What is health insurance?
Health insurance is one of the many types of insurance that ensures to cover the medical costs and expenses of an individual. The expenses include hospitalisation charges, charges of consultation, or the cost of medication that are either reimbursed by the insurance company or directly paid to the health care provider. Claim Management In Ludhiana Provides Insurance broker in Ludhiana For all types of insurance.
What are the various types of health insurance?
Every individual is different, and so is their need and requirements for health insurance. Therefore, the availability of various types of insurance provides individuals with many options to choose from that fulfil their requirements. The following are the types of health insurance:
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Individual health insurance
An individual health insurance covers the expenses of the medical costs for whom the insurance was bought. It may be your spouse, children, parents or anyone else. Health insurance takes responsibility for covering the expenses of all the aspects such as hospital room rent, daycare charges, medication bills, charges of surgeries, or any other treatment. Under this plan, each member of the family has their insurance. For example, if every individual in your family has taken insurance, each of them would have their sum insured amount that they can claim.
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Family floater health insurance
This type of health insurance floats for your whole family, which means the insurance of your whole family would be covered under one policy, and every individual in the family will share the sum insured. For example, if you have taken insurance under the family floater health insurance with a sum insured of INR 10 lakhs. Your whole family will be sharing a sum insured worth INR 10 lakhs per year. It means that if one member of the family claims 6 lakhs worth of the sum insured, the other family members can only claim the rest of the sum insured for themselves. Family floater health insurance suits best for a nuclear family.
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Senior citizen health Insurance
Senior citizen health insurance has been specially designed to keep in consideration the health needs and medical requirements of senior citizens. As senior citizens are more likely to get sick and need medical attention, a complete body and health check-up may be required for this type of health insurance, and it may also be a little expensive as compared to other health insurance.
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Critical illness Insurance
A number of long-term diseases are attacking people due to lifestyle changes and various other factors that can be very expensive to deal with, such as cardiac diseases, stroke, cancer, and kidney failure. Critical illness insurance can be added on with your usual health insurance or can be bought as another policy that will only cover the lump sum amount of the medical bills for a few specific numbers of critical diseases.
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Group Health Insurance
These plans are quite different from an individual or family floater health insurance plan. Under a group health insurance plan, the insurance can be bought for a group of people. For example, a company can buy a group health insurance plan for their employees, providing them with an additional healthcare benefit. However, it only covers the cost of some mild health issues.
The increasing cost of medical care and the rise of diseases can be very expensive for you to cover, and you never know when you might need to deal with health issues. Buying health insurance can take the weight off your shoulders and reduce the worry about medical expenses. It will also ensure the safety of your family, and in case something happens to you someday, your family will be able to claim insurance in order to support themselves.