What are the Unique Health Insurances Available in India ? Along with economic inflation and the price of basic necessities, the expense for medical emergencies is rising at an alarming rate. When you have a sudden medical emergency, it becomes a matter of concern to arrange the treatment expenses from your various investments in a short span of time. In these situations, mediclaims or health insurances become life-savers. Though the health insurances are extremely beneficial at the time of need, most of us are not even aware of the basic ‘what’s and how’s of mediclaims. Here are some unique health insurances available in India.
Health Insurance- What is it?
A Health Insurance is a special type of insurance plan in which you pay a certain amount of money in the form of ‘premium’ at regular intervals to get monetary coverage at the time of sudden ailments or medical emergencies. Opting for a health insurance before you turn 30 is always a good decision as it costs you less in terms of premium, but anyone can start a new health insurance policy at any age.
Health Insurance in India- Then and Now
The concept of health insurance came in India in the 80’s in the form of mediclaims where an individual had to pay the medical expenses on their own and then get the reimbursement from concerned insurance company submitting respective documents as claims. Initial Indian health insurances were from various government policies. From the era of pay first-claim later medical insurances we have come to the generation of ‘cashless’ health insurances where one can take the necessary medicare showing just the insurance papers with no extra payment at the time of medical emergency.
Unique Health Insurances Available in India
1. Short term Health Insurance Plan for Individuals
These are short term medical emergency benefit policies for a specific person that covers hospitalization fees, expenses for surgeries and other treatments. These policies need to be renewed after the coverage period is over. Though these plans come with higher premium rates than long term health insurances it is often preferred as foreign trip health insurances.
2. Family Floater Policies
Family floater policies provides medical expense coverage for an entire family. This is one of the bestselling health insurance policies in India right now. Here you will get ‘with cash’ or cashless insurance benefits for any of the insurance holders at a time.
3. Group Based Health Insurance Plans
Family floater policies cover only people belonging to a family while Group based health insurances are for a number of individuals who may not be related to each other. These plans are oftentimes preferred by business partners or owners of private companies to provide the necessary security to their employees in case of medical emergencies of owners.
4. Pre-existing Disease Coverage Policies
Most insurance policies only cover the sudden ailments; they do not cover the consequences of any pre-existing health condition. The pre-existing disease coverage policies include the expense for chronic health issues like cataract surgery or joint replacement for a part of insurance period or for the entire time span of an active policy.
5. Insurance for Pregnancy
Pregnancy is not considered as an ailment so most regular insurance policies keep it as an exemption. However, Insurances for pregnancy provides coverage to expenses before and after your baby’s birth. It includes neonatal care costs, delivery cost for normal or cesarean method. Some insurances for pregnancy also include ambulance expenses for emergency delivery.
6. Disease-Specific Health Insurance Policies like Dengue Fever Insurance
Disease-specific health insurance plans are special types of medical insurances where you get reimbursements for certain diseases. For example, dengue fever insurance will activate when you need medical care for treating dengue fever. Dengue, be it severe or mild, takes a variable amount of time to get well depending on an individual’s health condition. A dengue fever insurance will cover your hospitalization and other medical expenses until you get completely well.
7. Senior Citizen Health Insurance
This plan is specifically for the elder members of the family who need frequent medicare due to their degrading health conditions. This plan is generally bound up to 65 years of age but there are also certain special high-premium policies for people with 65+ age.
8. Hospitalization Related Health Insurance Plans
These plans reimburse only when you get admitted to a hospital; these plans are not for general out-patient treatments. Hospitalization plans are either day-wise fixed reimbursement plans or they will reimburse a fixed amount after you complete you get released after treatment.
9. Health Insurance for Critical Ailments
Fatal or terminal ailments like cancer, organ transplant, heart attack or stroke are often happens suddenly and needs lump sum amount for treatment in a short while. These health conditions are covered in critical ailment insurance. These insurances can be opted as an additional benefit along with regular plans. They also come as a distinct health policy.
10. Stock Based Health Insurance Policies
In most cases health insurance policies are either no bonus or minimum bonus plans where you get a minimum or no amount extra on top of your total submitted premium. Stock-based health insurances are plans where your premium money gets invested in your chosen share unit and from the dividend or the current stock value of the unit decides your reimbursement amount.