pays for your hospital bills for diagnostics, surgery etc.
There is enormous awareness amongst people about the need for health insurance; rising cost of Hospitalization and a constant increase in the number of critical illnesses that people are suffering today makes people realize that Health Insurance is a necessity today. However, there is still not enough understanding regarding various types of health insurance options that are available. Insurance advisors throw in jargon about the types of health insurance plans and the benefits they offer but this makes a person even more confused. Well, here is an attempt to clear some of your doubts regarding two most popular types of Mediclaim policies - individual health insurance and family floater health plan.
Mediclaim policies are beneficial as they cover your hospitalization expenses for a minimum period of 24 hours. Maximum cover that you may receive is the sum Assured you have settled with your health insurance company. The company also offer cashless treatment or the Reimbursement facility. There are two types of health insurance covers available:
As the name suggests, this plan covers an individual for medical expenses up to the sum assured. You can also buy individual health insurance Policy for all members of your family so that each one is covered independently. The Premium of this plan is quite expensive for the families with low health risk.
This is a family policy and covers all members of your family. You pay a single premium and each member is covered up to the sum assured. So under this plan, the Sum Assured floats or in other words is shared among the family members covered in the policy. The most important limitation of this plan is that if there is more than one Claim in a year, then after the first claim, the cover amount will be reduced for other family members by that much amount. But in the next year again the Insured family will have the Coverage of sum assured. However, as the probability of all family members claiming in a single year is low, the family floater health plan is a good option.
However, in case the family meets an unfortunate Accident and all family members require hospitalization, the family policy may not be able to offer sufficient cover. In such cases, individual health insurance policy proves beneficial, as all family members will then be able to get cover separately. But if you can’t afford to pay a high premium cost of individual health insurance plan for all your family members, a family floater health plan will be a more affordable choice for you.
Before you decide to choose any particular mediclaim policy, weigh the pros and cons of each plan. Consult your insurance advisor to guide you further. You can visit the companies’ websites to get the information about their products or contact their agents. You can also take the help of insurance comparison websites to get the quotes of leading health insurance providers and compare them for your specific requirement. These websites also provide offline service support and online insurance purchasing.