5 Type of Health Insurance Everyone Must Know

Life’s unpredictable and there’s nothing we can do about it. All we can do is make our grand plans and prepare for the good, the bad, and the ugly.

And this blog will better prepare you for those bad and ugly life scenarios.


Having a health insurance plan, sort of, works like putting a seat belt on. For the most part, you won’t feel the need for it. But, in case of an accident, the consequences can be really dangerous if you are not wearing ’em.

In a way, your health insurance is like a seat belt for it does not guarantee your safety, but it does soften the blow. And in case you are wondering, when is the right time to get a health insurance plan, we think, this blog might help you.

Let’s now, then, talk about some ways you can use to soften the blows, in case, life throws you some curveballs.

Okay, let’s be direct now: we are gonna talk about 5 types of Health Insurance that will make your, and your family’s life easier!

Let’s get started!


  • Individual Health Insurance

As the name suggests, an individual health insurance plan offers coverage on an individual basis. If you are young and planning to buy your first health plan, this, surely, is the right one for you.

You can also include your other family members, say your husband, children, and even parents, by paying an extra premium for added family members.

In such health plans, your individual sum insured is not exhausted, in case, other family members file for a claim. These kinds of plans work really well if you are single or do not have kids. Both you and your spouse can enjoy your life while being insured on a single plan.


  • Family Floater Health Insurance

A family floater health insurance plan covers all the family members including your spouse, children, parents, and other dependent members. A single premium will cover the cost of every family member in case of hospitalization.

Your premium, usually, is based on the age of the eldest family member. It’s more like an individual health insurance plan but with one minor difference. In family floater health insurance, all family members are covered under a single sum insured.

If you have young kids or family members that are less likely to get sick, opt for a family floater health plan. The chances of one member exhausting the entire sum insured are very less.

In case, you have elder family members or someone with a critical illness, family floater might not be the right option for you. This is because one family member would exhaust the amount and leave a lesser coverage amount for other members.


Types of Health Insurance
5 Types of Health Insurance


  • Critical Illness Insurance

This type of insurance covers life-threatening diseases like cancer of various types, stroke, kidney failure, paralysis and other such diseases. In general, the treatment cost for such diseases is very high and there are other costs, too, other than hospitalization.

In most cases, treatment requires multiple hospital visits, multiple doctor consultations, diagnostic tests, etc., for long periods of time. The sum insured is paid in a lump-sum that can be used to cover all your medical costs and post-treatment care.

However, the number of diseases covered and the total sum insured is based on your health insurance provider and the kind of plan you opt for. You can either opt for a critical illness rider on your existing health plan or buy a stand-alone critical illness plan.


  • Hospital Daily Cash Benefit Plans

This type of health plan offers a lump sum amount in case of hospitalization. The amount is fixed at the time you buy your health insurance. Under such a plan, you get a fixed amount for each day of hospitalization irrespective of your actual expense.

For example, if you have opted for a plan which pays Rs. 5000 for every day of hospitalization, you will receive this amount even if your actual expense is Rs. 2500 per day.

You can either take a rider for a daily cash benefit plan or get a stand-alone plan. The additional cash can be used to handle post-treatment care and other expenses which are not covered under your health plan.


  • Senior Citizen Health Insurance Plans

These plans are designed to cover people above the age of 60 years. Such plans are best suited for your elderly parents for post-retirement safety. At such an age, the cost of treatment is usually high as elderly people are more vulnerable to serious illnesses.

To cover such expensive costs, it is suggested to buy a senior citizen health insurance plan to cover the additional costs and not worry about managing funds in case of hospitalization or any other medical emergency.

The premium is, usually, higher when compared to other health plans, but offers extensive medical coverage.

As we said in the beginning, life’s unpredictable but there is always something we can do to better deal with such uncertainties.

We hope we were able to offer you some guidance on different types of health insurance.

And if you need some help on deciding what kind of health plan you should opt for or if you have any questions regarding this blog post, write to us at support@toffeeinsurance.com

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