Health Insurance | Arrow Head

Types of Health Insurance Plans

Health insurance policies come in various forms, each designed to cater to different healthcare needs. Understanding these types will help you choose the most suitable policy:

Individual Health Insurance

Provides coverage for a single person.
Covers hospitalization expenses, surgeries, and pre- & post-hospitalization costs.
Ideal for individuals who want a separate policy for themselves rather than a shared plan.

Family Floater Health Insurance

Covers multiple family members under a single sum insured.
Typically includes self, spouse, children, and sometimes parents.
The sum insured is shared among all covered members.
Cost-effective compared to purchasing individual policies for each member.

Senior Citizen Health Insurance

Specially designed for individuals aged 60 and above.
Covers age-related illnesses, pre-existing conditions (with waiting periods), and domiciliary treatments.
Often has higher premiums due to increased medical risks.

Group Health Insurance

Provided by employers to their employees.
Premiums are generally lower as they are shared by the organization.
May have limited customization options.
Covers pre-existing diseases without waiting periods in many cases.

Critical Illness Insurance

Provides a lump sum payout upon diagnosis of specified critical illnesses such as cancer, stroke, kidney failure, and heart attack.
Ideal for individuals looking to supplement their basic health insurance coverage.
Funds can be used for treatment, lifestyle adjustments, or other financial commitments.

Top-up & Super Top-up Plans

Designed to extend the coverage of an existing health insurance policy.
Comes into effect after the insured exhausts a predefined deductible amount.
Super top-up plans allow multiple claims across a policy year, unlike regular top-up plans, which apply the deductible per claim.

Maternity Health Insurance

Covers maternity-related expenses, including pre-natal and post-natal care.
Some policies include newborn baby coverage and vaccination expenses.
Typically comes with a waiting period of 2-4 years, so early planning is crucial.

Personal Accident Insurance

Provides financial assistance in case of accidental injuries, disability, or death.
Includes coverage for hospitalization, disability benefits, and loss of income due to permanent disability.

Key Factors to Consider When Choosing a Health Insurance Plan

Selecting the right health insurance plan requires evaluating various factors to ensure it meets your healthcare and financial needs. Below are the critical aspects to consider:

Coverage & Benefits

Ensure the policy covers hospitalization expenses, daycare procedures, domiciliary treatments, and ambulance charges.
Look for additional benefits like maternity cover, OPD consultations, AYUSH treatment, and wellness programs.
Check if pre-existing conditions are covered and the waiting period applicable to them.

Sum Insured

The sum insured should be sufficient to cover potential medical expenses, considering inflation and rising healthcare costs.
A higher sum insured is advisable for individuals living in metro cities where hospitalization expenses are higher.

Network Hospitals

Choose an insurer with a wide network of hospitals offering cashless treatment.
Check if your preferred hospitals and healthcare providers are included in the insurer’s network.
Arrowhead helps you compare insurers with a wide network of hospitals offering cashless treatment. We assist in selecting policies that include your preferred healthcare providers.

Premium vs. Benefits

Compare multiple policies to find a balance between premium cost and benefits offered.
Opting for lower premiums with limited benefits can lead to higher out-of-pocket expenses later.
Arrowhead helps you compare policies from top insurers, ensuring you get the best coverage at an optimal premium.

Waiting Period

Most policies impose a waiting period for pre-existing diseases (ranging from 2-4 years).
Certain treatments like maternity, knee replacements, and specific diseases have separate waiting periods.
Policies with shorter waiting periods provide faster access to claims.

Co-Payment Clause

Some policies require the insured to pay a portion of the medical expenses.
While this can reduce premiums, it may lead to higher out-of-pocket expenses during hospitalization.

No-Claim Bonus (NCB)

Many insurers reward policyholders with an increased sum insured for every claim-free year.
Some plans offer up to 50-100% of the sum insured as a bonus over time.

Pre-existing Diseases Coverage

Some insurers provide coverage for pre-existing conditions after the waiting period.
Disclose any pre-existing illnesses accurately to avoid claim rejection later.

Claim Settlement Ratio

Indicates the percentage of claims settled by the insurer.
A higher ratio signifies a reliable insurer with a good track record of claim approvals.

Portability Option

Allows switching insurers while retaining accrued benefits such as waiting period credits and no-claim bonus.
Beneficial if you are dissatisfied with your current insurer’s services.

Additional Riders

Look for riders like hospital cash benefits, critical illness cover, accidental disability cover, and daily hospital cash to enhance your policy coverage.

Why Choose Arrowhead Insurance?

Comprehensive & Affordable Plans

Hassle-Free Claims & Quick Settlements

Expert Guidance & Personalized Support

Products

Why Choose Arrowhead Insurance?

Comprehensive & Affordable Plans

Hassle-Free Claims & Quick Settlements

Expert Guidance & Personalized Support

latest developments in the health insurance sector as of March 2025:

Rising Health Insurance Premiums in India