In times of medical emergencies, having a health insurance plan is critical to prevent undue financial stress on your pocket.
New Delhi: Despite our efforts to maintain good health, unforeseen accidents and sudden health crises are unavoidable. It’s essential to be prepared for such situations by opting for the right health insurance that covers potential needs. In times of medical emergencies, having a health insurance plan is critical to prevent undue financial stress on your pocket.
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1. Health Insurance Coverage and Benefits
Ensure that the health insurance policy extends coverage to critical illnesses like cancer, heart and kidney diseases, while also offering additional advantages such as coverage for pre-existing conditions and maternity benefits. If there is a senior citizen in your family, it’s crucial to select a health insurance policy that addresses their specific healthcare needs.
2. Family Floater
With just a single annual payment these health insurance provides coverage for your immediate family members including your spouse and children. If there are multiple hospitalizations within the same year, all family members will be protected under the health insurance policy, subject to the sum insured limit.
This insurance serves as a tax-saving option under Section 80D of the Income Tax Act, with an annual limit of up to ₹25,000. A significant advantage of this policy is that it provides coverage for all family members at relatively affordable premiums.
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3. Premiums and Deductibles
Before buying a family health insurance plan, the cost of premiums and deductibles is one of the most important factors to look into. Compare the premiums across various available policies and select the one that offers the maximum benefits at a reasonably affordable cost.
4. Waiting Period
The waiting period duration varies based on the insurance provider and policy, spanning from a few months to several years in certain instances. Before purchasing a policy, ensure to review the waiting period according as per your requirements.
5. Provider Network
Choose a policy which provides an extensive healthcare network in your locality. Examine the list to ensure it includes your preferred healthcare providers. Selecting a policy with a large network of healthcare providers can help reduce out-of-pocket expenses during hospitalisation or medical treatment.
