All you need to know about the different types of health insurance


Life is precious, and therefore, getting insurance for your health is necessary. Having health insurance secures any risk of the sudden fate of an urgent health problem in the future. Life is unpredictable and therefore it is always wise to play safe. The human body is not immortal, but if there are any problems with your health then it directly affects the mental peace of your loved ones. Thus getting health insurance not only assists you financially during any sudden issue related to your health but also secures the welfare of your loved ones. Lack of health insurance might result in a financial burden on you and your family.

Health insurance is an agreement between the insured and the insurance company, to cover your medical expenses in exchange for payment of premium at a regular interval. It’s a fair deal, where you save up in the name of premium and in case of an emergency; you can pay your treatment without any financial stress.

It is a shared risk between the insured and the company. As agreed upon, the policyholder pays a certain initial medical cost in the form of premium, before claiming the company for any sort of payment. As the deductible amount increases, the number of premium decreases. You can buy health insurance on Turtlemint in order to secure your health.

There are different types of health insurance policies and they are characterized by the different duration of the agreement. But all the policies are based on the basic fact that the company will pay for the treatment of the policyholder if he suffers from a sudden health problem. There are whole life plans that cover for your entire life and there are policies that remain in effect only for a certain term. If anything happens within this term, the company is liable for payment. One must know thoroughly about all the types of insurance before investing in the one that is most suitable for them.

  • Individual health insurance plan:

This plan covers only for the policyholder. The insurance company only covers a certain medical expense depending on the premium paid. It is best suited for individuals with a higher risk of health issues.

  • Family floater health insurance plans:

Under this plan, the insurance provider is liable for the whole family. A family comprising of the policyholder, spouse, dependent children and parents can claim for payment in case of emergency.

  • Critical illness health insurance plan:

This insurance plan works only when the policyholder is diagnosed with any critical disease mentioned under the plan. The patient can claim the sum assured under such situation.

  • Top-up health insurance plan:

If the policyholder’s policy covers a very small amount, they can buy top-up policies to increase the amount of the sum assured. It is additional coverage to an already existing insurance plan.

  • Aggregate health plans:

Also known as super top-up health insurance plan. A regular policy which provides a limited sum assured, this plan is a top-up plan which works after the threshold limit of sum insured is reached. In this, the insurance provider aggregate the total expenses claimed in the year, and the claim asked is paid if it crosses the deductible limit.

  • Senior citizen health insurance policy:

Senior citizens are more prone to sudden health emergencies. This plan is covered for individuals who are 61 years and above.

  • Hospital cash plan:

This plan covers a fixed sum on a daily basis if the policyholder is hospitalized during a fixed span.

Therefore it is necessary to understand and analyze which plan will be most suitable for a secure and stress-free future.

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