Different Types Of Health Insurance Plans To Choose From In 2022

Health Insurance Plan
Health Insurance Plan

If there is one thing that every person in India needs, it is health insurance plan that provide full coverage. But with different insurance companies offering a variety of health insurance plans, it can be a bit confusing for the average person to decide which health insurance coverage to purchase.

The truth is, the health coverage policy bought by your neighbor may not necessarily be ideally suited to your health needs. That is why you first need to know what you want from a health insurance plan and see if it meets your expectations before making a purchase. This post highlights the different health insurance plans Indians can choose from in 2022.

What is the goal of health insurance plan?

It is worth noting that all types of health insurance policies aim to provide you with much-needed financial assistance to offset the cost of treatment for various medical problems. The cost of healthcare in India and the whole world has recently increased, and health insurance coverage helps reduce out-of-pocket expenses in payment for medical treatment.

In addition, health insurance plans like those offered by aditya birla health insurance help ensure that Indians receive the very best in medical services from trained and experienced healthcare professionals at well-equipped hospitals.

What are the types of health insurance plans available in 2022?

Generally speaking, there are 11 different types of health insurance plans that Indians can choose from in 2022. These health insurance covers include Individual Health Insurance, Family Health Insurance, Critical Illness Insurance, Senior Citizen Health Insurance, Top Up Health Insurance, Hospital Daily Cash, Personal Accident Insurance, Mediclaim, Group Health Insurance, Disease-Specific Insurance, and Unit Linked Insurance Plans.

Individual health insurance plan:

This is a plan purchased by individuals to serve the health needs of one person. It typically caters for pre-and-post-hospitalization medical expenses for an individual. Your premium cost often depends on your medical history and age, while the waiting period for treatment claiming benefits on existing illness takes 2 to 3 years. 

Family health insurance plan:

This plan provides healthcare cover for your whole family, including your spouse, children, and senior citizen parents. You pay a premium, and your entire family is insured under a single plan. The value of your premium cost is also influenced by age, and insurance companies charge a more significant premium if senior citizens are insured within the plan.

Critical illness insurance Plan:

Critical Illness insurance provides lump sum payments to individuals covered under this plan in treating life-threatening ailments, such as stroke, paralysis, kidney failure, and cancer.

Senior citizen health insurance plan:

This is a health insurance plan for senior citizens aged 65 years and over. It attracts high premium payments because senior citizens are prone to a myriad of health complications due to their age.

Top-up health insurance plan:

This plan provides added coverage on an existing policy but is secured by better premiums than purchasing a new one.

Hospital daily cash plan:

You will receive hospital expense waivers or cash benefits ranging from Rs. 500 to about Rs. 10,000 with this plan if you ever require treatment at a designated hospital.

Personal accident insurance plan:

This plan caters for the payment of medical expenses incurred during the treatment of injuries arising from an accident.

Mediclaim plan:

Mediclaim prevents you from having to pay for medical expenses out of your pocket during an accident, emergency, or illness.

Group health insurance plan:

This is an employee health insurance plan offered by many private and publicly owned companies in India. Employees receive free medical treatment at specific hospitals under this plan.

Disease-specific insurance plan:

With this plan, you pay a premium to insure yourself from a specific type of ailment. It could be M-Care covering mosquito-borne diseases, such as Malaria, Zika virus, Dengue Fever, Chikungunya, etc.

You also have Corona Kavach, which provides insured persons with funds for paying medical expenses between Rs. 50,000 and Rs. 500,000 if they have been infected with Covid-19. However, the age limit for the insured under a disease-specific health insurance policy is between 18 and 65 years.

Unit Linked Insurance Plans:

A portion of your premium payment will be invested while the remaining premium is used to purchase medical coverage. ULIPs earn you a return of investment in addition to providing coverage in the event of a medical emergency.

In Conclusion

With many health insurance plans in the market, purchasing a suitable health insurance cover may be daunting. However, as you can see, you only need to look out for those plans that suit your needs. You can review the policy details and research similar policy benefits offered by the different insurance providers in the market to make an informed decision.