Who Needs Health Insurance?

All of us need health insurance, no matter whether we are single, married, retired or an employee of an organization. Because we all face health risks in our daily lives, and due to increased medical costs, most of us are unable to receive the required treatment. So to tackle the same, the concept of health insurance got introduced. Using a health insurance plan, an individual can get coverage for his/her hospitalization such as – room rent, ICU charges, nursing expenses, medicine/drug purchases, etc. Let’s know more about health insurance and how it helps different segments.

So How Do Health Insurance Plans Help Different Segments?

There are different types of health insurance plans meeting the requirements of different segments that you could see below.

Individual Health Insurance

This health insurance plan is for a single person only. Here, the insurer provides you a sum insured to cover your medical expenses. In an individual health insurance plan, you get benefits like hospital cash, no claim bonus, unlimited renewals, etc. Let’s take a look at some of the popular individual health insurance plans –

Family Floater Health Insurance

If you care for your family and are worried about their health, purchase health insurance on a family floater basis. In this, you can cover yourself, your spouse, parents, children and in-laws under a single health insurance plan. Let’s know popular health insurance plans in this category.

Group Health Insurance

If you are an employee of a company, your employer might provide you with health insurance. And do you know such insurance comes under the category of group health insurance? Under this, only the employee, employee’s spouse/husband and children will be covered. An employer can purchase group health insurance if there are more than 50 employees in the company or organization. The following are some popular group health insurance plans –

Note – All your health insurance benefits shall stand extinguished if you quit or are fired from the job.

Senior Citizen Health Insurance

At old age, we all face health issues. To take care of that, insurance companies have designed senior citizen health insurance plans. Under this, the entry age starts from 55 or 60 years, and the policy covers all hospitalization expenses. So if you are near to your retirement age or are already retired, purchase a senior citizen health insurance plan. We have the list of top health insurance plans for senior citizens. Take a look at them below –

Benefits of Health Insurance at a Glance

If you purchase a health insurance plan, you can get the following benefits –

1. Coverage Against Hospital Bills – The insurance plan will cover all the reasonable medical expenses from your hospital bill. You can claim your health insurance either cashless or through reimbursement.
2. Rider Option – Every insurer provides you an option to enhance the base policy cover by providing riders. A rider is an additional cover for which you need to pay an extra premium.
3. Tax Benefits – Under Section 80D of the Income Tax Act (ITA), 1961, you can claim a tax deduction on your annual tax payments.
4. High Sum Insured – A policy provides you a wide range of sum insured options so that you can cover hospitalization expenses without any hassle. A high sum insured ensures that you don’t need to pay from your pocket in case the hospitalization expenses remain high.