Health insurance plans play a key role in providing financial stability in case of various health issues. You get financial help and legal assurance from your insurance provider during health related problems that are included in your policy.
It is extremely important to understand health insurance plans to avail their benefits. You are committing a blunder if you are not evaluating the coverage offered by your plan before you fall ill or meet with an accident. We are saying so because at that time you will not be in a situation to understand your medical bills, then how will you be able to understand your health insurance policy. Therefore, it is vital to study about the health insurance plans and go through their extensive policy wordings before you purchase the policy.
This article is a guide for you to understand the types of health insurance and the inclusions provided to you in a health insurance plan.
Individual Health Insurance
The simplest form of health insurance is individual health insurance. It offers risk coverage to an individual towards hospitalization expenses. The premium amount depends upon the value of the sum assured value. You can buy independent healthcare policies for each member of your family in this type of health insurance plan.
Family Floater Policy
Family Floater health insurance plans are enhanced forms of healthcare policy. A family floater policy is one single policy that covers all the members of a particular family. You can customize the members you would like to cover under this plan. This policy eliminates the hassle of maintaining multiple policies for family members. Family floater is the best plan to cover your parents, spouse and kids, all under one roof. It has one single sum insured, and one single premium is paid for this policy. You can avail maximum benefit for the money spent through the family health insurance plan. All the medical expenses during sudden illness, surgeries and accidents are covered in family health insurance policy. The premium for this plan is evaluated on the basis of the members who are included in it.
Critical Illness Insurance Policy
Demanding jobs have lead us to live a life that is extremely fast-paced and does not allow us to focus on our health as much as we would like to. The impact of this has proved to have several negative effects; a prominent one of these is the rise of critical illnesses. They are life threatening and the cost of their treatment is also quite expensive. Fortunately, health insurance plans now offer a critical illness insurance cover that provides a pre-determined lump-sum amount upon diagnosis of any of the covered illnesses.
Hereby, every individual has the best understanding of his/her needs and accordingly has the best idea of the kind of insurance policy he/she would require. Thus, before you invest your hard earned money in any health insurance plan, ensure you address all your requirements and turn your health insurance into an investment and not an expense.
Aarvi the owner and senior content publisher at Financeclap. Aarvi completed his education in BBA (Bachelor of Business Administration), and recently she was working as an assistant manager for the accounts company. She also works as a senior digital marketing consultant for one IT company in 2018. The main idea for starting Financeclap is to provide the best and helpful information related to the business industry to the readers. Aarvi main hobbies are playing cricket, watching videos and listening to music in the free time. You can learn more about her on about us page.