Medical inflation is rising and to protect against such high costs, a health insurance plan is a necessity. Even health insurance companies understand the importance of health insurance plans and so offer different types of health plans to suit different needs. Do you know the different types of health insurance plans which are available in India?
Indemnity plans are those health insurance plans which pay the actual cost incurred. When you raise a claim, you are required to submit all relevant bills to the insurance company, which settles the bills. Here are the different types of indemnity plans available in the market:
- Individual Health Insurance Plans
Individual health insurance plans cover a single individual for a single amount of the Sum Insured. The policyholder chooses the coverage amount and pays the relevant premium. In case of any medical contingency suffered by the policyholder, the plan pays the medical bills. Some popular individual health plans include Apollo Munich’s Easy Health which comes in three variants of Standard, Exclusive and Premium, Reliance Health Gain, etc.
- Family Floater Health Insurance Plans
Family floater health plans cover family members under a single policy. Family members include husband, wife, dependent children and dependent parents. Any family member covered under a family floater plan can claim any amount up to the Sum Insured. However, if more than one member makes a claim, the total claim payable is limited to the Sum Insured. For instance, in a family floater plan of Rs. 5 lakhs, covering a couple and their two kids, any member can make a claim up to Rs. 5 lakhs in any policy year. However, if the husband makes a claim of Rs. 3 lakhs and then, later on, the wife also faces hospitalization, she can make a claim only up to the remaining Rs. 2 lakhs. Some popular family floater health plans in India include Religare Care, Star Health’s Family Health Optima, etc.
- Senior citizen health insurance plans
As the name suggests, senior citizen health plans are specifically designed for senior citizens above 60 years of age. As senior citizens face a higher health risk, these plans are designed taking into consideration their unique requirements. These plans have a low waiting period and a good scope of coverage features. Some common senior citizen plans are Star Health’s Senior Citizens Red Carpet Insurance Plan, Apollo Munich’s Optima Senior, Bajaj Allianz’s Silver Health Plan, etc.
- Disease-specific plans
There has been a recent innovation in the health insurance industry where health plans covering individuals suffering from a specific ailment are being offered. While, earlier, patients suffering from diabetes or heart ailments were denied a health plan, today, there are health plans created specifically for them. Some popular plans in this category include Apollo Munich’s Energy which is a plan for diabetics, Star Health’s Cardiac Care plan for cardiac patients, etc.
- Top-up Plans
Top-up plans are health insurance plans which aim to supplement your existing health insurance coverage at very affordable rates of premium. Top-up plans have a deductible limit against the plan’s Sum Insured. Any claim which is lower than the deductible limit is not paid by top-up plans. However, if any claim exceeds the deductible limit, the plan benefits are triggered and the claim is paid. For instance, a top-up plan of Rs. 5 lakhs has a deductible limit of Rs. 2 lakhs. If there is a claim of Rs. 1.5 lakhs, the top-up plan would not pay any benefit. However, if there is a claim of Rs. 210,000, the top-up plan would be applicable and the claim would be paid. It pays the claim which is over and above the deductible amount. Popular top-up plans include HDFFC ERGO’s Health Suraksha Top-up Plan, Bajaj Allianz’s Extra Care, etc.
- Super top-up Plans
A move over top-up plans, Super top-up plans also promise to enhance your health insurance coverage at minimal rates of premiums. Super top-up plans are also called aggregate health insurance plans. While top-up plans match each instance of claim against the deductible limit, super top-up plans consider the aggregate value of claims incurred in a policy year against the deductible limit. For instance, in a super top-up plan of Rs. 5 lakhs with Rs. 2 lakh deductible limit, there are three claims in a policy year. One claim amounted to Rs. 1.5 lakhs while the other two amounted to Rs. 60, 000 and Rs. 30, 000 respectively. While a top-up plan would not pay claim in any instance, a super top-up plan would be effective from the second claim itself. It is because, in the second claim, the total claim in the year becomes Rs. 210,000 (Rs.1.5 lakhs + Rs. 60, 000), which crosses the deductible limit of Rs. 2 lakhs. Here, it pays Rs. 10,000 in case of second claim and Rs. 30,000 in the third claim. Thus, a super top-up policy would pay the claim in both the second and the third instance. Popular super top-up plans include Religare’s Enhance, Apollo Munich’s Optima Super, etc.
Fixed benefit plans
Fixed benefit health plans pay a fixed amount of money in case of a claim irrespective of the actual expenses incurred. There are two types of fixed benefit plans which are as follows:
- Critical illness health plans
These plans cover a list of specified critical illnesses. If you are diagnosed with any of the covered illnesses during the plan tenure, the lump sum amount is paid. Common illnesses covered include cancer, first heart attack, kidney failure, coma, etc. Popular critical illness plans include Apollo Munich’s Optima Vital, Cigna TTK’s Lifestyle Protection Critical care Plan, etc.
- Hospital cash plan
These plans pay a fixed benefit for each day you spend in a hospital. This benefit is fixed beforehand and is not dependent on the actual cost of hospitalization. Some common hospital cash plans include Cigna TTK Hospital Cash Plan, Apollo Munich’s Optima Cash Plan, etc.
With the varied types of health plans available, you can choose any plan as per your requirement. Coverfox is an online platform where you can see the different types of health insurance plans available in the market, compare between them and buy a plan which you require. So, ascertain your health insurance need and buy a plan today.