Health Insurance Plans worth buying in 2023 | Chola MS

Health Insurance Plans worth buying in 2023

Health insurance is an important aspect of financial planning, as it helps protect you and your loved ones from the financial burden of unexpected medical expenses. With the ever-increasing cost of healthcare, it's more important than ever to have a good health insurance plan in place. As we move into 2023, there are several types of health insurance plans worth buying to ensure that you and your family are covered in case of illness or injury:

1. Individual Health Insurance Plan

An individual health insurance plan provides coverage to only one person. People between the ages of 18 to 65 years can qualify for such plans. Under this, you are entitled to receive cover for hospitalisation and surgery costs incurred due to injury or illness. Individual plans are usually more expensive than group plans, but they allow claims up to the value of the sum insured.

2. Family Floater Health Insurance Plan

Family floater health insurance plans are a popular option for families with dependents. This type of insurance provides coverage for all family members under a single plan, with a single premium and sum insured, which is shared by all the beneficiaries. This can be a cost-effective option for families, as it can be cheaper than purchasing separate plans for each individual family member. Families with members under the age of 60 years are recommended this plan; however, this varies depending on the insurance requirement. It covers you against hospitalisation costs, surgery costs, daycare, etc.

3. Senior Citizen Health Insurance Plan

A senior citizen health insurance plan provides coverage to those above the age of 65 years. It is a kind of health insurance that you can buy to protect your parents or any other senior citizens from financial losses in case of illness, injury, or accident. The premium charged for this plan is slightly higher than an individual health insurance plan to factor in the additional medical expenses incurred by senior citizens. These plans also have coverage for hospitalization expenses, diagnostic tests, medications, and other treatments related to treating illness or injury.

4. Critical Illness Insurance Plan

Because of a rise in critical illnesses, insurance companies have introduced a health insurance plan covering these. Critical illnesses such as cancer, heart disease, paralysis, kidney failure, etc., require expensive treatments, which at times are not covered under a basic health insurance plan. At the time of claim against this policy, the insurer usually pays a one-time lump sum, after which the policy gets terminated.

This policy is recommended to anyone with a family history of critical illnesses. With an option of lifetime renewability, getting this type of insurance is often a smart investment and prevents a huge dip in savings if ever detected with such a disease.

5. Group Health Insurance Plan

A group health insurance plan is meant for a group of people working together. It is usually offered by a corporate or an employer to its employees as part of the benefits package. This type of insurance is often the most affordable option, as the cost of the premium is typically shared between the employer and the employee. Additionally, many employer-sponsored health plans come with additional perks, such as wellness programs and health savings accounts.

It depends on the employer to offer this health insurance to the employee only or extend it to their families as well. If it is extended to the families, it is possible that it is done so at an additional premium. As long as the employee remains with the company, they are covered by this plan. Such a plan offers coverage for hospitalisation expenses due to injury, illness, accident, and maternity.

6. Maternity Health Insurance Plan

A maternity cover can be bought as an additional cover to the basic health insurance plan. It covers the expenses incurred during the prenatal, delivery and post-natal stages. This plan is recommended to anyone planning to start a family. Some insurance plans come with a waiting period so all the important details should be carefully checked before investing.

7. Top-up Health Insurance Plan

A top-up health insurance plan is a secondary insurance policy that helps you cover the cost of co-payments, deductibles, and other out-of-pocket expenses. The top-up plan is typically used to supplement a primary health insurance plan that does not cover all medical costs. Such a plan gets activated as soon as the maximum claim amount has been used. It has the option to avail a higher sum insured over the basic plan, but it has a deductible clause attached to it.

8. Disease-specific Health Insurance Plans like Corona Kavach, etc.

Some treatments like that of Covid-19 can be covered in a plan such as the Corona Kavach Health Insurance Plan, which is specific to the treatment of this disease. These disease-specific plans can prove to be extremely helpful in times of need. They can be bought for a flexible duration, on a one-time premium payment basis. It covers pre and post-hospitalisation costs and AYUSH treatment, amongst other benefits.

It is important to note that all insurance plans have different benefits and drawbacks, so it is essential to research and compare different options to find the best one for your specific needs. There are different insurance companies offering similar policies. It is important to choose a reliable insurer with a fast and easy claim settlement process. Chola MS health insurance plans come with a large number of network hospitals offering both reimbursements and cashless claims.

Remember that the best health insurance plan is one that provides you and your family with the coverage you need at a price you can afford. Chola MS Health Insurance offers a wide range of plans for you to choose from. It is advisable to go through the plan's coverage details, exclusions, waiting period, etc., before making a decision. It is also important to review your insurance coverage periodically to make sure that it still meets your needs. To know more about the different Chola MS Health Insurance plans, visit the Chola MS website.

Disclaimer : Above mentioned article is a sponsored feature, This article is a paid publication and does not have journalistic/editorial involvement of IDPL, and IDPL claims no responsibility whatsoever.