Various types of health insurance

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Various types of health insurance Considering
the rising expenses of medical treatment,
medicines and remedies, health insurance has
become a vital thing. To buy an insurance,
firstly, you will have to get an idea of the
various types of b available in the Indian market
in order to get your hands on the best policy to
suit your requirements and protect your family.
These insurance plans not just take care of your
family needs, but also help you in tax saving
investments up to the limit of Rs 1500 and
additional limit of 20,000 under section 80 D
when getting an insurance policy for your parents
(senior citizens).
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Individual health insurance Under this policy,
the insured is liable to receive expenses for
hospitalization up to the sum assured. For
instance, if your family has 3 members in total,
and you have opted for an individual insurance
for a cover limit of Rs 3 lac each. In this case,
if the individual gets hospitalized, the expenses
will be taken care by his/her policy up to the
maximum sum of Rs 3 lac. The policies of the
other two members would remain intact until and
unless the need arises and they use their health
policies to recover the medical costs. However,
there are very rare chances of all the family
members getting ill and seeking hospitalization
in the same year.
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Family floater health insurance A family floater
plan offers a single mediclaim policy which
covers all the family members up to the extent of
the sum assured. Family floater premiums are
relatively lower than that of individual
policies. For instance, a family of 3 members can
choose a family floater plan with coverage limit
of up to Rs 6 lac. If any member of the family
requires treatment and the cost incurred is
around 2 lac,
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it will be settled by the insurer and the
remaining 4 lac can be later utilized by another
family member within the same policy, in case the
need arises. This plan is more advantageous as
the chances of all the family members falling ill
within the same year is comparatively low and the
coverage limit for the person who requires
treatment also increases. Whenever opting for a
family floater plan, choose a higher coverage
amount.
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Group health insurance These health insurance
policies are usually provided by an employer to
his employees which covers their family members
as well. Your group health insurance policy
remains valid till the time you are part of the
organization.After you leave the organization,
your policy ceases. Thus, it is advisable to have
a personal health insurance policy as well.
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Unit Linked health insurance ULIP (Unit Linked
Insurance Plans) is new to the Indian markets.
These plans consist of two factors regular
health insurance and market linked investments.
If the sum invested in the markets earns fair
returns, then, it can help in stabilizing your
health insurance. This amount can be utilized to
cover other additional medical expenses. In an
unfortunate scenario, if the invested assets fail
to perform in the market, you might also have to
let go of your capital. Thus, it is said that
ULIP are suitable for people who have a tendency
of bearing risks and have a good knowledge about
market investments.
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