How to choose a correct health Insurance Plan for self and family? Health insurance is one of the most essential insurance policies to have considering the spike in the occurrence of health problems at an early age, in the current climate. Further, the astronomical medical treatment costs place clear stress on the necessity of having a health insurance policy.
But unfortunately, health insurance in India is the most neglected type of insurance as it doesn’t provide any benefits unless you get sick. While nobody wants to get sick, you must understand that health problems are an undeniable part of our lives. Therefore, it is very important to stay prepared for the financial consequences of a health problem. You cannot plan and get sick, but you can certainly stay financially prepared for the worst.
There are a variety of health plans available in India, from individual plans to family floater and senior citizen health insurance. So, you need to assess your requirements first and then purchase a health plan.
1. Look for the right coverage
Choose a health plan that secures you against a wide range of medical problems, and provides benefits including pre and post-hospitalization, daycare expenses, transportation, illnesses that you may be at risk of due to your family’s medical history, etc. If you are buying health insurance for your family, check whether the policy meets the needs of each member of your family. Consider your requirements, compare plans on benefits and costs, and apply a little due diligence to choose a plan that caters to your needs
2. Keep it affordable
While it is important to buy a health plan that meets your needs, it is equally important that it suits your pocket as well. Budget is a hugely important aspect when buying health insurance. But, you should consider the plan benefits before you consider the price of the plan. It is a wise decision to buy a reasonably priced health cover at the start to ensure you are covered properly and the premiums are also affordable. With time, you can review your plan and increase cover appropriately with the rise of income, family size, and requirements.
3. Prefer family over individual health plans
Individual plans are good for individuals who do not have a family to support. However, if you are buying health insurance keeping your family in mind, purchase a family health plan to enjoy maximum benefits at a more affordable price.
4. Choose a plan with lifetime renewability
When you buy a health plan, make sure to check for how many years the plan will cover you or whether it offers limited renewability or not. Why? Because you will require a health plan the most during the later years of age. So, choose health plans which offer lifetime renewability.
5. Compare quotes online
You can compare health insurance policies online to ensure that you buy a health plan that caters to your needs. You can even ‘request a quote online which means you can enter your details on the website and get an estimated premium for your policy. Collect the best quotes and then compare them to arrive at a decision.
6. Network hospital coverage
Once you have a selected list of health plans, check whether or not your preferred hospitals and doctors are included in their hospital network. Always prefer an insurance provider that has a wide network of hospitals across the world.
7. High claim settlement ratio
The claim settlement ratio is the number of claims settled by the insurance provider over the total received claims. Always choose an insurer that has a high claim settlement ratio.
Use these tips to maximize your benefits when you shop for health insurance. It is an investment that you are making to safeguard yourself from the financial burden of high healthcare costs – make sure you make the most of it.
Critical illness cover –
This is one of the most important add-ons in health insurance. It gives you added peace of mind from the financial impact of life-threatening illnesses such as cancer, stroke, heart disease, etc. So, if you are looking for the best health insurance plan in India, make sure it offers this add-on.
One way to enhance your health insurance cover at low cost is through a top-up policy. These plans can also be used to complement the group health cover offered by your employer. “Companies allow employees to buy top-up covers between Rs 2 lakh and Rs 5 lakh. The annual premium for employer facilitated covers is around Rs 1,000 per Rs 1 lakh,”. If your employer does not allow you to buy a top-up cover, you can always buy a top-up plan independent policy.
Source-IFFCO Tokio
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