“We are what we repeatedly do. Excellence, then, is not an act, but a habit.”, Will Durant rightly said. Maintaining your health is a disciplined habit that can be difficult if you are not informed on how to do it. When worse comes to worst in terms of your health, it affects you physically and financially.
Medical expenses are difficult to bear, especially when they come unannounced. You can lose all your savings to pay off your medical bills. However, it is smarter to be prepared for such unforeseen circumstances. This unpredictability of health crises can be avoided with health insurance. So here are the types of 5 best health insurance in India to go for!
But before we go there, let’s cover the basics, shall we?
What is Health Insurance?
The best health insurance in India covers your medical bills from surgeries, hospitalization, treatment of injuries due to accidents, disability, critical illnesses, etc.
Buying the best health insurance in India will ensure that you are all covered in case of medical mishaps. Moreover, with health insurance in your pocket, you can make cashless payments against your medical bills. It is possible if you have checked their network hospital list.
Therefore, health insurance is a legal agreement binding the insurer and the insured. Insurance providers must cover medical expenses if the insured needs financial assistance with their hospital bills.
Best Types of Health Insurance in India
Being informed of diverse types of health insurance will assist you in selecting the one that best suits your needs. Typically, you will come across 7 different types of health insurance in India. Here’s a list of the types of best health insurance in India-
Individual Health Insurance Plans: Under individual health insurance plans, only the individual buying the insurance is the sole beneficiary of the health insurance. The benefits of this policy can be claimed without any limits. There is no age limit to this policy, which means that you can renew the policy for a lifetime and enjoy the benefits. In addition, you can get all your medical expenses covered up till the sum assured to you is consumed.
Family Floater Health Insurance Plans: In a family floater health insurance policy, you can get yourself and your family members covered under one health insurance plan. The collective coverage available with this plan makes it more affordable than separately buying health insurance for each member. Premiums paid for it are also budget friendly. A family floater provides coverage for your siblings, parents, spouse, children, parents of your spouse, and sometimes other relatives can also be covered depending on the plan you have chosen.
Senior Citizens Health Insurance Plans: This insurance plan is designed to cater to the needs of older adults. Aged adults require more medical coverage than provided in individual health insurance or family floater health insurance as they are prone to more illnesses and need more care regarding their health. This plan will help them make cashless payments, get pre and post-hospitalization treatment, cover day-care expenses, and more.
Critical Illness Insurance Plans: Diagnosis of critical illnesses can be heart-breaking but even more so financially draining. This is why you should think of buying a critical illness insurance plan. You can even benefit from this plan to pay off debts such as a home loan. After the critical illness diagnosis, the policyholder is provided a lump sum assured sum by the insurance company. This amount can be used in India as well as abroad.
Women-Specific Health Insurance Plans: You might be under the impression that a woman would only require health insurance for the period of maternity. But in reality, women need coverage for many more reasons. For example, although employed women are provided maternity health insurance by their employers, they should also consider getting additional coverage for reasons such as a child’s education or retirement. In addition, it is always advised that you are well prepared for emergencies, especially the ones related to your health.
Along with getting the best health insurance in India, you can also consider buying life insurance to ensure that your family gets adequate financial support in your absence. This way, you can ensure that your family stays financially prepared before and during your absence.
Life Insurance plans are a legal agreement between the beneficiary and the insurance provider. They provide a death benefit, the sum paid to the nominee if the policyholder passes away owing to unfortunate circumstances while the plan is still in effect.
You should consider investing in the best health insurance in India and life insurance today if you want to invest regularly and routinely for a healthy and stress-free life. The saying rightly goes, health is wealth.