Considering the rising health issues in India, every individual must buy a health insurance policy to cover their medical needs. Selecting the right health insurance policy offers financial security as well as access to quality medical care. With numerous available options, choosing the one that suits your needs can be challenging.
Keep reading to learn about the various types of health insurance policies and the ways to select the right one!
Top 9 Health Insurance Policies
Here are some of the common health insurance policies that you can purchase:
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Individual Health Insurance
As the name suggests, individual health insurance is a policy that covers the health needs of a single person. Under this plan, the insured can get coverage against their medical expenses, such as hospitalization costs, pre- and post-hospitalization expenses, surgery, etc.
Individuals between the age group 18 and 65 years can buy this health insurance policy to safeguard their health.
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Family Floater
The family health insurance policy, also known as the family floater plan, covers the health insurance needs of your entire family. By paying a single premium, you can get health insurance benefits for your kids, spouse, and parents. Such plans have a single sum insured that covers the healthcare needs of all members.
However, if the eldest member of your family has already reached 60 years of age, you can avoid including them in the family floater plan.
This is because the premium of this plan depends on the age of the eldest member, and individuals above 60 years are at risk of frequent health issues. Thus, it will increase the premium of your family floater plan.
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Critical Illness Cover
Critical illness insurance offers a lump sum upon diagnosis of serious illnesses like heart disease, cancer, or stroke, helping cover high treatment costs. Key features include lifetime renewal, a 15-day survival period post-diagnosis, and free annual check-ups. While focusing on major illnesses, it doesn’t directly address specific conditions like TB symptoms, for which medical consultation is essential.
The policy terminates upon payout. This coverage is essential for financial security against the high costs associated with critical illnesses and for ensuring timely access to necessary treatments.
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Maternity Cover
Maternity insurance plans can be standalone or added to basic health plans, covering prenatal, postnatal, and delivery expenses. Some policies even cover costs for two pregnancies, including newborn expenses like vaccinations and pediatric care.
This insurance is essential for managing the financial aspects of maternity and ensuring comprehensive care for both mother and baby.
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Top-Up Plan
Top-up health insurance plans offer higher coverage with a “deductible clause,” meaning claims are paid only after exceeding a predefined limit specified in the policy. In this regard, super top-up plans are available for enhanced protection, providing additional coverage beyond the regular policy’s insured sum.
Unlike top-up plans, super top-up covers cumulative medical expenses over a year and activates once the base policy’s sum is exhausted. Both options are cost-effective solutions for managing substantial healthcare expenses efficiently.
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Group Health Insurance
Group health insurance plans, particularly Group Medical Cover (GMC), are designed for groups and are typically provided by employers to their employees. These plans cover both employees and their families, although additional premiums may apply for family inclusion.
Many plans also offer coverage for online consultations and annual health check-ups. Group health insurance provides comprehensive and affordable medical coverage while promoting employee well-being and financial security.
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Health Insurance Plans for Women
Health insurance policies for women cover pregnancy-related needs and gynecological services, including hospitalization and prenatal/postnatal care. They also offer wellness activities and preventive check-ups, ensuring comprehensive support during pregnancy and alleviating the financial burden of maternity-related healthcare expenses.
This specialized coverage effectively addresses women’s unique health concerns.
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Senior Citizen Health Insurance
Senior citizen health insurance in India caters to individuals aged 65 and above, making it suitable for parents and grandparents. It covers hospitalization, medications, post-treatment costs from health issues or accidents, and domiciliary and psychiatric treatment. The upper age limit is generally 75 years, and insurers may require a complete body check-up.
Premiums are typically higher due to increased health risks in older age.
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OPD (Outpatient Department) Coverage
OPD coverage is a specialized health insurance plan that reimburses expenses for outpatient treatments that require less than 24 hours of hospitalization. This includes costs for consultations, diagnostic tests, prescription medications, and minor procedures. It ensures comprehensive healthcare by covering both inpatient and outpatient therapies.
To learn more about these health insurance policies, you can contact Star Health Insurance!
How to Select the Right Health Insurance Policy?
Here are some quick tips that will help you select the right health insurance policy that suits your requirements:
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Consider Your Health Needs
Assess your family’s healthcare needs to choose the right plan. Look for coverage including pre/post-hospitalization, daycare, and transport. Consider hereditary conditions and individual needs. Research and compare plans by benefits and costs for the best fit.
Remember, policy details won’t cover specific illnesses like Symptoms of Typhoid. For information on Symptoms of Typhoid, consult doctors and reliable medical sources.
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Decide the Right Sum Insured
The sum insured refers to the maximum amount your health insurance policy covers in exchange for your premiums. To facilitate comprehensive coverage for all medical needs, choosing a plan with a high sum insured is advisable.
This ensures that your treatment costs are adequately covered, minimizing out-of-pocket expenses during medical emergencies. Assess your potential healthcare requirements and opt for a sum insured with ample financial protection.
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Choose According to Your Budget
While finding a health plan that meets your medical needs is essential, it’s equally vital to consider your budget. Health insurance should be affordable, and you should evaluate the plan’s benefits relative to its cost.
Initially, selecting a reasonably priced health cover that provides adequate protection without straining your finances may be wise. As your income or family size increases, you can review and upgrade your coverage accordingly.
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Look for Network Hospital Coverage
After narrowing down your list of potential health plans, check whether your preferred hospitals and doctors are part of the insurer’s network. Opting for an insurance provider with an extensive network of hospitals ensures easier access to cashless claims and quality healthcare services. A broader network means more options when seeking treatment and can significantly enhance your overall experience.
You can confidently select the right health insurance plan by considering factors like your health needs, the sum insured, budget, tax benefits, network coverage, and policy comparisons. The right plan provides comprehensive protection while fitting within your financial framework.
Choose Star Health for comprehensive protection starting at just ₹13/day!
