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5 types of health insurance and benefits

health insurance

Health insurance is an important aspect of financial planning. Especially in a country like India where medical expenses are skyrocketing. Understanding the different types of health insurance policies available can help individuals and families make informed decisions about their health care needs. Here, we will talk about five major types of health insurance in India. Here are the benefits offered by 5 types of health insurance.

Type of health insurance

Individual Health Insurance

Individual health insurance policies cover a single person. The insured is entitled to reimbursement for medical expenses incurred during hospitalisation and surgeries. And sometimes even for outpatient treatments, depending on the policy terms.

Individual Health Insurance Benefits

  • Comprehensive Coverage: These policies often cover a wide range of medical expenses including pre- and post-hospitalization costs, day-care procedures, and ambulance charges.
  • Customizable Plans: Individuals can choose plans that suit their specific health needs and budget.
  • Tax Benefits: Premiums paid for individual health insurance are eligible for tax deductions under Section 80D of the Income Tax Act.Also,provides financial relief.

Family Floater Health Insurance

Family floater health insurance covers the entire family under a single policy. The sum insured is shared among all family members. This makes it a cost-effective option for families.

Family Floater Health Insurance Benefits

Cost-Effective: Instead of purchasing separate policies for each family member, a single premium covers everyone.

Flexibility: The sum insured can be utilized by any family member, providing flexibility in times of need.

Comprehensive Coverage: These plans usually cover hospitalization expenses, maternity benefits, and newborn cover, among other benefits.

Critical Illness Insurance

Critical illness insurance provides a lump sum payment if the insured is diagnosed with a specified critical illness such as cancer, heart attack, or stroke. This insurance is over and above any other health insurance policies the insured may have.

Critical Illness Insurance Benefits

Lump Sum Payment: Upon diagnosis of a critical illness, the insured receives a lump sum amount which can be used for treatment, recuperation, or any other expenses.

Financial Security: The lump sum payment helps cover not just medical expenses but also other financial obligations during the recovery period.

Coverage for Expensive Treatments: Critical illnesses often require expensive treatments and prolonged hospital stays. This insurance helps in managing those high costs effectively.

Senior Citizen Health Insurance

Senior citizen health insurance is designed specifically for individuals above the age of 60. These plans cater to the unique healthcare needs of older adults. This insurance provides extensive coverage for age-related health issues.

Senior Citizen Health Insurance Benefits

Age-Specific Coverage: Policies are tailored to cover diseases and medical conditions that are prevalent among senior citizens.

Higher Sum Insured: Considering the higher medical costs for the elderly. These plans often offer a higher sum insured.

Additional Benefits: These policies typically include benefits like domiciliary hospitalization and annual health check-ups. And coverage for pre-existing diseases after a waiting period.

Group Health Insurance

Group health insurance is usually offered by employers to their employees as part of the employee benefits package. These policies cover a group of people under a single policy, often at lower premiums.

Group Health Insurance Benefits

Cost-Effective: Group health insurance policies are generally more affordable as the risk is spread across the entire group.

Immediate Coverage: Unlike individual policies, group health insurance usually comes with no waiting period.

Additional Perks: Employers may offer additional benefits such as wellness programs, and preventive health check-ups.

Last words

Choosing the right health insurance policy is crucial for financial stability and peace of mind. Onsurity is always here to help you enjoy comprehensive health insurance coverage. There are various offers for those who want to enjoy the affordability of group health insurance. Onsurity offers unique benefits in every type of insurance. Understanding these options allows individuals and families to make informed decisions. They allow one to adequately hedge against the high cost of healthcare in India.