Selecting the Best Health Insurance: A Guide to Medical Insurance Policies

Health insurance is a policy providing you with financial support when diagnosed with critical illnesses and injuries. Choosing the right medical insurance policy provides ample coverage for medical expenses incurred. In recent times, medical treatments can lead you to exhaust all your savings. To prevent this, having the best health insurance policy is a must to eliminate any burden on you and your family's finances.

Continue reading this blog to learn the different types of medical insurance policies and which one to choose from.

Types of Health Insurance Plans to Consider

There are different types of health insurance plans available in India. Understanding them thoroughly will let you choose the best one as per your insurance needs. Let’s explore the different types of health insurance plans suitable for you and your family:

●       Individual Health Insurance Plan

If you are single and unmarried and looking for a health insurance policy, opt for the individual health insurance plan. This policy provides extensive coverage to the insured individual for a reasonable premium rate. Single individuals insured with this plan enjoy all the benefits.

Individual health insurance mostly covers hospitalisation expenses, pre and post-medication expenditures, surgical expenses and more until the insured sum limit is reached.

●       Family Floater Health Insurance Plan

This is another well-known medical insurance policy for securing your family members under a single coverage. Under this plan, you can include all members of your family such as your kids, spouse, and parents. A single member will only be responsible for paying the premium while the entire family enjoys all benefits.

The premium amount is however decided considering the age of the eldest member. So, make sure not to include family members aged 60 years and above in the plan as they are more prone to unexpected health issues. 

●       Critical Illness Insurance Plan

The medical expenses of some life-threatening diseases such as heart attack, kidney failure, cancer, stroke, etc. are quite expensive. Thus, to avail enough coverage for these diseases, opt for the Critical Illness Health Insurance Plan. To cover the medical expenses of these critical diseases, a critical illness insurance plan is ideal. Even you can claim the benefits without hospitalisation.

●       Senior Citizen Health Insurance Plan

As the name suggests, this health insurance considers coverage for people aged 60 years and above. So if you are looking for an insurance plan for your parents or grandparents, senior citizen policy will be the best health insurance policy. Entire costs of medicines and hospitalisation are covered irrespective of whether it has arisen from any accident or serious health issues.

●       Group Health Insurance Plan

This insurance plan is the most trending in recent days. Usually, medium and large-scale companies purchase this plan for their employees. The premium is also low in comparison with Individual Health Insurance Policy. A group of employees are provided access to the policy for meeting financial needs during emergency situations.

●       Top-Up Health Insurance Plan

This insurance plan works best when you exceed the claim limit of your chosen basic health insurance plan. During this time, choosing the Top-Up health insurance plan will let you enjoy additional coverage over the maximum limit. This way there is flexibility in increasing your coverage limit when required and ensures financial protection against high medical expenses. Insurers purchase this policy without affecting the premium amount.

Bottom Line

Overall, to move pace with rising medical costs and treatments, buying the best health insurance policy for you and your family members is a must. However, while wondering which is the best health insurance policy and how to choose, you must be attentive to the policy's terms and conditions as well. It is advisable to purchase a convenient plan preferably in your 20s to enjoy the benefits of no claim bonus and premiums.