What are the Different Types of Medical Insurance Plans in India?
Medical insurance, or health insurance, has been one of the hot topics these days amidst the COVID-19 pandemic. If you have been to a hospital recently, you will know the sky-rocketing bills and the impact it makes on your financial plans and budget. Thanks to medical insurance plans, you can protect your finances by selecting the right plan that meets your budget requirements. 
Image Source: Shutterstock
The rise in medications and surgical expenses has made it compulsory for everyone to be covered with medical insurance. And this health insurance acts as a savior at tough times like these, where life brings us to unexpected events like the Covid-19 pandemic, accidents, and surgeries or diseases.
Therefore, to cover yourself with the best medical insurance without emptying your pocket, you need to know about the various types of medical insurance plans available as they vary across different health plans. Below mentioned are the top 6 best medical insurance plans in India:
- Individual Medical Insurance
Individual health insurance, or simply individual medical insurance, as the name suggests, is a medical insurance plan that offers coverage on an individual basis. The premium is charged as per the individual’s age, medical history, and respective sum insured, etc.
However, the policyholder can add other members, including spouse, children, and parents, by paying an extra premium. If you are single and not having children, it would be preferred to choose an individual medical insurance plan as it offers an individual sum insured limit for each covered member.
- Family Floater Medical Insurance
If you are living as a family with kids and parents, and looking for an affordable medical insurance policy, then family floater medical insurance is the best choice. Under a family floater health insurance, the insurance coverage is offered for all the members covered under the policy.
Here, the premium is comparatively lower than an individual medical insurance plan, and this policy covers yourself, your spouse, children, and parents. Instead of covering an individual member with a standalone plan, here, all the family members get covered under a single sum insured.
- Senior Citizen Medical Insurance
Senior citizens’ medical insurance plans offer coverage for the cost of medicines, hospitalization bills arising out of illness and accidents, pre and post-surgery treatments, etc. If you have parents or grandparents staying with you, then this policy may be a good option. Senior citizen medical insurance plans are specifically meant for parents or grandparents aged 60 and above.
- Maternity Insurance Plans
Though this is an optional plan for only a specific group of women, maternity medical insurance plans can be well taken in advance and redeemed at the time of delivery. Newly married couples or families planning to have a baby in the coming years can buy this policy.
The maternity medical insurance plans cover expenses related to pre, delivery, and postnatal stages such as, coverage for the newborn baby up to its first 90 days. The maternity policy has a minimum waiting period of 2 years.
- Diseases Specific Medical Insurance Plans
High blood pressure, high cholesterol, and high diabetes are some of the commonly seen chronic diseases in families right now. You can opt for diseases specific medical insurance plan if you or your family members have any of the above-mentioned pre-existing medical conditions. These days, there are COVID medical insurance plans that offer coverage for people affected by COVID-19.
- Critical Illness Medical Insurance Plans
Today, one out of 10 families have at least one member suffering from life-threatening diseases such as cancer, kidney failure, paralysis, stroke, etc. The cost of treating such diseases is comparatively high than any other treatment, and it also requires multiple hospital visits for a prolonged period. That’s where insurance companies have come up with critical illness medical insurance plans where this plan reimburses the cost of care and medical expenses.
You can avail the benefits of complementary health check-ups as well. Keep in mind that once the claim is filed, the sum insured is released in a lump sum, or on the basis of medical expenses that are incurred, depending on the type of medical insurance plan.
Financially securing your family during these tough times is important, and choosing a medical insurance plan that fits your requirement can support your financial planning accordingly. So, make sure you choose policies provided by trustworthy insurance providers such as Care Health Insurance, who can offer you adequate financial support in a time of need.
