Choose the Best Health insurance policy
Due to the advancement in modern technology, the cost of
medical treatment is rapidly growing in the past few years. We have come across
many individuals who have realized the values of buying a health insurance
after taking a look at their hospital bills.
It is rightly said that a hospital bill can at times get you down worse
than any ailment can.
It is important to buy a best medical insurance in early
years to protect yourself against unexpected hospital expenses with confidence.
The increasing cost of the medical treatment puts individuals with no health
insurance policy under a serious financial risk every day of their lives.
Buying a timely health insurance in India can shield you against financial
problems that may arise due to prolonged illness and the expenses thereof.
It is prudent to buy a health insurance in early years and
cover all the members of the family as medical emergencies can arise at any time
and to any individual without any warning. If you wait say, till you are in
your 40’s to buy a best health insurance policy, the health insurance provider
may insist on a health check up, and if any ailment is detected before buying a
policy, the health insurance provider can exclude pre existing conditions,
which defeats the whole purpose of buying a mediclaim insurance policy.
Once you have decided to buy the health insurance, it is imperative
to understand the best policy that would suit your requirements.
Group Health
Insurance:
These days a lot of employees get a health insurance cover
from their employers. A group health insurance policy has various benefits. Depending
solely on the company policy is not a good decision as in case you lose your
job, you will not only be without a regular pay cheque but you will also find
yourself without a health insurance, secondly, it becomes difficult to buy a
health insurance policy in later years. It is suggested, that every individual
should buy a separate health insurance cover along with the group insurance
policy as an investment for the future.
Individual Health
Insurance:
An individual policy means you have a separate policy for
each member of the family. Though buying this policy may be expensive but it
offers an adequate cover to meet the needs of each individual.
Family Floater:
A family health insurance policy covers all the members in a
single policy. The key attraction of this policy is that it is more cost
effective. Well Known Financial Planner Shefali Arora says, “An individual can
buy a family health insurance policy if the elderly members of the family do
not have health insurance coverage but there is a possibility
of including them in a floater policy. Secondly, a floater policy turns out to
be beneficial, if the members of the family already have an individual health
insurance plans but the family wants to enhance coverage by buying family
health insurance policy .”
The only disadvantage of buying a family floater policy is
that most health insurance providers renew the policy only till the senior most
member reaches the maximum age of renewability. This means, the other members
of the family who are a part of the floater policy will need to buy individual
plans later in life. Elder members of the family may find it difficult to buy
the policy at such a later stage of life.
Shefali Arora further adds, “Buying an individual policy is
a much better option as if one member of the family falls ill at the beginning
of the year and utilizes a substantial portion of the sum assured, than in such
a scenario the other members of the family will then be left with inadequate
protection for the rest of the year. Though the probability of such a situation
arising is low, it could still happen. By paying a slightly higher amount to
buy an individual policy you can be assured that all the members are adequately
covered for the complete year”
The learning, though opting for a corporate policy or family
floater policy is beneficial, but it is essential to buy an additional
individual cover so that you are better secured in the long run.
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