Health is wealth, and this age-old adage now holds more importance in our lives. It has become all the more necessary to opt for health insurance these days. This insurance policy aims at providing coverage for illnesses and treatment. Before investing in any of the policies, it becomes important to acquaint oneself with all the components of health insurance plans.
Types of Health Insurance Policies
- Individual Health Insurance - This health insurance plan gives coverage to the individual. One can buy it for themselves, or the spouse or a child or parents. This policy provides complete coverage of medical expenses incurred due to injury and illness. It also provides coverage for surgery costs, daycare procedure, hospitalization and others.
Eligibility: Every individual who falls in the age bar of 18 years to 70 years can invest in this plan.
- Family Floater Health Insurance- This one is considered the best health insurance plan if you want to provide coverage to your family. The premium will be less, and it will cover all the members of the family. This plan is perfect when the eldest member of the family is below 60 years of age. However, if you have older people above 60 years of age, they are more prone to illness, so the policy's premium is going to rise.
Eligibility: This is similar to the group health insurance plan. If you have 4-6 family members, then you must consider this insurance plan.
- Group Health Insurance - Companies offer this health insurance plan to their employees. The best part about the group health insurance plan is that it provides coverage to the employees, and the premium is less. Some group health insurance providers also provide coverage to the family members of the employees. Therefore, there is a minimum hassle during the claim process.
Eligibility: One doesn’t need to think about it because this policy is provided by the company where you work. Some organizations bear the cost of the premium of group health insurance plans; there are other organizations that deduct this amount from the CTC of the employee.
- Senior Citizens Health Insurance- Older adults are more prone to illness, and the rising medical cost can become troublesome sometimes. One can invest in a senior citizen health insurance plan. This plan is for people who are above 60 years. This policy provides coverage of the cost of medicine, pre, and post-hospitalization and treatment. Some other benefits include domiciliary hospitalization and psychiatric benefits. Remember, these benefits may vary from one insurance provider to another.
Eligibility: This health insurance plan is a good choice for people who are 60 years and above. The maximum age limit is 70 years with lifetime renewability. This health insurance plan has a higher premium than the other health insurance plans because older adults are more prone to illness.
- Critical Illness Insurance- In times like today, when critical illness has become a point of concern, it is important to invest in a critical illness plan. The occurrence of lifestyle-related diseases is on the rise. Keeping this in mind, the insurance companies have offered the Critical Illness Policy. This health plan covers diseases like:
- Pulmonary Arterial Hypertension
- Coronary Artery Bypass surgery
- Multiple Sclerosis
- Kidney failure
- First Sclerosis
Eligibility - Individuals from the age of 18 years can apply for this policy. Also, some insurance providers may ask for health check-ups.
- Coronavirus Health Insurance Plan- This health insurance policy was introduced after the COVID-19 hit India. There are two types of coronavirus health insurance plans:
- Corona Kavach – This insurance policy provides coverage in the range of Rs. 50,000 to Rs. 5,00,000. It covers all the costs of hospitalization and even home treatment.
- Corona Rakshak – This plan is for individuals in the age group of 18 years to 65 years. This policy provides coverage in the range of Rs. 2.5 lakhs to Rs. 5 lakhs.
How to Apply?
Once you have the details and have shortlisted the insurance provider, you need to apply for the insurance plan. You are required to submit the following documents:
- Proposal form duly filled in and signed
- Proof of age like voter ID, Aadhaar card, driving licence, PAN card, passport or birth certificate
- Identity proof like Aadhaar card, voter ID, passport, driving licence, etc.
- Address proof like driving licence, ration card, PAN card, Aadhaar card, rent agreement, utility bills like electricity bills, telephone bill, etc.
Additional documents that may vary from one insurance provider to another:
- Passport-size photographs
- Medical reports
Documents for the Claim
You would need the following documents:
- Filled and signed claim form
- Medical reports and certificate
- Original discharge summary or card
- Cash invoice from pharmacist or hospital
- In case of an accident, one needs to submit FIR or Medico-Legal Certificate (MLC)