Cost
of medical treatment is on the rise at a double digit pace of growth, outpacing
the inflation both in rural and urban India. Medical treatments can cause a big
hole in your pocket if you’re not backed up with sufficient health insurance
cover. Although, people eat right, exercise well, don’t smoke, stay fit and
healthy but medical emergencies don’t come knocking at your door. If you don’t
have sufficient financial back up in the form of health cover you can
destabilize your finances and future goals.
Thus,
owning suitable health insurance plan makes sense in this world of
uncertainties. Health insurance policies were evolved over time to cater to the
specific health emergency needs of consumers. There are around 25 General
insurance companies marketing hundred so of customized medical insurance
products for consumer across India. You can visit the branch, call up agents or
customer service, or compare policies online and buy a suitable health
insurance plan that will cater you and your family needs during medical
emergencies.
Here
is a quick guide to help you choose the most suitable health insurance plan as
per your requirements and most importantly that fits into your budget:
Don’t wait to get sick:
There
are no perfect moments for purchasing policies. Most people who after falling
sick seriously realize the importance of health insurance policy. It is better
to get yourself acquainted with the importance of insurance policy and buy a
policy in advance. There are basically two types of polices: indemnity plan
which cover hospitalization costs and the other is benefit policy which offers
a lump-sum amount to the insured upon his or her treatment. Every policy might
differ in some way or the other, but these are two main aspects under which
policies operate.
Individual or Family Cover
If
you’re sole breadwinner of the family then you must think of getting your
entire family insured with suitable family health plan. A family health plan
can cover your kids, spouse, parents, or siblings, etc. under single umbrella
while individual cover will cater individual health needs. It is advisable if
your parents are old and suffering from any form of disease you can put them on
separate individual health plan.
Decide the cover amount
While
buying a policy, the most crucial thing is amount of cover you should take to
offer financial blanket to your family. Most people are mistaken as they take
policy on the basis of current healthcare costs. Remember a health
insurance plan covers you for lifetime; therefore you should take an amount
that sufficiently cover you within span of 15 -20 years. Also, bear in mind the
inflation costs so that you don’t fall short of the policy.
You
must also take into account your lifestyle and choose the best health insurance
policy that suits it. If you are leading a healthy lifestyle, you might be at a
lesser risk to fall prey to diseases but if not then you must prepare for the
unexpected
Room Rent Capping
Room
rent capping makes you eligible to claim expenses of a room rent only if it
falls under this capping. Room rent capping may be defined as 1% of the sum
insured or Rs 5000 (whichever is lower). It is advisable always compare the
room rent capping and opt for a high room rent as the prices may increase due
to inflation and also because you might not be left with any option but to
avail a high-price room.
Hospital
Hospital
network refers to the list of empanelled hospitals that have an agreement with
the insurance company to provide “cashless treatments” to policy holders.
Insurance company usually pays the hospital directly. Check for health
insurance plan from your area or any other hospitals on the network list and
also near to your place of living whose service you might avail in future.
Abroad Treatment
Check
if your policy offer covers for treatments abroad. Some policies cover cost at
facilities abroad for selective disease.
It covers illnesses for which you can seek treatment in a foreign
land.
