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Health Insurance is complicated, speak to an expert

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Types of Health Insurance

Health plans are plans which provide for medical expenses by offering fixed payout in case of health-related expenses, for a fixed premium. These expenses are hospitalisation expenses, surgical treatment expenses, etc. Health plans are available in both categories i.e. traditional and ULIP.

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There are several health insurance plans in India. These can be divided into the following categories:

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Hospitalization Plans: These health insurance plans cover medical expenses in case you are hospitalized. Within this category, products may have different heads of expenditure and payout structures.

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Critical Illness Plans: It provide coverage against critical illnesses such as cancer, heart attack, stroke, organ transplants, kidney failure among others. These plans aim to cover higher ticket size medical expenses.

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Insurance companies offer individual health insurance plans, family floaters and group health insurance policies for corporate.

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Selecting the right insurance plan is a crucial step. One should take into consideration factors like age, and employment.

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Here are some basic guidelines to select the best health insurance plan:

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  • Buy health insurance when you are young and healthy to get the best deal

  • Choose an adequate sum insured based on your personal priorities 

  • Understand the limits and exclusions

  • Review details regarding Hospital network of the insurance company

  • Gradual increase in sum insured as the medical expenses are increasing rapidly with rising inflation.  

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