Monday, 27 November 2017

Are You Opting for Right Health Insurance? Here’re the Things to Consider

Health insurance is imperative these days, but, does this mean you purchase anything that goes off as health insurance or you club several policies? Certainly not! As per the experts say, one must aspire for a health insurance portfolio with basic health coverage that includes hospitalisation or medical expenses, a top-up policy to complement the existing coverage, a critical illness rider to support you financially in case a severe medical condition is diagnosed that demands immediate treatment or to bear the other expenses when you are no more the bread-winner of the family. 

However, it is advisable to carefully compare health insurance plans on parameters such as the inclusion of critical illness, pre-existing illness or accidental cover before zeroing in on something.
Now, you’re wondering how to do this, right? Start with this:

Decide the Basic Cover
Also known as indemnity policy, it pays for hospitalisation costs including pre and post-hospitalisation expenses. Always try to buy a policy with fewer restrictions, even if the sum insured is small. Insurers pose restrictions on sub-limit, room rents, some specific health conditions, waiting period, co-payment, that may impact adversely at the time of claim. As long as it is affordable, ignore these.

Also, try to avoid add-ons that you actually don’t need. It will help reduce your premium rate. One can avoid consumer-specific add-on like OPD (out-patient department). The benefits offer under this rider are still insufficient as the premium cost is close to the benefit offered. By not adding this you can save something.

Go For Family Floater

Buying separate health insurance plans for each family member doesn’t make sense. We’re sure, you’ll look for a plan that covers you and your entire family, right? Here comes the Family Floater plan in the picture. These plans are cost-effective. It covers entire family under a single plan on the payment of single premium. Whenever a claim is made, the sum insured reduces for the rest of the members. Keeping this in mind, most of the insurers offer to restore benefit-where sum insured can be restored even after a claim is made. This feature makes the plan meaningful and approachable. However, we suggest buying a separate health plan for your elderly parents with pre-existing illness. Because, after the age of 60, the premium costs increases and there are specific health plans designed for senior citizens, that one can avail at a cheaper rate.

Consider a Top-up Policy

Consider adding a top-up policy with your regular health insurance plan. It is a regular indemnity plan that pays for hospitalisation expenses but only after a
You can use a top-up policy to be adequately insured. A top-up is a regular indemnity plan that covers hospitalization costs but only after applying the deductible amount, at the time of claim. So, it is beneficial if you use your regular health insurance plan to make a claim up to the deductible amount and beyond that use your top-up plan to cover the excess amount. This feature makes this plan cheaper, as higher the deductible, cheaper the top-up plan.

Add Critical Illness Cover
Take a moment to think what happen to your family if a critical illness leaves you unable to earn the income anymore? But, if you won a defined benefit policy, you can remain stress-free. A critical illness rider is the best option in such cases that pay lump-sum towards a diagnosis of a critical sickness. While medical rates are sky-rocketing, big concerns are cancer, heart-related illness, liver condition, kidney failure, coma, sclerosis etc. Make sure your critical illness plan provides assistance for these ailments.

We don’t deny that buying health insurance is vital, but what goes parallel is to ensure that there is no surprise at the time you make any claim. Remember, health insurance always comes with a pre-determined waiting period for pre-existing illness. Any claim arises due to these during the waiting period will surely not be accepted by the insurer. Also, at the time of taking up a plan, take the advantage to get a full health check-up done. This has a twofold benefit. Firstly, you will be sure about your health condition and secondly, there will be no confrontation on the pre-existing ailment, if any.

For more information subscirebe: PolicyBazaar Youtube 

No comments:

Post a Comment