We have been taught right from our childhoods that health is wealth. A smart health insurance policy will help you practise this idea. Not only does an insurance plan cover serious ailments, surgeries and sudden huge expenditure, it also tends to smaller concerns like periodic health check-ups. So, if you choose your plan wisely, you are covered not only for any major eventuality but are also equipped to carry out important preventive measures.
Making this choice, however, can be an overwhelming task, due to the sheer volume of options at hand and the innumerable little things you have to keep an eye out for. So here are a few guidelines to make this crucial task a little easier for you.
Type of plan- You can choose between a Basic and Comprehensive package. The former has lower monthly rates but covers only minor injuries and illnesses. The latter will have a higher rates monthly, but will keep you covered for all major events including critical illnesses maternity and regular check-ups. In India, there are policies available separately for Individual, Family and Floater, Senior Citizen and Critical Illness. A good policy will be that which covers all of these areas with reasonable premium deductible.
Assessment of the Insurance Company- Along with a careful study of the health insurance plan, you should also look into the insurance company. Check how long they have been in business, their customer satisfaction ratings, how prompt their services are and if they render service with minimal hassle and documentation.
The most essential features you should look for- A good cover must certainly include all of the following benefits
- Cashless treatment except in cases of voluntary discount
- Covering pre and post hospitalization charges, ranging from 30 to 60 days depending on plan opted
- Renewal benefits in the form of no claim bonus or discount on premium.
- Tax rebate, according to guidelines under Section 80D of Income Tax Act
- Critical illness cover, under certain conditions
How do you finally decide- Refer to the following check-list while finally zeroing in on your policy, after careful comparison:
- It need not necessarily be cheap, but should be value for money through maximum coverage
- It should have a lifetime, or very high, renewability because many conditions appear after a certain age when you are likely to be pensioned
- Provision for co-payment, caps and sub-limits so that you can chip in periodically and prevent a huge premium later
Keeping these few basic ideas in mind will go a long way in helping you find a health insurance policy that is value for money. It is important to remember that the cheapest option is not the best option. The corresponding benefits and covers for all members of the family should be the major factor. Stay healthy!
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