Health Insurance Plans in India

Mediclaim or health insurance is a protection, provided to its holder as a cover, when faced with unforeseen medical crisis. Currently, 200 insurance plans are available to consumers.

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1. Cashless Mediclaim

These plans allow the policyholder to get admitted into a hospital listed under a network, without paying any discharge fee or upfront admission charges that are paid by health insurers. The reimbursement totals the amount assured by the person and the coverage plan.

2. Individual Health Insurance

It offers protection to the holder of the policy. A person, i.e. the policyholder, can make use of the entire sum, all alone, without sharing it with other family associates, in case of floater policy explained in below plan.

3. Family Floater Plan

These plans cover the insurance of the entire family in one plan. The family floater plan helps people in sharing the total amount of cover amongst them. The main benefit of this plan is that since a number of people are sharing the insurance cover, they pay fewer premiums as compared to cover when an individual has to pay the entire sum on his own.

For example, in a family of four (two children and two adults), the premium of health cover for Rs. 5 lacs would be of about Rs. 10,000; if they all buy the separate plans, the premium would easily exceed about Rs. 12,000.

4. Travel Health Insurance

When a person travels outside the country or any geographical boundary, he/she is advised to get a travel insurance plan. It is because if a person falls sick or requires any medical attention in a foreign land, he/she doesn’t need to worry about incurring the high cost of medical care of that country. It is mandatory to buy it while travelling to certain countries.

5. Group Health Insurance

If a large number of people (for example 20 or more) are required or needed to buy a health insurance plan, it is recommended that they get a group health policy. People with adverse health conditions should also opt for it as the group has a better negotiating power in comparison to the policy for an individual policy.

6. Critical Health Insurance

This policy covers certain diseases that are prescribed under it. As per the name, it covers all the “critical” diseases that either reduce a person to a vegetative state or make them terminally ill. A few of these diseases are deafness, blindness, organ transplants, kidney failure, Alzheimer’s disease, HIV/AIDS contracted during an operation or through blood transfusion, Parkinson’s disease, multiple sclerosis, etc.

7. Senior Citizen Health Insurance

When one retires, his/her needs get changed. At around 60, a new life begins that is different from a working person of 40 or 50 years. While getting a senior citizen health insurance policy, consider the following points:

  • The hospital of the network should be close to one’s residence.
  • Time frame for the coverage of the disease should be low.
  • Waiting period should be low.

8. Hospitalization

Plans of hospitalization pay only a fixed amount that covers only rent of the room. They are cheaper as compared to other full-time plans because they do not include the payment of medicines, or treatments that are used during the period of hospitalization. They pay only for the rent of the room.

9. Maternity Insurance

Specific maternity insurance is found rarely. Insurers combine it with other regular policies (even critical illness policies) that are particularly designed for women. It covers complications that arise during pregnancy or child birth.

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