Today, most people understand the importance of having good health insurance. They realise that a health plan can protect their finances in a medical emergency. Given the number of health policy options available in the market, picking the right plan for your needs can seem difficult. Luckily, we are here to help. Here’s a look at the basic types of health plans and who can benefit from each type of policy the most:
Family Floater Insurance Policies
A family floater health policy allows you to get health coverage for multiple family members under one umbrella policy. You can choose to insure yourself, your spouse, your children and even your parents and in-laws. The best family floater health insurance plans in India allow you to cover up to 8 people under a single policy, which makes keeping track of the paperwork incredibly easy. With a family floater, you can typically opt for a high sum assured amount at an affordable price. But you must remember that the sum assured has to be shared by all the family members. So if one person has a bad year, other family members may have to pay for their treatments out of their own pocket. Family floater health plans work well for young families. So couples in their 30s or 40s with very young children can benefit the most from this model. If you choose to secure older people under a family floater plan, it will increase your premium and could jeopardise the sum assured amount available for others.
Senior Citizen Health Policies
Recognising the needs of the country’s elderly, insurance companies today offer specialised health plans for senior citizens. These policies cater to their unique needs by offering cover for pre-existing illnesses, annual check-ups and critical illness covers. There are many health insurance plans for senior citizens available in the market. You can compare the benefits that each provides before deciding which plan works best for the elderly in your family. You should also consider whether the senior citizen policy is worth it or if you can get similar benefits in an individual policy.
Individual Health Plans
Most people today choose individual health policies instead of family floater plans. Individual policies allow you to make customisations and pick add-ons that you require for each individual. When compared to family floater policies, these plans may seem slightly costly, but the benefits definitely outweigh the cost. If you’d like to purchase an individual health plan, it’s a good idea to get a policy when you’re young and in good health. You can then renew the policy every year at an affordable premium.
Having health insurance today isn’t a choice, it is a necessity. Once you have your policy documents, make sure you check all the details and verify them. You should also familiarise yourself with the claims process so that you don’t need to figure things out in the middle of a medical emergency. If you opt for treatment in a network hospital, you can enjoy quick and easy cashless claims. In case you need treatment in a non-network hospital, you can file for a reimbursement claim. Make sure you share all the necessary details and follow up on your health insurance claim status if you don’t hear anything after seven working days. When it comes to purchasing health insurance and filing claims, knowledge is key. If you have all the information at hand, you can make prudent decisions that protect you, your health and your finances.