Investing in the right health
insurance plan is crucial. The prices of healthcare are continually rising,
and the chances of contracting severe viruses like the Covid-19, MERS and SARS
are high. Many medical conditions like stress, blood pressure, diabetes, etc.
are also becoming increasingly common. Such a plan would prove to be helpful
during medical emergencies. You may not have a sufficient amount of cash
available at that time, but if you have a health insurance policy, the insurance company will take care of the hospital bill.
This way, you, as well as your family, would feel relaxed and secured in
the tough times. Moreover, medical bills can drain your monetary health. A
medical condition may leave you incapable of working, affecting your ability to
earn as well. Additionally, losing someone because of lack of finances to
afford the best treatment could be distressing.
So, buying a health insurance plan
is extremely essential. But it can be challenging because of a lack of
knowledge. Consider the following factors before choosing a healthcare policy
for you.
Buy Healthcare Insurance Early
As you grow old, your chances of getting diseases to increase. So, as
soon as you get a job, invest in a health
insurance policy. When you buy a policy early, you will have to pay lower
premiums and will obtain the following benefits –
●
Coverage
for all diseases
●
No
medical checkups
●
Hassle-free
policy renewal
●
Lower
chance of rejection while buying the plan.
Calculate Sum Assured Wisely
Sum assured is jargon for the amount you will get from the policy.
Before you calculate your sum assured, you should consider rising treatment and
hospitalization cost. Yes, it is better to select higher coverage but the amount
should not be too high for you. A larger sum assured would require paying high
premiums, which could be taxing on you. Apart from this, you should also know
that the expenses above sum assured would have to be paid by you.
Critical Illness
The majority of the comprehensive healthcare policies that cover the
entire family also cover critical illnesses. You do not have to go for a
separate policy. You can also opt for a comprehensive plan and then add
accidental insurance to save money. This combination would cover almost all
medical issues. However, if certain diseases like thyroid, diabetes, etc. run in your family, you should choose a separate critical illness
policy. But for families with genetically passed diseases, there is no need to
invest in a critical illness plan.
Cashless Hospitalization Benefits
Insurance companies generally have tie-ups with hospitals where the
policyholders can avail cashless treatment during a medical emergency. You do
not have to worry about the paperwork required at the time of claim and
admission. Also, your insurance company will pay the sum insured to the
hospital directly. This saves you from first arranging funds and then claiming
reimbursements.
The Bottom Line
Apart from the above-mentioned factors, you should also know the claim
process of the health insurance company,
waiting period clause, co-payment clause, etc. After knowing thoroughly about
the policy, you can obtain maximum benefits from it.
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