HomeHealthHealth CareNow, You Can Buy A Health Insurance Policy

Now, You Can Buy A Health Insurance Policy

Recent years have shown the financial strain one can face when suddenly contracting an illness that requires hospitalization. When such unplanned expenses occur, savings can take a major hit. To avoid such a situation, it is essential to invest in health insurance that can come to your rescue in case of a medical emergency.

There is no dearth of different health insurance plans and plans these days. However, the variety can be confusing. To get the best out of your health insurance policy, it is imperative to make an informed choice after comparing relevant policies. Here are some factors to consider before investing in a health plan.

Who or what is the plan for?

Based on exactly who you’re looking for coverage for, you can choose between individual, family, or senior health plans. Additionally, depending on what you want to be covered under the insurance policy, you can also choose disease-specific or critical illness plans that target certain health issues and are lighter on the pocket.

Think about the finances

It’s critical to check your area’s average medical costs and take into account your income. Buying a plan that you can’t pay the premium for will only add to the financial strain. The insured amount of your plan and whether you should choose top-ups and super-top-ups depends on your financial position.

Choose apt insured amount

Amount insured refers to the maximum value for a year that the insurance company can pay in case of hospitalization. The insurance company will not bear any costs in excess of the insured amount. You must have an insured amount that adequately covers the expected medical costs of everyone covered by the policy.

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However, with a high insured amount comes a high premium. If affordability is an issue, going for supplemental or super supplemental health insurance plans to bolster the coverage limit is a good option.

Check coverage and networked hospitals

Your health plan should cover any possible medical expenses you may incur. For example, if you plan to have a child, make sure your plan provides maternity benefits. Limits and sub-limits can often restrict coverage. Remember to read the fine print and opt for plans that do not have sub-limits on room rentals and other similar facilities.

In addition, also confirm with which hospitals in your region and throughout India your insurer has a network. A strong network of insurers and hospitals means you can find a hospital where your policy applies.

Choose riders

Riders are part of health insurance plans that extend the scope of your policy at a measly premium. Popular riders include personal accident coverage and riders with critical illness.

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