Health insurance protects you against the expenses on medical treatment. The benefit of health insurance cover is apparent during medical emergencies where in individuals may have to spend a lump sum amount of money on surgical procedures.
Health insurance policies are of various types. You can easily buy health insurance policies online. Many websites offer a comparison between the benefits offered by different policy and vendors. You can also opt for a cashless health insurance where in the hospital bills are settled directly between the company and the service provider. Each variant aims at providing health coverage under different conditions.
So, how do you decide which policy to opt for? We recommend that you consider the following features before finalizing on a health insurance plan.
Calculate Sum to be Insured
Start by choosing the sum insured. It is the maximum amount that you can get from the insurance provider. It is important that you calculate the sum carefully. You can start by analyzing your personal and professional state of affairs. Consider factors like lifestyle, marital status, family requirements, financial situation etc. For instance, what is the status of your earning and savings, whether you are married, or what your monthly expenditure is.
Most importantly, you should consider your age and medical fitness. With age, one tends to become more prone to illness and health issues. Determine how frequently you require medical services and how often do you undergo medical treatment. These factors will help you decide the total sum you need to assured of.
Number of Family Members to be Insured
If you want an insurance plan that provides cover to you as well as your family, then a family floater plan can be a good option. One of the advantages of this health insurance plan is that you won’t have to buy a separate policy for each family member. The family floater plan has the entire family insured.
Another benefit is that you won’t have to pay premiums separately for each individual family member. This is highly economical as compared to individual health insurance plans for the family. Also, in the case of a family floater plan, the sum assured is higher. All family members are covered and qualify for reimbursement in case of a medical emergency.
Many individuals opting for a health insurance plan have pre-existing illnesses. Often, insurance providers have certain criteria while offering their policies to such individuals.
One of the criteria is regarding the minimum waiting period. Companies require a waiting period, which may be in the range of 2-4 years before they can provide coverage. Therefore, individuals with pre-existing conditions must decide upon the waiting period before buying health insurance.
Another important aspect worthy of your attention before you buy a health over that most insurance plans come with an upper limit for the daily amount spent on medical treatment, surgeries, hospitalization fees etc. It may happen that the medical fees for the day may exceed the amount covered by your insurance policy. In such a case, you will have to pay the excess amount.
Therefore, it is important to choose a policy that offers a higher sub-limit on daily expenses. Buy your Health Insurance from Bharti AXA.