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Wednesday, May 6, 2020

What Should I Know About Health Insurance?

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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