It’s essential to choose a policy that includes treatment costs for various illnesses, including Covid-19.
Overcrowded government hospitals and expensive private healthcare make treatment challenging and a dusting task in India. Post-Covid, soaring medical costs pose a significant hurdle in society. Health insurance seems to be a good solution in this regard. Many people, despite having insurance coverage, face substantial out-of-pocket expenses due to inadequate policy selection and a lack of understanding of its terms and conditions. Selecting a beneficial health insurance policy requires careful consideration. Factors such as covered diseases, hospital admission expense limits, pre-admission and post-discharge payment terms must be thoroughly understood. Here are key considerations for choosing the right policy:
Read More: Rupee Rises 5 Paise To 83.25 Against US Dollar In Early Trade
1) Should cover more than one disease
Opt for a policy that covers a wide range of diseases, considering the unpredictable nature of health issues. It’s essential to choose a policy that includes treatment costs for various illnesses, including Covid-19. Before finalising a policy, ensure a clear understanding of which diseases are covered by the insurance company for treatment expenses.
2) Should cover your entire family
Choose a family health policy instead of individual ones for each family member. This not only lowers the premium but also provides additional facilities. Choosing a single policy for the entire family is a cost-effective and more comprehensive option, worth considering when purchasing health insurance.
Read More: Investment Tips: What is RBI bond? How much interest do you get on it?
3) Choose a health policy with higher sum
When selecting a health policy with a higher sum insured, prioritise the amount covered. It’s advisable to choose a policy with a higher sum assured, even if it means slightly higher premiums. This ensures peace of mind during illness, as the extensive health insurance cover eliminates concerns about treatment expenses.
4) Should cover full treatment expense
It is important to verify that it comprehensively covers the entire treatment. Some insurance providers may exclude certain items like PPE kits, masks, gloves, and other related expenses in treatments such as Covid-19. To avoid unexpected out-of-pocket costs, opt for a policy that includes all treatment expenses to ensure comprehensive coverage.
Read More: Over 9% fixed deposit interest rates for senior citizens: Check these 7 small finance banks
5) Should cover for multiple days
When selecting a health policy with extended coverage or unlimited days, it’s crucial to ensure flexibility in the number of days for hospital and home treatment. Some policies impose a fixed limit on the expenses covered for a specific duration. Opt for a plan that offers more days without strict limitations. Predicting the recovery period or hospital stay is uncertain, so it’s advisable to choose a policy without any restrictive day limit. If opting for a policy with a limited number of days, prioritise those with a higher day limit to enhance coverage.
