Health insurance lexicon
Here are some products which can give you adequate health coverage
Individual Health policy: Basic healthcare plans which typically cover treatments undertaken when hospitalised. The cover extends to pre and post hospitalisation expenses on medication and diagnostics, subject to limits and conditions in the policy.
Family Floater policy: Extension of the individual plan, these cover a family by spreading the risk across the members. For instance, Rs 2 lakh cover is spread across four family members; two adults and two children.
Senior Citizen Health policy: Most individual health plans are capped to age 60; these are plans for senior citizens and come with a lower value of cover.
Groups Health policy: For employees in organisations; comes with certain additional benefits that individual plans do not carry, for instance, pregnancy.
Hospital Cash policy: This insurance pays a fixed sum for each day spent in hospital, totally independent of the room rental and medical treatment costs.
Critical Illness plan: Typically offered by life insurers, long term critical health lists a host of high-cost, low-incidence critical health conditions such as cancer, stroke or kidney failure that it covers for 20-year period.
Top-up: This cover goes beyond the threshold limit or the maximum limit of the existing health insurance policies. For instance, if you have an individual cover for Rs 3 lakh and also a top-up cover for Rs 10 lakh; the latter will kick in if your hospitalisation expenses exceed Rs 3 lakh.
Read: Health Check