The Buyt desk
You can never predict a health emergency. Did you ever imagine a pandemic situation like COVID-19? However, the fact is that with the deteriorating environmental conditions like alarming pollution levels; stressful daily routines with minimum physical activity and unhealthy eating habits; and an ever-increasing inflation rate; the health expenses will increase. To safeguard yourself and your family in tough times, choose a health insurance plan suitable for your needs. The insurance market gives you a variety of insurance plans. Individual health cover, family floater plan, group health insurance, and critical illness insurance are some of the examples.
How to select the right health insurance?
It is not easy but before finalizing a plan consider the following factors-
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Family structure: If you are single, then an individual health insurance plan is sufficient. If you have a family, then an all-inclusive-family floater plan will be right. A single premium payment covers the hospitalization expenses of the whole family. It is useful if you have dependents like a spouse, children, etc. Severe illnesses, like heart attack, organ failure, and cancer, can incur tremendous medical costs. You can select a plan with critical illness coverage to safeguard against them, especially for elderly individuals.
Terms and conditions of the plan: You choose a health insurance plan based on your requirements. Do go through the terms and conditions of the policy and understand the following clauses-
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You should find out the exact coverage amount the plan offers for in-patient hospitalization, day-care treatment, room rent, and medical expenses before and after the hospitalization.
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Also, choose a plan that allows you to avail of any medical facility. Some plans either limit the range of doctors or hospitals or charge additional for availing a medical facility outside their network.
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Age-related illnesses kick-in around 55 years of age. Therefore, choose a plan that would provide age coverage till 70 to 80 years. Some plans offer a lifetime renewal option.
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You should carefully understand the exclusions of the health insurance plan. For example, the plan may not cover dental treatment.
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In case of coverage for pre-existing illnesses, health insurers have a waiting period ranging from two to four years. You can find a favourable health insurance plan with the least waiting period for coverage of pre-existing illnesses.
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Some health insurance plans come with allied benefits such as free medical checkups or consultation with nutritionists/doctors. These plans may have a slightly higher premium. Nonetheless, they are beneficial in the end.
3)Credibility of health insurance companies: You should choose a health insurance plan from a company that has a history of high claim settlement. There is a high probability of hassle-free payment of insurance amounts from such companies. The claim settlement process is another aspect to consider while choosing your health insurance provider. A complicated process with high documentation requirements is a big no-no. An easy online claim settlement process is best suited. Some companies may increase the overall coverage amount of the health insurance plan with time by offering a no-claim bonus or by restoring the plan for additional coverage without additional premium payment. It is of utmost use to select a health insurance plan from such a company. A no-claim bonus means an upgrade in the coverage amount of the health insurance plan if you do not file the reimbursement claim for a year.
4) Cost analysis of the health insurance plan: As you do a cost-benefit analysis before buying any product, choose a health insurance plan that offers a lower premium rate and maximum returns. Be careful to select a plan that fits your budget and does not cause any financial burden.
