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 actually get very high.
6) Choose a policy that offers allowance for limit restoration or super top-up. This lets you avail extra cover in case of critical illnesses when you have exhausted your entire limit.
7) Carefully study the available plans and make an informed decision.
8) Even if you are suffering from a pre-existing condition, do not lie about it while filling up the application. Many good insurance plans offer cover for existing diseases post 3-5 years of policy buying. Also, opt for insurance companies whose waiting period is the minimum.
9) Stay clear of plans with sub-limits. It is practically not possible to calculate room rents if you are being rushed to a hospital in an emergency situation.
10) Make sure that the company has a wide network of hospitals offering cashless hospitalisation.
What Is the Role of Health Insurance Plans
The ever-increasing costs of health care in the current scenario and the deteriorating quality of life as a result of having erratic lifestyles have almost made investing in a Health Insurance Plan a necessity. Delay in buying a health insurance plan is not advisable as the people stand at a greater risk to contract diseases and fall ill with the passage of time and this considerably impacts the extent of cover and the cost of the premium.
A health insurance plan is your safety system against the rising costs of medicine even if your earning potential stays the same. A health insurance plan will keep you safe from the uncertainty of the costs of healthcare in the future. It helps you plan your expenses wisely. While you may think that the purchase of an insurance also costs money, the premiums are much lower than hospital bills and you need to pay in small chunks.
Best Available Health Insurance Plans
Below are some features of the best health insurance plans that you must consider before making your final choice:
- No health screening tests.
- Cover for existing ailments.
- Cover for consultation expenses.
- Minimum or no sub-limits.
- Easy claim settlements.
- Limit restore features.
- Convalescence benefits.
- No claim bonuses.
- Critical illness covers.
- Easy enhancements of sum assured.
- Cashless hospitalisation.
- Pre and post hospitalisation cover.
- Emergency evacuation expenses.
- Corpse carriage expenses.
These features are not all available in all policies and vary based on your plan. You can do a thorough research and choose a plan based on your personalised needs.
Here are some good insurance providers that offer comprehensive benefits with their health plans.
- Max Bupa Health
- Royal Sundaram Health
- Aditya Birla Health
- Religare Health NCB
- Star Health Family
- Cigna TTK Health
- Apollo Munich Health
- HDFC ERGO Health Suraksha
- Universal Sompo Health
- Star Health Senior Citizen
You can access the wide range of offerings provided by these plans and analyse them at Coverfox.com. With 24*7 support, the Coverfox team will help you make the right choice.