In the modern era of inflation, it becomes imperative to seek out a decent health insurance cover especially if you wish to safeguard yourself as well as your loved ones from falling prey to skyrocketing healthcare expenses. Apart from providing you with adequate peace of mind, it also offers the best chance of recovering back both physically and financially if anything unfortunate happens. Getting a health protection as early as possible is becoming extremely important as once you succumb to issues such as diabetes or blood pressure, your insurance cost starts getting high while the coverage gets low. Today we are going to take you through the most important considerations which can help you in choosing the right cover.
- Even when your company is offering a corporate group health cover, it is imperative to have an individual health insurance in place. This becomes all the more necessary once you lose your job and the company either withdraws the benefit entirely or removes your family members from the coverage umbrella.
- While deciding on the sum insured, you need to consider the present-day costs. Thus, if you are residing in a small city, then you need to opt for a cover ranging from 5-8 lakh INR whereas a metropolitan residence makes it mandatory to increase the health cover quantum to 8-15 lakh INR. It also becomes possible to port from one insurer to another rather than purchasing an entirely new plan. In the porting procedure, the benefits which have accumulated in the old plan are transferred to the new one. You also need to make adjustments to your health cover every now and then for catering to medical inflation.
- Opting for a Family floater policy can keep your back especially if you have a family. This economical alternative can provide greater coverage to your family members while also ranking high in terms of flexibility of using any proportion of the coverage amount in accordance with the requirements of your family.
- It is advisable to purchase a health cover before turning 40 as your propensity of claiming the same remains low at that stage which in turn accumulates a hefty amount of no-claim bonus. This in turn can add up with the original coverage in every claim-free year to provide you with greater benefits.
- It is essential to purchase a health cover which comes with lifetime renewability for keeping your back once you start getting old and the chances of ailments increases.
- We rarely check whether a hospital comes under the cashless list of network hospitals in the case of emergencies. Thus, it is imperative to check the same out to find out the plan offering maximum geographical coverage.
- You should never purchase a health insurance having claim loading as this will just end up making the entire thing costlier if you succumb to any form of critical illness requiring long term cure.
- Your insurance policy should offer you with the required flexibility of restoring the limit in case if the sum assured gets fully utilized. This in turn will help in rendering adequate protection against all unforeseen critical illnesses such as cancer which might otherwise be very difficult to manage. Thus, a sum assured of 5 lakh INR along with a restore limit of 5 lakhs more provides you with 10 lakh INR worth cover without having to incur any extra cost.
- You need to always opt for a plan having high claim settlement ratio as that will ensure that your claim doesn’t get rejected unless the insurer comes up with a valid point of concern.
- It is necessary to channelize the purchase of your insurance through a reputed insurance broker who can assist you with settlement of claims. If you ever succumb to an unfortunate situation, then your physical or mental state might not be of much assistance in filing the claim or fighting with the insurer if the same gets rejected without any proper justification.
- Your application form needs to clearly represent all your details in terms of your health metrics. Thus, if you have any serious ailment, then you need to specify the same in details. You can seek out assistance of your broker while choosing a health plan which can cover your ailments after the passage of a waiting period.
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- Most of the modern-day plans cover all pre-existing diseases after 3 to 5 years in accordance with the specific policies. You need to check out the waiting period of your chosen plan and go for the one offering minimum waiting time. Certain companies might offer coverage along with lifetime exclusions. It is advisable to exclude these companies from your sphere of selection.
- Your plan needs to have minimal or no sub limit. Opting for plans having an upper cap on the room rate might just add to your cause of concern as it becomes impossible to decide on the room category when you or your loved ones are being taken to the hospital under emergency conditions. Insurers might even impose sub-limits in terms of doctor’s fees, diagnostics and room rent. Anything incurred above the same needs to be borne from your own pocket. Thus, you need to consider all of these while choosing a policy.
While most of us associate the purchase of health insurance with tax savings, we fail to consider the requirement of getting the backing of a comprehensive medical insurance plan. As a matter of fact, medical emergency can be linked to the core of about 80% financial crisis faced by people. Apart from causing a financial bloodshed, such health emergencies can also deter our ability to earn more thus causing double impact. Keeping such things in mind, it becomes essential to opt for a health insurance plan and coupled with our tips, you can easily choose the one which serves you best.
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