One and all have been feeling the need for adequate health insurance since Covid-19 broke out. However, when it comes to selecting a health insurance policy, there is often confusion. As a result, there are many different types of health insurance, and making the right choice may be difficult at times. And unlike life insurance, which should be bought in the name of the breadwinner of the family, make sure you purchase health insurance in the name of all family members.
It is equally important to keep adequate coverage in addition to buying the right health insurance policy so that hospital bills are paid by the insurers and you don't have to pay for them yourself. There is no such thing as the best health insurance plan, so pick one that is comprehensive with maximum coverage.
We will look at 7 types of health insurance plans and what they offer. Some of these are essential and should not be ignored, while others can be added to cover risks on all fronts.
1. Individual health insurance plan
To buy health insurance for yourself, you will have to buy an individual health insurance plan, also known as Mediclaim. Since they are purchased on an individual basis, the premiums are determined by the buyer's age and the amount insured.
The indemnity policy works like a reimbursement policy, meaning you are reimbursed for the actual expenses that you incur up to the coverage amount. If you are hospitalized for at least 24 hours, they will cover the costs.
2. Family Floater plans
Family health insurance plans are similar to individual health insurance plans in most respects. Benefits are largely the same, but the sum insured may be used by any or all members of the family, not just one. In the case of a family of four, instead of buying a Rs 3 lakh health insurance cover for each member, if you purchase a Family Floater plan for Rs 9 lakh, each member can receive benefits up to Rs 9 lakh instead of Rs 3 lakh. Compared to Individual health insurance plans, these plans have lower premiums.
3. Critical illness plans
Critical illness plans pay the entire sum insured on the occurrence of the specified illness, unlike Mediclaim plans. Almost all insurers cover 10 to 12 major critical illnesses, including cancer, coronary artery bypass surgery, heart attack, stroke, kidney failure, aorta surgery, heart valve replacement, major organ transplant, and paralysis.
4. Daily Hospital Cash plan
A Daily Hospital Cash Plan is a health insurance plan in which the insured pays a fixed amount each day when their policyholders are hospitalized. Regardless of the hospital bill, including the room rent, doctor fees, and other charges, the Daily Hospital Cash plan will pay based on the number of days the insured chooses.
5. Arogya Sanjeevani Policy
When you are too confused as different insurers offer different features and variants in their health policies, this is the plan to purchase. In the event that health cover plans have varying features and benefits, there is the Standard Health Insurance on offer from all insurance companies to help you make a decision. Your insurer should offer you an Arogya Sanjeevani policy, which is the Standard Health Insurance policy. The Standard Health Insurance Product is designed to support basic health needs, carry similar policy wordings, and enable seamless portability across insurers. The Arogya Sanjeevani Policy will be an indemnity policy, which means reimbursements will be made.
6. Corona Kavach Policy
A Corona Kavach Policy is a specific health insurance policy that covers hospital bills only on account of Covid-19. These are only available through general and health insurers, and they are indemnity-based plans that reimburse hospital bills.
7. Corona Rakshak Policy
Corona Rakshak Policy is also a specific health insurance policy covering hospital bills due to Covid-19, but it is available from all insurers, including life insurance. As a benefit-based plan, Corona Rakshak Policy pays the policyholder 100 percent of the sum insured.
