The past few years have shown the kind of financial strain one can come under in case of suddenly contracting an illness requiring hospitalisation. When such unplanned expenses occur, savings can take a big hit. To avoid such a situation, it is vital to invest in health insurance that can come to your aid in case of a medical emergency.
There is no dearth of different health insurance policies and plans today. However, the variety can be confusing. To get the best out of your health insurance plan, it is imperative to make an informed choice after comparing relevant policies. Here are some factors to consider before investing in a health plan.
Who or what is the plan for?
Based on who exactly you are seeking coverage for, you can make your pick between individual, family floater, or senior citizen health plans. Additionally, depending on what you want to cover under the insurance, you can also pick disease-specific or critical illness plans targeting particular health conditions and are lighter on the pocket.
Consider the finances
It is crucial to check your area’s average medical expenses and factor in your income. Buying a plan whose premium you can not afford will only add to the financial strain. Your plan’s sum insured and whether you need to pick top-ups and super top-ups will depend on your financial position.
Choose apt sum insured
Sum insured refers to the maximum value for a year that the insurance company can pay in case of hospitalisation. The insurance company will not bear expenses beyond the sum insured. You must have a sum insured that adequately covers the expected medical expenses of everyone for who the policy is.
However, a high sum insured comes with a high premium. If affordability is an issue, going for top-up or super top-up health insurance plans to bolster the coverage limit is a good option.
Check coverage and networked hospitals
Your health plan must cover all potential medical expenses you might incur. For instance, if you plan to have a child, ensure your plan offers maternity benefits. Limits and sub-limits can often restrict coverage. Remember to read the fine print and opt for plans that do not have sub-limits on room rent and other similar facilities.
In addition, also confirm which hospitals in your area and pan-India your insurer is networked with. A strong insurer-hospital tie-up network means you can find a hospital where your policy will apply.
Riders are a part of health insurance plans that enhance the scope of coverage of your policy at a meagre amount of premium. Popular riders include personal accident cover and critical illness riders.
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