Health Plans

Health Plans offer a helping hand during a medical emergency and save you from severe financial catastrophe. Our fast paced lifestyle and hectic schedules have made us prone to many diseases and sickness. Life continues to be unpredictable and unfortunate events like a heart attack or stroke can strike anyone, anytime costing you anywhere between Rs 4-5 lakhs which includes the hospitalization expenses, doctors fees, medicines, etc. Thus, in absence of a medical insurance policy, this can lead to severe financial debt for a common man and his family which may take them years to overcome.

Most people in India are becoming aware of the advantages and benefits associated with a health insurance policy and are willing to purchase it. Among criteria which need to be considered when buying health plans, “affordability” stands out as one of the most important ones. Affordability of medical insurance differs across individuals belonging to different sections of the society. Premium for health insurance policy is higher for higher sum insured and vice-versa. There are also other factors which influence health insurance premium like policy type, age of members, number of members, habits, pre-existing diseases, etc. Thus, it is rational to select health insurance cover with affordable premium.

Personal health plans can be broadly classified into two types (a) Individual health plan and (b) Family Floater. Individuals willing to be insured alone can opt for individual health insurance policy. However, there are some people who extend their medical coverage to their beloved family and can opt for Family Floater health insurance even though individual health insurance is an available option to them.

Health plans for family is designed to provide coverage to the insured his/her spouse and upto 2 children excluding parents. Individuals willing to provide coverage to his/her parents need to buy a separate health insurance policy for them. To improve on such a scenario, few health insurance providers in India have introduced mediclaim policies which not only covers family members but also your extended family consisting of in-laws and other relationships. Such comprehensive family health insurance policies are real boon for individuals willing to provide coverage to their family members.

Group health plans in India are designed to provide coverage to people belonging to a group like members of a society, employees of a common employer, etc. Group health insurance policies in comparison to personal health insurance have gained much popularity lately due to its comprehensiveness and lower premium payment amount.