Know Your Requirements before Buying any Health Insuranceby Sujoy Bose Tax Manager
With the increasing medical expenses, it becomes imperative to opt for an effective health insurance plan. Health insurance in India is an undeniable fact due to the sedentary lifestyle of the individual. This sedentary lifestyle of individuals makes them more prone to illness. Only a proper health insurance plan plays a key role in this aspect. But getting the right health insurance policy has been proving to be difficult for many. Some tend to go overboard and spend a hole in their pockets by purchasing high-end health insurance policies with needless features. And, some instead of analyzing medical insurance plans closely just jump on any health insurance policy they come across and thus not getting the needful coverage in time of their needs. There is no dearth of various types of mediclaim policies in India. So, what can be the best options that don't cost you a fortune but will protect your medical expenses to keep you financially secured? Well, in that case, you have to compare health insurance with various insurance providers. You can also go through this write-up.
Start with the Health Insurance Plan with Minimum Limitations
In spite of the fact that whether you need mediclaim policy for yourself or your family, the very first step you can take is to avail an indemnity medical policy that takes care of most obvious medical expenses such as pre- and post-hospitalization costs as well as the costs incurred during hospitalization. While selecting a basic health insurance plan, you should look out the restrictions associated with each available health cover apart from the sum insured. Because, even if you choose a mediclaim policy with a high sum insured, it can come up with many restrictions, and you may not be able to use the coverage benefits. So you should choose such policies that provide the following coverage like
- · Room rent limit
- · Sub-limit on specific ailment treatments
- · Co-pay
- · Pre-existing diseases and many more.
Go for Family Floater Health Insurance Plan
A family floater medical insurance policy always considered as a cost-effective mediclaim policy. These types of policies protect a whole family under a single premium. However, if there are frequent instances of hospitalization in a single year, the total Sum Insured might get exhausted. To minimize this risk, you should choose family floater health insurance plans with restore benefits. Armed with this benefit, the Sum Insured gets automatically restored once a claim is being made so that the rest of the family members can still make use of the floater plans in that particular policy year.
Go for Higher Sum Insured
When you purchase mediclaim policy, you need to keep the expenses of hospitalization after 10-15 years to calculate the right Sum Insured. Hence, a high Sum Insured can keep you worry-free but you have to pay a higher insurance premium.
Created on Aug 24th 2018 02:00. Viewed 399 times.