THE OLD adage of health being wealth cannot be reiterated enough. Hence, it is a no-brainer that you need to be armed with the right health insurance policy to tackle the unforeseen that life throws at you.
Unfortunately in India, people did not seriously appraise health insurance policies traditionally as they were not seen to provide the same benefits as a traditional life insurance policy, or even a term insurance plan. This has definitely changed over the last decade, more so in light of the COVID-19 pandemic.
Why you should consider health insurance
Medical science has made quite some progress when it comes to saving lives and increasing longevity. However, this comes at a price. Moreover, lifestyle-related diseases are on the rise. Seeing the heavy cost one has to incur for medical contingencies that might even eat into financial goals, it is best to acquire a health insurance policy plan to cover the expenditure.
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An insurance policy for the entire family makes sense this way – the policyholder, their spouse, dependant parents and dependant children. These are called family floater plans where multiple members are insured for a single premium. There are also plans that extend the cover to include siblings, parents-in-law and extended family members.
Choosing the right policy
From the young to the old, a medical exigency can descend upon anyone. To deliberate upon the right policy, you should weigh several factors, such as: the number of people to be insured, the profile of the insured and the illness or disease type against which to insure.
Sum and benefits
You should then assess what sum is insured for the plan. You need to see what benefits are covered under the policy, what its limits are and whether or not it has optional riders (where additional premium can provide you with additional coverage benefits).
Hospital network
Often a policy might look good on paper but you will also need to see the hospital network of the insurance provider. Insurance that can enable cashless hospitalisation is always more hassle-free.
Pre-existing illnesses
If you are already suffering from illness before you buy a policy, there might be a waiting period before the insurance actually covers the illness. This could range from 12 months to 48 months. Generally, plans with lesser waiting periods require a higher premium.
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Exclusion
Sometimes coverage is not allowed in certain conditions. Check what your policy excludes. You’ll be more aware of what your plan covers and what it does not and be able to choose wisely.
Benefits
- Restoration benefits should be the first thing on the checklist of benefits. Basically, it restores your sum insured to the original amount even if it has been claimed.
- Free health checkups are offered by most policies these days. Nevertheless, keep your eyes peeled open for this one.
- Free doctor’s consultations and second opinions are also offered as are loyalty programs.
Premium
Obviously, you should compare the prremiums of different policies against what they offer. You can also avail of discounts.
Finally, you should diligently compare every policy and choose the best one for you. Going online to compare is a good idea since you can view more options across different insurers before you sign on the dotted line.
