Looking at the rise in medical expenditures, every individual should have a health insurance policy to evade medical exigencies. Sudden medical complication can leave family emotionally and finally drained, but with the right guidance of financial experts, policy choice, and planning much can be achieved on time.
Let’s figure the most important parameters before investing in a health insurance plan.
Enough research and planning: There are many insurance companies which offer variety of policies, if you are looking to buy a health insurance plan, you can try HDFC ERGO health insurance company. However, the most important factor is to choose the right policy that matches with your needs and expectations. Ideally an affordable family health policy with most comprehensive cover.
Know your needs: For an individual who has a family, it’s always recommended to pick a family health insurance plan. As compared to an individual health care plan, family health insurance plan offers maximum coverage and returns.
Cashless treatment/Non-Cashless: Cashless hospitalization when treatment for illness covered by the insurance policy is such that policy holder doesn’t have to pay for the treatment from own pocket. Generally, insurance providers have agreements with various hospitals for cashless treatment where charges are paid directly to the hospital by the insurance company.
This facilitates the best possible treatment even if one doesn’t have the money to pay for it upfront. This is different from the reimbursement type of insurance where one needs to make the payments from pocket and then submit the bills to get the reimbursement from the insurer. One of the most critical points while deciding on a medical insurance policy is the mode of payment during the treatment.
Network of hospitals: The network of hospitals with which your insurer has tie-ups is very important so in the eventual case of hospitalization one can utilize the benefits of the policy in a hospital with repute and where the treatment is most likely to be beneficial. Also, the number of hospitals in and around your place of residence can become vital in cases of medical emergencies.
Tax-Benefits: Health Insurance also offers tax benefits as an added advantage. The premium paid for a Health Insurance policy can be deducted from the total income under Section 80D of the Income Tax Act. The tax deduction under Section 80D is allowed for making a payment to purchase or renew a Health Insurance policy on self, spouse, dependent parents or dependent children.
Know the basics: While zeroing on your health policy, it’s always advised to do a thorough comparison. Most of the policies offer day-care expenses, ambulance charges, in-hospitalization expenses etc. For example, if a couple is planning a baby then the policy should incorporate maternity benefits. Also, vital features such as coverage on pre-existing diseases, lifestyle related diseases and exclusions should be taken into consideration.
Renewability: It is very important to know that how long the plan proposes to cover you. One should not be left clueless, when any medical complication occurs particularly in the old age.
Check the Floater (Family Size): Everyone has a different family size. As per the size of the family, floater policy should be selected. Doubts related to inclusion of more members should be cleared in advance.
Claim-settlement record: This acts an important tool to know how credible the insurance company is. Always ask for the company’s claim settlement ratio before making the final payment. This will be automatically guarantee a smooth ride with your insurance company.
Other benefits such as caps and sub-limits, premium loading data record, internal team efficiency of the company should also be looked into. The importance of family cannot be expressed in words. One wise decision can work in favour of the entire family. So it’s better to be well informed and chose a family policy that protects your family from any medical emergency.
