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Ref. No. KLI/22-23/E-BB/492
If you are looking to buy health insurance, it will be a good idea to read this article to have some basic knowledge about the types of health insurance plans in India.
It is heartening to witness steady growth in the healthcare sector of our country. However, with technological advancement, there has been a rise in treatment costs. Believe it or not, the treatment procedure for coronary bypass surgery and angioplasty can cost up to an average of 3.25 - 4.5 lakhs. Similarly, cataract surgeries can range between 15,000 - 1.8 lakhs, and kidney dialysis sessions can be up to 3,000.
Such high costs can be detrimental to your savings, and situations like these call for better preparation. Thankfully, there’s a solution to this: health insurance. Simply put, it refers to various ways that the medical expenditure - such as hospitalization, ambulance cost, etc.- can be taken care of depending on the kind of ailment (that are physical). Health insurance plans usually ensure a certain sum of money which can be later used in case of a medical emergency.
One can choose from a variety of plans and pay a premium amount every year to the company for the maintenance of the insurance. The nature of the insurance may be that of personal health insurance (bought by you) or given to you by the organisation you work for. Typically, the amount covered would be equivalent to a limit which will be defined by the company you choose.
If you are looking to buy health insurance it is a good idea to have some basic knowledge about the types of health insurance plans and health care plans available in India.
This policy protects only one person. It covers your medical expenses if you are admitted to a hospital. The premium will be determined by factors like age, medical history, occupation, etc.
2. Family Floater Health Plans
This plan covers the entire family. Therefore, the sum covered is considerably high and is split among family members. There is no need to handle multiple policies in this plan.
3. Personal Accident Covers
Personal accident insurance pays for medical treatment required following an accident. Typically, it covers three scenarios: partial impairment, entire disability, and death resulting from an accident.
4. Group/Employee Insurance Plans
This type of plan is purchased by companies for their employees wherein the premium is deducted from the employee’s salary. The plan covers the employees and their families. It is valid till the employee is a part of the company
5. Maternity Insurance Plans.
This plan is designed specifically for women. Pre- and post-natal expenses and delivery and ambulance costs are all covered under it. A newborn cover is also available, covering expenses linked to the newborn infant for a set period.
6. Senior Citizen Plans
This plan is tailored to the needs of individuals above the age of 60. Because older adults are more likely to file a claim, the premium is much higher for such plans.
Needless to say, buying health insurance today adds to a feeling of security, not letting the medical bills overwhelm us in tough times. Along with it, it allows us to look after our loved ones through various plans. Each plan comes with a host of benefits. Therefore, it is necessary to assess your needs and opt for the one that best suits your family’s and your requirements.
Ref. No. KLI/22-23/E-BB/2435