There are different types of health insurance policies in the market. Some of them are meant for a single person whereas group and family healthcare policies are also available. Each of these healthcare policy types has its advantages and features. Therefore, you can select the plan that meets your expectations and requirements perfectly.

Here are some of the main types of healthcare policies that you need to know about:

Individual health insurance policies

As its name suggests, individual healthcare policy provides health protection for only one person. It includes extensive coverage for hospitalization charges, ambulance costs, room rent, and other expenses. 

The benefit of this health insurance policy is that the entire sum insured is reserved for one person only. Therefore, you can get the best of the medical facilities and services if you have opted for a high sum insured amount. 

Family Floater Health Insurance 

Family floater health care policy provides health protection to an entire family. It covers your entire family with a single premium but the coverage amount gets divided among the members. However, the advantage of this policy is that one member can utilize the entire coverage amount during an emergency. 

Family floater health care policy is recommended for nuclear families and adding elders to the policy increases its premium. It is wiser to get a senior citizen health care policy for your parents instead of including them in a family floater health care plan. It is because the health risks increase with age and the premium amount grows quickly. Also, as the available coverage amount is divided among multiple members, it won’t prove sufficient for senior citizens during a health emergency. 

Senior Citizen Health Care Policy 

Senior citizen health care plans are designed especially for those who are above 60. It includes extensive coverage for health care facilities and offers a high sum insured. Psychiatric treatments and domiciliary hospitalization are some of the noteworthy benefits of this insurance policy. 

However, senior citizens may have to undergo a medical test before getting this policy. Also, as senior citizens are prone to higher health risks, the premium associated with these plans is significantly higher. 

Group Health Insurance Policy 

Group health insurance plans are offered by employers to the employees of their organization. The extent of the coverage and benefits might vary according to the insurance plan chosen by the employer. However, the waiting period does not apply to the health group insurance plan. It means that your healthcare expenses are covered from day one. A majority of the insurance cost is paid by the employer. However, a nominal amount gets deducted from the salary of the employee against the premium. The benefits of the group health insurance plan cannot be received once the employee retires or leaves the organization. 

Maternity Insurance 

The benefits of maternity insurance are included in a comprehensive healthcare policy. However, if it is not, you can get it as an add-on policy along with your existing plan. It covers the hospitalization charges, medical costs, room rent, and other expenses associated with maternity. Even group healthcare policies include it but they might not cover the entire cost of maternity as compared to when you prefer it as an add-on policy.

Critical illness insurance 

A critical illness insurance policy protects you from major illnesses such as heart ailments, cancer, diabetes, etc. It does not cover pre-existing diseases and offers a lump-sum amount as a defined benefit instead of reimbursing the hospitalization expenses. 

Apart from these main medical insurance types, there are add-on cover plans that extend the benefits of your existing policy. To get the best medical insurance for yourself or your family, check the insurance policies offered on Bajaj Finserv’s website.