Mediclaim policy, one gets medical coverage for medical expenses related to maternity care. It includes medical treatment, infertility treatment, delivery, pre, and post-natal care, and a baby covers up to ninety days for a newborn. Maternity health insurances generally have a waiting period between 9 months to 4 years. So, if you are planning for a family, maternity health insurance can be a good idea to cover your expenses.

• Top-up health insurance

  Top-up health insurance is used as any additional expenditures over and above your initial health insurance policy. It is like an extended version of your existing medical insurance. There is a ‘Deductible Clause’ associated with such top-up health insurance. You must pay a certain amount before the insurance company starts paying for it. You can avail of this if you look forward to a higher coverage above your current insurance amount.

Conclusion

Different insurance companies have different types of insurance policies available for you. If you are looking for health insurance to help you in times of need, you better be more judicious in choosing the one for yourself. Know each of them in detail before you opt out of it. Enrolling in an insurance policy early in life will ensure safer medical coverage. 

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