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Health Insurance

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What is Health Insurance?

Health insurance is a type of insurance that fully or partially covers an individual's medical and surgical expenses. It's an agreement between you and your insurance company, where for an annual premium, the insurer pays for your hospitalization and other medical expenses as mentioned in your policy.

Basic Health Plan

This provides for the hospitalization expenses you might face in case of accidents, day-care procedures, surgical treatments or critical illnesses. However, the features, limits and sum assured will vary from insurer to insurer.

Super Top-Up Health Plan

Similar to top-ups for mobile network services, this adds supplementary coverage to your existing health plan. The aim is to increase overall sum assured with its corresponding coverage by paying a relatively lower premium.

Types of Health Insurance Plans in India

Health Insurance in India can be broadly classified into the following types-

  • Hospitalization Plans- Hospitalization plans are those health insurance plans that reimburse the hospitalization and medical costs of an individual, subject to the sum insured. Hence, these plans are also known as indemnity plans.
  • Family floater Plans- Family health insurance plans cover the entire family in one health insurance plan. It works under the assumption that not all members of a family will suffer from illness at one time. These plans cover hospital-related expenses which can be pre and post hospitalization. Most health insurance companies in India offering family insurance have a wide network of hospitals that help the insured people in times of an emergency.
  • Senior Citizens Plans- As the name suggests, senior citizen health insurance plans are for the older people of the family. These plans cover health issues arising during old age. As per IRDAI guidelines, each insurer must provide cover up to age of 65 years.
  • Maternity Plans- Maternity health insurance plans provide coverage for maternity and other additional expenses. These policies take care of both pre and post-natal care, and delivery of baby i.e. normal or caesarean deliveries. Just like other health insurance plans, the maternity insurance providers usually have a wide range of network hospitals and also takes care of ambulance expenses.
  • Hospital Daily Cash Benefit Plans- Hospital Daily cash benefits is a defined benefit policy that provides a certain sum of money for every day of hospitalization.
  • Critical Illness Plans- These plans are benefit-based policies, where a lump sum benefit amount is paid on diagnosis of covered critical illness. These diseases are usually specific, with high severity and low frequency in nature. Hence, the treatment cost is high when compared to day to day medical / treatment need. Some of these illnesses include heart attack, cancer, stroke etc.
Importance of Health Insurance
  • Medical treatments are a fiscal burden on the family
  • Uninsured people may receive less medical care due to lack of funds
  • They are prone to more risks as they do not have access to regular medical checkups.
  • It protects one's family through unexpected, unforeseen health-related financial situations.
How can you choose the best health insurance plan for your family?
  • Your budget- One needs to consider the financial budget of the family, based on which he/she invests in a health insurance plan that covers all risks related to health of the insured and their family members.
  • Co-payment- Another consideration factor that one must consider is whether or not the health insurance plan provides a co-payment facility. A standard feature, co-payment is defined as a fixed percentage of each claim amount that has to be paid by the insured.
  • Number of family members covered- While investing in a health insurance plan, one must always consider the number of family members that shall benefit from the policy. Most insurance providers cover up to 4 to 6 family members under a family floater health insurance plan in India.
  • Claim settlement process- Claim settlement was a cumbersome process which obstructed a person from investing in a health insurance plan. All insurance providers in today's day and age, provide easy, hassle-free claim settlement procedures that makes it convenient for the insured.
  • Addition of new family member- Addition of a new family member is a moment of joy. Hence, when investing in a health insurance plan, one must also consider the conditions in the policy in case you wish to get the new family member added and insured under your health insurance policy.
  • Compare health insurance plans- Before investing in a health insurance plan, one must compare the policies from the best insurance providers and select the one that best suits his needs.