How to Choose the Best Health Insurance Policy in India?
Illnesses and accidents are a part and parcel of modern life and the smartest consumers are always equipped to combat such unwarranted situations in their life. While proactive health monitoring and a healthy lifestyle reduce the risk to a certain level, medical contingencies have the tendency to come knocking without any prior notice, thus, outsmarting the most intelligent individuals. Clearly, a good health insurance policy is the answer to this intimidating situation.
The Significance of Investing in a Separate Health Insurance Cover
Most often, working professionals believe that being covered by the employer’s health insurance policy is sufficient. However, an insurance policy provided by the employer may not cover the complete cost of a treatment and may not include critical illnesses like stroke or cardiac arrest. Additionally, while shifting to a new job, there exists a cooling period before taking up the new cover. Medical mishaps that might happen during this time period go uncovered by the medical insurance policy.
Tips to Select the Most Suitable Health Insurance Policy in India
To start with, consumers must understand the difference between a floater plan and an individual plan. If you belong to a nuclear family with no individual having any intense health conditions, a family floater plan may be suitable. While the premium may appear higher than that of an individual policy, the premium per member works out to be cheaper. If you have an elderly member in the family or a sick person, it is better to cover them with an individual policy rather than including them within the family floater.
Apart from this primary choice, the other factors that go into choosing the right health insurance are listed below.
Choose the insurance provider carefully: Shop around for the best quotes before finalizing on your choice of insurance provider. Also, compare the policy features, the exclusions, the premium amounts and the credibility of the insurance provider in the market before signing on the dotted line. Talk to the agent and have all queries clarified in advance. Take advantage of free insurance advice offered by some companies before buying a health insurance.
Analyse the various options available: A health insurance cover may include multiple features like personal accident cover, critical illness cover, travel insurance, income protection and so on. An individual must analyse his/her personal healthcare needs before including these options into the chosen plan. Remember, every additional feature added to the basic insurance will increase the premium amount significantly.
Review the claims process: An easy and quick claims process helps restore the peace of mind during an emergency situation. Therefore, it is important to review the procedure before taking the final call.
A health insurance is mandatory in today’s fast-paced world. It is an essential investment for people belonging to all classes of life. Thus, it is a wise idea to duly consider the above mentioned factors while purchasing the most suitable health insurance for an individual as well as the family.