There are a wide range of health insurance policies out there. Each insurance policy comes with its own set of coverage, some cover maternity, some cover diabetes, some cover treatments abroad. With so many different options to choose from, the search for the perfect health insurance plan can get overwhelming. You need to choose one that’s right for you.
In this article, we’ll give you a brief outline of the various types of health insurance plans out there so you’re better informed of your options.
Basic Indemnity Policy
There are two types of policies out there — Indemnity and Benefit.
Indemnity policies cover hospital bills for you and your family. Benefit plans relate to specific critical illnesses in which you get paid a lump sum amount which you can use for your treatment.
Getting an indemnity plan is a must as it covers all your hospitalization costs. They reimburse the room rent, doctor’s fee, and any other costs that may come up.
Once you’ve got your basic coverage, you should look into specific covers.
Surgeries can be pretty expensive and as such the full cost is generally not covered by the basic plan. Or if you do take a coverage that can include the cost of surgeries, the premium is likely to be sky-high.
As such, you can get a separate cover for surgeries which can be used without disrupting the regular health insurance plan.
You can also get specific plans that cover the cost of specific illnesses such as a heart condition or diabetes. The premium on specific-diseases coverage is quite high. However, if you can afford it, the cover generally also includes a treatment and wellness plan for the holistic recovery of the patient.
The cost of treatment in hospitals is always on a sharp incline. As such, you need to get larger covers for the cost of treatment. However, that also leads to extremely high premiums. That’s where top-up plans come in. These can be used in conjunction with the regular indemnity plan. With a top-up plan, your premium may be reduced by introducing built-in deductibles. As such, during the time of treatment, you’ll have to pay a certain amount out of your pocket, and the insurer will pay the rest.
There are various different types of health insurance policies that offer coverage for maternity expenses. Most of them come with a long waiting period. However, some recent policies have lowered the waiting period. To avail of these insurance policies, you generally have to pay an upfront premium of about 3 years to avail of the benefits. Furthermore, the expenses covered are between Rs 25,000 and Rs 50,000.
If you travel abroad often, you must be worried about whether your insurance will still be active in a foreign land. A regular health insurance isn’t. However, you can get a specific insurance that’s still applicable abroad. This can help you bypass incredibly expensive treatment costs levied by developed nations, though they also come with a high premium.
These are just some of the different types of health insurance policies available out there. Based on this, you can decide which suits you best.