5 things to keep in mind while buying Health Insurance:
Health insurance has become a necessity for everyone’s in the past few years. Especially for those individuals who are planning to retire and live on a pension. This is also a reason now people are concerned about their health.
Health Insurance Policies are designed to serve everyone’s needs. It will keep you financially secure while dealing with uncertainties like illnesses or injuries.
There are 5 things to keep in mind while buying Health Insurance Plan:
1. Know Your Needs:
First of all, that why you need Insurance Policy and how it insured you and your family. Knowing your various desires and options, it will help you to satisfy your needs in the near future.
Insurance companies offer different kinds of health insurance plans to the general public.
Here we are considering four types of Health Insurance Plan:
- Health Maintenance Organization (HMO)
- Preferred Provider Organization (PPO)
- Point of Service Plan (POS)
- Exclusive Provider Organization (EPO)
2. Insurance Provider:
When you’re choosing an insurance company, you have to consider who’s covered and what’s covered. The most basic thing to keep in mind is the reputation of the insurance company.
As well as read the policy documents very carefully to understand various points of the policy.
A compelling Health Insurance policy has large networks of hospitals to give a quick access to medical attention during unexpected injuries and emergencies.
3. Insurance Premium:
Premium is an amount of money that the policyholder pays to buy an insurance plan. Your health insurance premium is the price you pay for your coverage. You have to pay it typically on a monthly basis.
You can choose the right amount of sum to insured in Insurance Plan. A premium plan of low amount doesn’t always mean cheap medical costs overall.
The minimum insurance cover should range between Rs.3 to 5 lakh in a small city and Rs. 5 – 10 lakh in a metro.
4. Policy Advantages and Disadvantages:
Buying an Insurance plan is not only an investment, it keeps you a step forward towards the better future. Out of the four main types of Health Insurance Plan, each one has their different set of advantages and disadvantages.
It totally depends on the individual what type of services he wants. There are plans who allow you to choose your own doctors, although you have to pay more if he or she doesn’t come under the network of the Insurance Plan.
The other advantage of Health Insurance Policy is the govt. offering a tax exemption under section 80D of Income Tax Act.
5. Coverage and Benefits:
When choosing a health insurance plan, some factors you have to consider. The type of benefit they are offering and whether or not they take care of your needs.
A good Insurance plan covers you and your loved ones against sudden financial burden caused by unexpected emergencies.
The insurance coverage includes hospitalization expenses, medical bills, prescription, childcare, diagnostics, regular health checkups and much more.
Some of the best Health Insurance Policies in India:
1. Apollo Munich Optima Restore
2. Max Bupa Heartbeat
3. Star Health Cardiac Care
4. Star Health Senior Citizen Red Carpet
5. ICICI Lombard Complete Health Insurance
