All people are concerned about their wellness and health, hence a plan to achieve this is important. While the rising cost of health care makes it very critical to have a health insurance plan. Health insurance is important for investing in unexpected health accidents financially. However, due to the numerous options available, it can be hard to select an appropriate plan. Thus understanding different health insurance’s plans becomes significant.
In the contemporary landscape, a plethora of health insurance plans is tailored to cater to specific needs. Let’s delve into understanding the different types of health insurance plans available at present.
1. Individual Health Insurance Plans
Only one individual can be covered by Health Insurance Policy meant for Individuals. Any medical costs incurred by an individual such as hospital admission charges, consultations with doctors and purchase of drugs fall within the jurisdiction of this plan. The amount of premium is fixed as per the age, past medical treatments and health hazards involved in case of an individual. However, at times they may also cover dependent children up to a particular age, although it primarily covers a single person.
2. Family Health Insurance Plans
Family Health Insurance Plans are a convenient option for those looking to secure their entire family under one umbrella policy. By its name, it encompasses all members of the family, usually the policyholder, his/her spouse and at maximum two of their children who are still dependent on them. According to the insurance provider, dependent parents, siblings or in-laws might also be included in the policy. However, the amount of insurance coverage is dispensed among all members. The premium usually costs less compared to that charged on similar individual insurance plans.
3. Senior Citizen Health Insurance Plans
This strategy has a target audience of persons who have attained the age of sixty years and above. There is no denying that as one moves on in age, the chances of being unwell become higher and so are the expenses incurred on healthcare services. Therefore, it is advisable for everyone above that age bracket to purchase such plans so as to avoid being faced with huge medical bills and also ensure some sort of financial stability in later life. Some of them offer free access to hospitals, payment services before or after admission, and at times provide instant claims without payment in cash (such as the majority of those policies which cover critical illness).
4. Critical Illness Health Insurance Plans
Critical Illness Health Insurance Plans provide a lump sum or fixed amount for the insured client if diagnosed with a serious illness like heart attack, cancer, kidney failure and the like as mentioned in the policy. This payment can help in treatment, rehabilitation and even replace lost income due to reduced earning potential. Critical illness cover can be bought as an independent policy or added to another existing one since it is not that expensive.
5. Group Health Insurance Plans
Employees are provided with this insurance policy by their employers. It encompasses a group of individuals within the parameters of one key policy and provides various advantages like cover for maternity, inclusive of pre-existing ailments among others. The premium for such plans is usually less compared to that of personal ones while its coverage starts almost immediately excluding any waiting time. Nevertheless, there is a catch since this cover ceases as soon as the worker stops being a member of the company.
6. Maternity Health Insurance Plans
Essentially it is a type of coverage prepared uniquely for those who are going to have babies, including maternity and child birth expenses. Fully inclusive of pre-natal and post-natal costs as well as the price of attendance during labour and other related costs such as vaccinations, these insurance plans even extend their range of coverage to caring for just delivered infants. Remember that there is a waiting time set during which no benefits can be claimed against these policies.
To sum up, knowledge of different health insurance policies will help you decide wisely on your well-being. For further clarity on health insurance plans, explore dedicated websites such as ETMoney blog. Health insurance is never an incidental expenditure but rather a prospect on which to build a happy life. There is always something for everyone from individual policies to Family Health Insurance Plans. Indeed, with life’s uncertainties in mind, it has become necessary to have some kind of health cover irrespective of what it entails.