Health insurance provided by different companies may vary slightly at some levels, but it is important to choose which type meets your requirements first.
When we decided to buy private health insurance, the first few problems we had faced were “people who need health insurance”, “how much health insurance will be enough” and “how much can I spend to buy it” . Instead of answering these questions first, then looking for insurance, you can even take action. Know what is available, see what they offer, and make a decision. There are many options to choose from.
The first choice is a family health insurance policy or a separate health plan for each individual.
Family Floating Health Insurance
In Family Floater, you decide to guarantee the amount for the family. According to the floating policy, all insureds can get this amount. It can be used by any or all of the insured until the given amount of insurance. Premiums depend on the number of family members of the insured. Family floats can be for themselves and spouses, themselves, spouses and children, self and children, spouses and children. Most companies are not allowed to include parents.
• Reduced premiums compared to each individual’s personal plan
• Provide sufficient margin
• Ideal for low-risk young families
•All members are included in a single policy
• As a single policy, it is easier to manage
• In the case of a claim, the cover available to other members is reduced
•If there are multiple claims within one year, you may not be able to provide sufficient insurance
•Children can enjoy a floating policy until a certain age, usually 18 to 25 years old, depending on the company
• Anyone who reaches the maximum renewal age is excluded from the family float and may have to purchase a separate policy.
Personal Health Insurance
Personal health insurance, as the name suggests, is for a single person. It can be purchased separately for each family member. In this case, the insurance amount is available to the single insured. Premiums depend on the age of the individual and the amount of the insurance. Each policy needs to be managed as a separate policy.
• Can be taken for every member of the family, including parents
•Applicable to families with high health risks or older families, adequate personal insurance needs
•The policy has not expired, one of the members reached the maximum renewable age
• It is slightly more expensive than the family floating policy.
•Each policy needs to be maintained separately.
• In the case of a single claim within one year, the coverage may be lower than that provided by the floater
In addition to these two basic types, there is a special health insurance policy. These can be used as passengers for major health policies or as individual policies. They are used to take on limited risks, not general health.
1. Major disease policy
Major disease policies or riders involve specific diseases such as heart attacks, convulsions, certain types of cancer, major organ transplants and similar other life-changing diseases. This insurance applies only to the diseases listed in the policy document.
•Can be seen as an independent strategy or rider
• It covers only the specific diseases listed in the policy document
•Diagnosis of the disease gives the insured the right to claim
• The amount of the claim is given to the insured at one time
• If the insured dies within 30 days of diagnosis, the insurance company may not fulfill the claim
• The waiting period for the cover to take effect is 90 days
2. Personal accident insurance
Personal Accident Insurance covers the risks caused by accidents, whether at home or abroad. It is a tool to protect your family and yourself from financial problems, such as lost income and medical expenses due to accidents. It also includes loss of income for temporary or permanent disability. Accidents may include plane crashes, train accidents, murders, accidents and escapes. This is a separate policy.
It can be used as an independent policy, although accidental death or dismemberment insurance can also be a passenger for life insurance.
• Personal accident insurance including accidental death and limb loss, permanent whole body and partial disability
• It compensates for permanent or temporary loss of income due to accidents
3. Hospital cash
The hospital cash policy provides a fixed amount of cash per day for a fixed maximum number of days. Although it can be used as an independent policy, it is best suited as a supplement to regular health or major disease policies.
• This policy provides a fixed amount of hospitalization per day
•The maximum number of days to repay funds is fixed
Source by Johan Dirano