When it comes to the health insurance plan, you cannot ignore the fact that it is one of the most crucial investments you are going to make for the better health and sense of security for yourself and your family. To make sure that you always have the best cover for any medical emergency, you must choose the right plan.
For many of us, health insurance is merely a tax-saving tool, but we fail to understand the importance of a comprehensive medical cover. More than 80 per cent of the financial problems are associated with medical emergencies. A medical crisis in a family can even lead to bankruptcy. If the sole earner of the family has to go through medical treatment, it will not only put a dent on your savings, but it will also hit the earning capability of the family. Losing a family member to a medical condition is even more painful. Thus, it is your responsibility to make sure you and your family gets the best possible cover.
How to choose the right option?
It is a known fact that healthcare cost is increasing rapidly. It is one of the major concerns for every family. Hypertension, diabetes and similar diseases have become more common that is causing a sharp rise in the medical cost. Thus by paying a small price in the form of premium for health insurance, you can attain some peace of mind. Please consider the following ten tips on choosing the right health insurance plan.
- Get additional individual health plan with the corporate plan
If your company is providing you with group health cover under company benefits, you should opt for an additional Individual Health Insurance Plan as well. In most of the cases, you will lose the corporate cover as soon as you leave the job or retire. The company also has the right to withdraw the benefits at any given time. If you are suffering from a chronic disease, an individual health insurance plan becomes more important.
- Consider every factor while finalizing sum assured
There are a lot of factors that you should consider while finalizing the sum assured. For example, if you are living in a small city, your sum assured should be around 3 lakh to 5 lakh. However, if you are living in a metro city, your sum assured should be between 5 lakh to 10 lakh. Other factors may include a family history of diseases if you are living in an accident-prone area, any current medical conditions and more.
- Get health insurance as early as possible
If you buy a health insurance plan early, say before you turn 40, it is more like that you are not going to make any claims for the first few years. It will help you in accumulating no-claim bonus in the long run.
- Choose the plan with lifetime renewability
The main aim of the health insurance plan is to provide financial protection that is even more crucial in old age when you are more prone to health problems. Thus you must have a health insurance policy that does not put a cap on the age.
- Avoid policies with claim loading
Claim loading in health insurance is an additional cost added in the insurance premium to provide cover for the losses greater than the sum assured. In case you get a critical illness that requires treatment for the long term, it will cause a major spike in the premium cost, and your health insurance will become unaffordable.
- Choose a policy that offers restore limit
There are chances that you may exhaust the sum assured at some point of life. In such cases of your insurance policy has an option to restore limit, you can get additional cover by paying a small top-up price.
- Choose a reputed company
Always make sure to buy the insurance plan from a reputed company. If you are buying through an agent or a broker, make sure to check their track record. When you are under distress, please remember that at that time, you will not be in a position to argue with the insurer in case your claim gets rejected. If you are not sure about the online or offline methods, make sure to check both and compare both before opting one.
- Never lie to the insurance company
While filling up the form for your insurance policy makes sure to provide the correct information about your health records. If there is any pre-existing health condition, make sure to mention it. In most of the health insurance plan, you will get cover for pre-existing health condition after three to five years.
- Check for the waiting period
Every health insurance plan comes with a waiting period. Make sure to check it while choosing the plan for yourself or the family. The waiting period depends on the insurance company, plan you have chosen, and if there is any pre-existing health condition.
- Check for the sub-limits
Sub-limit is limit on the sum assured based on the categories of claims. For example, although your plan has a sum assured of Rs.5 lakh, it may only provide a cover for Rs.40,000/- on medicines. When you are choosing an insurance plan, make sure to check if there are sub-limits or not. Check with the insurance company if you can opt for any plan without any sub-limit with them.
Pick your plan carefully
While choosing a health insurance plan for you or your family, there are countless factors that you have to consider. From waiting period to umbrella cover and from individual cover to add-ons, the list has no limit. The main aim that you should keep in mind is that never to lie to the insurance company and prefer insurance plan that can provide maximum coverage with the hassle-free claim process. At a time of medical emergency, it is ideal to have a plan that can offer the cashless facility. Make sure to get the health insurance plan as early as possible and never miss a premium payment.