Though you may take the necessary measures to remain in the best of health, there may be instances where you need hospitalization, physical therapy, or medical tests at some point. Given the cost of medical inflation, such services may prove to be expensive. Investing in a health insurance plan is, therefore, a recommended option by numerous financial advisors. Not only does a mediclaim policy ensure that you receive quality treatment, but also provides the much-needed financial security during challenging times.
There are numerous types of health insurance plans available in the market. Sometimes, making a choice from among a plethora of options may become a cumbersome task. It is, therefore, necessary to compare the benefits and features of various plans before zeroing down to a single option. You may also consider health insurance quotes offered by various insurers and chose the one offering maximum benefits at the best price.
Following are six common types of health insurance plans that you may purchase for you and your family.
- Indemnity plans
Indemnity plans are also known as ‘fee-for-service- plans.’ In such a type of health insurance, you may be admitted to the hospital of your choice. You may then pay the medical expenses incurred and later claim a reimbursement from your insurance provider. Many individuals often chose this type of a plan as it provides the freedom to choose their preferred doctor, physician, or hospital.
- Family floater plans
As the name suggests, family floater health insurance plans provide medical coverage for numerous members of a family. Such a plan has been tailor-made to cover yourself, spouse, children, and dependent parents. The sum insured may be used by any member of the family as and when the need arises. While purchasing such a plan, it is imperative to determine the right level of coverage. You may request family health insurance quotes from multiple insurance providers.
- Cashless benefit plans
Cashless mediclaim policies involve the insurance provider settling all the incurred medical expenses with the hospital itself. You, therefore, do not have to make any out-of-pocket expenses towards the same. However, it is necessary to get admitted at any of the network hospitals of the insurance provider. You may purchase such a policy through the Internet and may seek online medical insurance quotes for the same.
- Top-up plans
Top-up plans, also known as riders, provide an enhanced coverage to your existing health insurance policy. There are numerous rider options available in the market such as critical illness cover, maternity cover, hospital cash benefit, room rent waiver, and personal accident rider, among others. Such benefits may be availed of by paying an additional premium.
- Personal accident plan
Life is uncertain. In case of any untoward accident while on the road, you may sustain bodily injuries, impairment or mutilation. A serious accident could also lead to the death of an individual. In order to financially safeguard yourself against such events, you may consider investing in a personal accident plan. You may compare health insurance quotes of such a type of insurance plan.
- Daily hospital cash plan
Most health insurance policies do not offer coverage against inadmissible charges, X-ray expenses, or travel expenses incurred by accompanying family member, among others. Purchasing a daily hospital cash plan offers coverage for such expenses. Irrespective of the medical expenses incurred by you, the insurance provider offers a pre-determined amount for the number of days you are hospitalized. You may, therefore, enjoy these benefits by investing in a daily hospital cash plan at the earliest. You may seek multiple health insurance quotes through the Internet.
The aforementioned types of health policies come with their own set of features and benefits. You may choose the right plan based on your family’s needs and requirements. By comparing various family health insurance quotes and selecting the best policy, you may have peace of mind knowing that you and your family are covered at all times.