About 83% of Indians are familiar with health insurance, whereas only 19% have actually purchased a policy. This statistic highlights a substantial gap in the adoption of health insurance. Saving you from financial burden during a medical crisis is the superlative benefit of any health insurance policy. These policies cater to broad needs and cover individuals, senior citizens, and families.
Determining the best health insurance policy for your needs is easy if you review the top insurance policies with their features. First, let’s be more familiar with the importance of getting health insurance from a young age, and then look at the details of the top health insurance policies:
Importance of Having Health Insurance From a Young Age
Physical ailments have now become a growing concern among people of different age groups, not just elderly people. Considering the life uncertainties and skyrocketing healthcare costs, it is advisable to have a health insurance policy for you and your family, at the earliest possible. It safeguards you and your loved ones against unplanned medical expenses. Here are the points exemplifying its significance:
- The risk of health concerns grows with age, resulting in higher premiums.
- Generally, young policyholders are less likely to claim, so this increases the odds of obtaining a No-Claim Bonus.
- You become eligible for tax deductions on the premium, as per Section 80D of the Income Tax Act.
- Buying a health insurance plan early can smooth the waiting period, guaranteeing comprehensive coverage whenever required.
- Depending on the health insurance policy you choose, you can get several coverage features ranging from critical illness to post-hospitalisation expenses.
Top Health Insurance Policies for Senior Care and Young Families
Now let’s go through the details of some of the top health insurance policies for young families and senior care:
1) Individual Health Insurance
This kind of policy offers abundant healthcare security for individuals, senior citizens or individuals with medical conditions. Note that the sum insured and premium depend on the age. The sum insured can go up to ₹1 Cr as per the plan. Some of the key features you can access are cashless hospitalisation, tax benefits, unlimited recharge of sum insured, etc.
2) Family Floater Health Insurance
As implied from the name, this kind of policy safeguards your entire family’s health. It covers two adults and two children –a total of four. You get the flexibility to add multiple nominees to the plan. Specifically, it covers you, your spouse, parents, and children; you need to pay the specified standard premium. The coverage includes the medical expenses for treatment, pre- and post-hospitalisation (during planned admission or an emergency), up to a 100% cumulative bonus, ambulance cover, etc.
3) Health Insurance for Senior Citizens
It is specially designed for people aged 60 years or older. It provides significant financial assistance to senior citizens living a retired life, with no fixed income. The key features under the senior citizen medical insurance policy are cashless hospitalisation, daycare treatment, domiciliary hospitalisation, annual health checkup, AYUSH coverage, etc. The policy serves as the best approach to provide peace of mind to old parents.
4) Mediclaim Insurance
You and your family can get extensive coverage during medical emergencies with this policy. You get the flexibility to choose a separate mediclaim to cover your family members. The appealing aspect is that the policy directly compensates the medical expenses at the particular hospital. Alternatively, you can file for reimbursement.
It covers expenses involving pre- and post-hospitalisation, medication, radiotherapy, and chemotherapy. Make sure to submit all the necessary documents to the claim management professionals to ensure timely and smooth claim settlement.
Here’s a list of key features it supports:
- Lifelong renewability
- OPD expenses
- Dialysis and chemotherapy coverage
- Organ donor coverage
- Global coverage
5) Critical Illness Insurance
It offers financial assistance for hospitalisation due to critical illnesses like stroke, cancer, kidney failure, coma, heart disease, etc. It is a suitable option to consider for individuals having a pre-existing disease or looking for financial security against potential health emergencies. Generally, individuals involved in high-risk occupations or bearing a family history of disease can buy this policy.
Quick claim settlement, comprehensive coverage, support for cashless claims, no claim bonus, etc., are some of the major benefits this policy provides.
6) Maternity Insurance
If you are planning to grow your family, then this insurance policy is a recommended choice. It covers expenses related to pregnancy, childbirth, vaccination, prenatal and postnatal care, treatment expenses, hospitalisation charges during delivery stay, and doctor consultations. The plan ensures the best possible medical facilities for the mothers and infants. Free look period and direct claim settlement are some of the appealing aspects of this policy.
Conclusion
Healthcare insurance policies designed for senior citizens and young families protect you financially during health emergencies, ensuring peace of mind. It is imperative to choose a policy that perfectly aligns with your family’s medical needs, without straining your budget. Performing thorough research and comparing various policies can help you pick the most appropriate one.