Types of Health Insurance :- Health insurance, which is also called medical insurance or simply mediclaim, involves the costs of a person’s medical and surgical expenses. Person pays a certain amount (premium) each year for health cover.
what is health insurance & Types of Health Insurance plan
There are three broad types of health insurance in India
#1. Hospitalization Plans
#2. Hospital Daily Cash Benefit Plans
#3. Critical Illness Plans
Hospitalization Plans (Insurance Plan)
The hospital recruitment insurance reimburses the insured person’s hospitalization and medical costs for the sum insured. For this reason, plans are also known as compensation schemes.
Sum insured can be fixed (Sum insured can be fixed)
i- In case of personal health policies for a family member or
ii- In case of family health insurance policy, completely for family
Example :- Consider a three-member family in which each individual has a personal cover of Rs 1 lakh. Each member can claim reimbursement for a maximum of Rs 1 lakh as all three policies are free.
If the family applies for family health plan cover of Rs 3 lakhs, then any family member can claim medical benefit for more than Rs. 1 lakhs as it is within the sum insured of Rs. 3 lakhs is.
Hospital Daily Cash Benefit Plans (Insurance Plan)
The Daily Cash Benefit Scheme is a defined benefit policy. As the name implies, the policy pays a certain amount every day on hospitalization despite the actual cost.
For example, the cost of hospitalization for one day can be 2,000 / day and the defined daily limit of the policy can be 1,500 / day, in which case the insured person receives the successor. On the other hand, if hospitalization costs are 1000 / day, then it still receives 1,500 / day time.
Critical Illness Plans [insurance plan]
These are profit-based health insurance plans that pay a lump sum amount on the diagnosis of predetermined serious illnesses and medical procedures.
Diseases are initially specified. By nature, serious diseases are high severity and low frequency and the cost of treatment is higher than regular medical problems such as heart attack, stroke, and others. [Types of Health Insurance Plan]