Types of Health Insurance Plans

by Vinaya HS on October 27, 2017

in Finance

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In order to protect yourself against the ever-increasing medical bills in case of a medical condition or a disease, it is necessary to invest in a health care plan. Such a policy pays for all hospitalization-related expenses, as well as pre-hospitalization, and post-hospitalization charges. Some policies also offer coverage for critical illnesses, domiciliary treatment, alternative treatment, and also provides health checkups.

There are various types of health insurance policies available in India. Some of the most popular ones are:

1. Individual health plans

As the name suggests, individual health plans are meant to cover individuals. In case of hospitalization, all your medical bills will be taken care of by your insurance provider. You may also avail of the cashless claim facility at network hospitals. This ensures that you do not have to run from pillar to post trying to arrange the necessary capital. Focus on your speedy recovery instead of worrying about settling your medical bills. Another benefit of individual health plans is that you may choose from a wide range of additional covers. This helps to enhance your coverage and protects your financial interests better.

2. Family floater health plans

A family floater plan is another type of health care policy. By investing in such a plan, you may receive medical coverage for yourself, your spouse, children, as well as parents. A major advantage of such a plan is that you have to pay just a single annual premium as compared to individual plans. You do not have to track and maintain multiple policies. Many insurance providers offer discounts on such plans as multiple members are covered under the same policy. Apart from all this, you may also avail of cashless facility at network hospitals in case any of the covered members require medical treatment.

3. Critical illness plans

Critical illness refers to life-threatening medical conditions such as cancer, loss of limbs, major burns, blindness, kidney failure, bone marrow transplant, and stroke, besides many others. In order to protect yourself against such conditions, you may opt for critical illness insurance. You may either buy a standalone critical illness plan or a rider supplementing your existing health care plan. In case you are diagnosed with any of the illnesses on the predetermined list of your policy, you are entitled to receive a lump sum cash benefit. This helps you cover all expenses associated with your illness.

It is imperative to analyze the features and benefits of each of these policy types and select a plan that meets your needs the best. By investing in the right health care plan, you may avail of the best treatment without any financial burden. Besides, you may claim tax benefits on the premiums paid towards your policy. Such policies go a long way in mitigating financial losses and ensuring complete peace of mind.

To make the most of the benefits, explore the numerous types of health insurance plans of Kotak General Insurance, here.

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