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Health Insurance is complicated, speak to an expert

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.

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

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.

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.

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

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

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

  • 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.