Health insurance is an investment towards a healthier, more secured future. Health insurance plans are formulated to cushion you in case of sudden ailments and accidents. Where some insurance plans involve the direct payment of bills by the firm, others work on the reimbursement model.
While you narrow down, analyse and compare health insurance, the top five things to consider are:
1. Tax benefits
Do not be swayed by the tax benefits your insurance plan allows you to enjoy. It is not the wisest tax-saving instrument, but shields you against sudden accidents, or illnesses.
The main objective driving you to insure your health should be being prepared for untoward incidents in the future. Although tax benefits are appreciated, the main focus when you buy health insurance should always be on ensuring that your policy meets all your needs.
2. Co-payment
Certain policies are centered on the system wherein both, the firm and the insurer pay the medical expenses. This expense might be divided into various split-up percentages.
For example, if your expenses run up to Rs.1000, and as per the co-payment clause, you have to pay 20%, it comes to Rs. 200.
But this same percentage might not lead to a small amount as your bills pile up. Do not assume that small percentages will always translate into small amounts.
3. Individual needs
Although a policy might fit all your friend’s needs, it may not be beneficial for you. Since each individual has their own medical history, predisposition to genetic disorders, and habits, there is no one perfect plan that would prove profitable for everybody.
4. Medical history
Medical history is an extremely important factor in determining your cover. While applying for health insurance, many companies conduct comprehensive medical check-ups, and also ask for all-encompassing medical history.
One must be absolutely honest while providing details. Exclusions made on purpose do not aid you; in fact your claim may be declared as fraud, which would make it difficult for you to purchase insurance covers in the future.
5. Policy coverage
While you buy health insurance online in India, you may end up only considering the premium amount, and other benefits of the health plan. Do not get carried away by low premium offers because you may end up with an inadequate cover. Sufficient coverage can be calculated after considering factors like age, income, and lifestyle habits.
Always read the fine print; being unaware of the exclusions and limitations may make you regret in the future. For added convenience, you may now buy mediclaim online. Only invest after thorough consideration, and consult your advisor before you finalize any plan.
