Choosing the right health insurance plan for yourself and your family is crucial as it greatly influences and shapes your future financial security. While a health insurance comes with other benefits such as tax saving, the goal associated with a medical insurance plan is much more than that.
A health insurance is your cushion against medical expenses that are mostly unforeseen. Apart from having a huge impact on you and your loved ones’ lives, emergency medical conditions also strain your pockets. This is because the treatment fees of an illness require exorbitant sums of money.
Here is what you should keep in mind before buying health insurance plans:
1) Opt for a personal health insurance plan even if you are covered by your company policy to keep yourself covered in case of chronic illnesses. This is also important because coverage offered may not be sufficient or you could leave your job any time and then the insurance benefits will cease to apply.
2) Factor in inflation when choosing the sum insured. You must also keep increasing the cover periodically so as to avail reasonable benefits when need be.
3) Buy a health insurance policy as early as possible. This has more benefits than one. It not only allows you to avail maximum coverage in minimum premium but also lets you avail no claim benefits in the early years. Investing early practically means that you are prepared for your old age even before it arrives.
4) Make sure that your plan offers lifetime renewability. This will allow you to stay protected even when you may have ailments in your old age.
5) Avoid claim loading on your policy. This technically means your premium amount will go up with every claim you make. In the case of long-term illnesses, this can … Read More..Read More →