Major Types Of Health Insurance Policies

The significance of having health insurance in today’s time is known to most people. However, knowing that you need health insurance and getting on the bandwagon isn’t enough. To make sure that you select the best health insurance as per your needs, it’s important to know all about various types of insurance plans.

After all, you need to understand whether the perks of a particular policy are useful to your situation or not. On that note, given below is a brief overview of different types of best health insurance  policies.

Individual Health Insurance Policies

Individual health insurance policies provide insurance protection, along with benefits like reimbursement, cashless hospitalization, covering for domiciliary treatments, compensation for pre and post hospitalization expenditure, and so on. Individual health insurance policies also come with added covers to increase their basic medical insurance coverage at a minimum premium.

Family Health Insurance Policies

Family health insurance plans offer medical insurance coverage to the entire family on a single premium. In these types of health plans, a well-defined insured amount gets equally divided among the family members mentioned in the policy. It can be used either by one family member or all the members for one or multiple claims during the policy tenure. When you have a family health insurance policy, you can add almost all the family members under one health insurance premium.

Senior Citizen Health Insurance Policies

Senior citizen health insurance policy provides insurance coverage to individuals over the age of sixty. This medical insurance plan may cover hospitalization expenditure, day care treatments, OPD expenditure, in-patient expenditure, and pre and post-hospitalization expenditure, along with some really great tax deductions.

Critical Illness Insurance Policies

Critical illness insurance policies provide a lump sum amount when the insured gets diagnosed with critical illnesses like cardiac arrest, cancer, paralysis, kidney failure, and so on. Critical illness insurance is either purchased as a rider or a standalone policy. There is a pre-defined sum to be insured, whereby the insured needs to survive a particular period after getting diagnosed in order to enjoy any policy benefits.

Maternity Health Insurance Policies

The maternity health insurance policies provide coverage for all maternity expenditures to be taken care of during pre and post-natal care and child delivery. Some insurance providers also consider the expenditure on vaccines for newborn babies as a part of the material insurance plan. The coverage list generally also includes the transport costs of taking the woman to the nearest hospital.

Coronavirus Health Insurance Policies

As you can guess, this is the latest addition to the list of health insurance policies found in the market. The coronavirus health insurance policies are expected to cover all hospitalization expenditures, including ventilators, PPE kits, oximeters, gloves, masks, and so on. You can use this plan to safeguard your family in the ongoing pandemic.

So, consider all the perks and drawbacks of each type of policy against your long-term life situation. This will help you in terms of choosing the right health insurance plan to go for.

Sebastian

Sebastian was born and raised in the busy city of Abbottabad. As a journalist, Saad Mushtaq has contributed to many online publications including the PAK Today and the Huffing Post. In regards to academics, Saad Mushtaq earned a degree in business from the Abbottabad UST, Havelian. Saad Mushtaq follows the money and covers all aspects of emerging tech here at The Hear Up.Thanks