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A quality healthcare is a challenging process. It's a critical issue whose importance is recognized in all the aspects of a society. Before opting for health insurance plan, the need is to make a good research because both private players and government organizations are competing with each other in order to attract the maximum customers, thus creating an overall confusion with a wide range of plans. Health insurance estimates the overall risk involved in healthcare expenses and develops a routine finance structure of monthly premium and annual tax, ensuring that the money will be made available as per the insurance agreement. Generally, people of higher age prefer these plans. But it is also important for younger generation to start planning for their future in order to lead a financially secure life in the later years.
There are different types of health insurance plans
Group Insurance Plan
Group insurance offers medical insurance to the groups like employees of a company, members of an association or a co-operative society and so on.
Individual Insurance Plan
Individual insurance caters to the special needs of the individuals. Premium is comparatively high for this kind of insurance.
Floater Insurance Plan
Floater plan can be availed individually or by all the members of the family. It provides single premium for the entire family
Health insurance plans can be further categorized as:
- Med claim Policy
- Personal Accident - Individual
- Personal Accident - Family
- Insurance for Group Accident
- Jan Arogya Bima Policy
- Bhavishya Arogya Policy (Insurance for senior citizens)
- Traffic Accident Policy
- Overseas Med claim Policy
Nowadays, few more health plans are readily available in the market as:
- Health Plan for Tax Saver- This is at premium policy of fixed rate under which the customers can save up to the amount of Rs. 3,366 as per Indian Income Tax Act, Section 80 D.
- Family Floater Health Plan - This policy takes the responsibility of the expenses on hospitalization of the whole family.
- Critical Care Plan - In case of serious illness like stroke, heart attack, cancer, kidney failure or paralysis this plan offers a lump-sum benefit on diagnosed disease. This policy can also be used for the benefit of Personal Accident and Permanent Total Disablement (PTD).
- Personal Accident Plan - It is a cover against permanent partial disablement (PPD), accidental death and permanent total disablement (PTD).
- Health Guard - It offers access to the cashless facility at various hospitals all over India and also medical reimbursement for entire hospitalization expenses.
- Hospital Cash -It provides extended financial support at the most required time.
- Personal Guard - It is cover against accidents and accidental injuries.
- Silver Health - This insurance plan is a special scheme that takes care of expensive medical treatments for people aged between 46 to 75 years.
Healthcare covers a wide range of insurance policies that include costs of doctors and hospitals or payment for long-term care. Healthcare plans can be accessed effectively by pursuing the following significant ways
- Choose a plan- Health insurance plans can be termed as indemnity or fee-for-service and managed care. Now while considering any health plan, try to figure out its total actual, especially in the case if someone has serious health condition in the family.
- Health Maintenance Organization (HMO) - It's the oldest form of managed care and provides a list of doctors from which you can choose a primary care doctor. Now if you belong to HMO, the cost of doctors will automatically be included in it. A non-member will have to pay the bill.
- Point-of-Service (POS) Plan- This plan allows the members to refer themselves outside the plan to get still some coverage. In case if a referral is made out of the network by the doctor then the plan pays almost the entire bill.
- Services- Carefully examine the services that an individual plan is offering. Try to find out what types of care or services the plan would not be paying for.
- Location- The healthcare centers have to be near your house or workplace. The plan should handle care well even if you are away.
Case Study
Today, most comprehensive research shows that the current market scenario is covered with a wide variety of health insurance plans. People also prefer to examine each case of health policy before actually opting for it in order to protect themselves high healthcare expenses.
For Example
In 1694 Hugh the Elder Chamberlain proposed the idea of health insurance. Later in the late 19th century "accident insurance" was introduced and operated as modern disability insurance.
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