Types of Health Plans

Critical illness plans
Critical illness plans are fixed benefit plans which pay a lump sum amount irrespective of the actual costs incurred. These plans cover a list of major illnesses. If you are diagnosed with any of the covered illnesses, you get a lump sum benefit which is the sum insured chosen by you.
Disease-specific plans
There are Health Insurance plans which are designed to cover individuals suffering from specified ailments. These plans provide coverage to ailing individuals who are otherwise excluded from normal Health Insurance plans. Some common ailments covered by these plans include diabetes, heart-related problems, dengue etc.
Group health plans
Indemnity Health Insurance plans which are taken by a group are called group health plans. There is one policy covering all the members of the group. The premiums are low and can be paid by the group, individual members or by both.
Personal accident plans
These health plans cover death and disability arising out of an accident. The sum insured is paid in full in case of death or permanent total disability. However, in case of permanent partial disabilities, a proportion of the sum insured is paid depending on the plan's features.
Top-up health plans
Top-up health plans are Health Insurance plans which supplement your existing Health Insurance coverage. These plans help you in increasing the sum insured at affordable premiums. There is a deductible limit under top-up plans. If any claim exceeds the deductible limit, the plan benefits are paid.
Super top-up plans
These plans are a step above top-up Health Insurance plans. While under top-up plans the deductible is applicable for each claim made, under super top-up plans, the aggregate claims made in a year are considered. If the total claims made exceed the deductible limit, the plan pays the benefits.

Premium calculation in a Health Plan

The premium for a Health Insurance plan is calculated after considering various factors. These factors are mentioned below -

Present Age
Age is the primary factor that determines Health Insurance premium. In family floater, the age of the eldest member is considered when fixing the premium. It's recommended to include parents in a separate senior citizen health plan.
Sum insured
The coverage level you choose also affects your premium level. Higher the coverage greater would be the premium amount and vice-versa.
Medical history
Your existing medical health and previous history also affect the premium rate. If you are suffering from pre-existing illnesses, you have a higher health risk. Due to this high risk, your premiums are higher.
Tenure selected
Nowadays Health Insurance plans come in a 1/2/3 year period. If you choose a longer tenure and pay the premiums at once you can avail discounts in the plan and the premium reduces.

Top 5 Health Checks for Mediclaim Policy

A steady rise in the cost of medical expenses accompanied by high rate of inflation has made hospitalisation and medical treatments associated with it an extremely expensive affair. Hence, many people today consider a mediclaim policy as an integral part of their financial planning.

Here are the 5 common mistakes which you need to watch out:

Porting in Health Insurance plans allow policyholders to relook their existing mediclaim policies and move to another policy without having to lose out on the benefits of continuity. Thus, if your existing plans do not offer adequate benefits and are over-priced, you can always port to another insurer to maximise your benefits. With new products introduction in last few years, one should introspect whether to continue with the decade old Policy or smartly move to a new generation Plans.

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