A good health cover is essential in today’s world. Even if you feel safe in the belief that you are young, and your body is a long way from diseases and problems, you should be aware of the fact that accidents can happen at any time.
When an unfortunate incident takes place, coming up with the requisite funds can be a constraint. After all, the cost of medical care is skyrocketing by the minute and not everyone can afford good, reliable healthcare with ease. Did you know that even something as common as a fracture can cost up to INR 4 lakhs if surgery is required? This is where health insurance plans come into play.
What type of plan should you buy?
The type of insurance that is right for you depends on your current needs. For instance, if you are single and young, you can purchase individual health insurance plans. These plans, as the name suggests, are tailored to meet your individual needs if you require any healthcare.
You can go through a range of policies, figure out what premium plan suits you the most, and avail the policy’s benefits as and when required.
On the other hand, if you are married, you can consider a floater health insurance. These plans work best when the family members belong to the same age demographic. This is because you can choose benefits that make sense for both of you, rather than scattered benefits that suit either one of you at once.
What cover do you need?
Whether you are considering individual health insurance plans or a floater health insurance, one of the most important aspects to be clear on is the cover that you will need. After all, health insurance coverage determines the kind of financial aid that you will be privy to. The last thing you want is realizing that your cover is just not enough when it is too late.
When you are determining your health insurance coverage, it is important to understand what your foreseeable needs are. This takes a lot of planning.
Sit down and figure out what health problems is shared by close family members. For instance, if your parents are heart patients, you can take into consideration that someday, you may need heart care too.
With the current costs of hospitalization and treatment, the finances needed for a heart attack can be up to INR 10 Lakhs. Of course, this amount will increase due to inflation so that is another factor to consider. It is important to review your health coverage plans every 3-5 years to see whether the cover you wanted is still relevant to your needs.
Can you increase the cover on an existing plan?
In order to stay on top of the rising costs of hospitalization and treatments, you can always purchase health insurance plans that allow policyholders to top up their cover as and when they see fit.
Many policies these days come with this option built in. All you have to keep in mind is that your base cover should be good as well. This way, as time goes on, you can top up the cover and the whole process can prove to be very cost-effective. You can even set your policy on an auto-renewal if you are happy with it. This way, the waiting period will not be a huge problem, especially as you age.
Purchasing a cashless health insurance can help you deal with the costs of hospitalization. If a specific hospital or clinic is affiliated with your health insurance provider, then they will settle the bill with the insurance provider, without requiring your intervention.
However, it is also important to note that while you are considering regular health insurance plans, it is also important to consider critical insurance plans. These pay a lump sum amount if you are diagnosed with a critical disease such as cancer. Such health coverage plans can prove to be a decent substitute for your income while you are indisposed.
Buying a health cover requires patience. This is because you must consider all the important aspects such as the benefits included, your required cover, top-up plans, critical illness cover, and so on when picking a plan from a bunch of options. It is important to evaluate all your options carefully before committing to a specific policy.
Purchasing health insurance plans can be the most profitable if you do so at a young age. This is especially true for critical insurance plans that come with a waiting period of 2-3 years. You can ride out that period without fearing any sickness as you are still young and healthy.