Health Insurance Plans
Health insurance plans insure you against unexpected medical emergencies and keep your family’s finances stable during such a testing time. Keeping in mind the rising medical costs and spurt of diseases buying a health insurance is mandatory. A medical emergency can knock anyone’s door and impact a person both emotionally and financially. As a result, financial advisory suggest that it is prudent to buy health insurance plan and health care policy early in life.
Benefits of buying health insurance plan
- Complete transparency
- No cheating
- Correct advice and guidance to help you buy the best health insurance policy
- Online issuance of policy
- 24 X 7 assistance
- Assistance in claim reimbursement
- Hassle free and quick process
Key factors to consider before buying Health Insurance
Co-pay
Co-pay is a fixed percentage of the hospital bill you will have to pay when you make a claim, while the balance will be paid by the insurance company.
Waiting Period for Pre-existing Diseases
Pre-existing diseases are classified as diseases/conditions that a person has before buying health insurance. All pre-existing diseases aren't covered from day one of buying the policy.
Lifelong Renewable
The duration of coverage is the most important factor in buying a health insurance policy. Your health is most likely going to deteriorate only in your sunset years so ensure that your coverage is lifelong and not for a few years.
Room Rent
Your room preference during hospitalization matters (such as shared room, private room or private room with high-end facilities). A costlier room means you'll pay higher treatment and hospitalization charges!
Your Premium for Health Insurance is determined by
Your current age
Lower premium for younger buyers
Members included
The premium depends on the number of insured members.
Room preference
Your room preference during hospitalization matters such as shared room, private room
Pre-existing medical condition
Your premium will depend on any pre-existing medical conditions.
Smart buying tips for your Health Insurance
Assess Your needs
You can't choose your relatives. Luckily, you can decide which family members to include in your health insurance policy. The second important thing is your room preference during hospitalization such as shared room, private room or private room with high-end facilities.
Extra-Coverage for Critical Illness
A smart health insurance policy is one that covers you for bolts out of the blue - medical expenses for critical illnesses like cancer, stroke etc.
Know Your Budget
Consider your budget in order to avoid a huge premium. Don't pick all the options available under the insurance policy.
Read the Fine-Print
The devil is in the details. Always read the "Terms & Conditions" of the policy i.e. features that are not covered under the policy.