Health insurance is the ideal way to plan for any medical emergency as it pays for the treatment and expenses during hospitalisation. If the right health insurance plan is bought, the policy has many advantages both for the owner and the family. When it comes to options, there are many options available so choosing the right plan is not an easy task but can be managed with a basic understanding.
Are you a Smart Buyer?
Buying a health insurance plan blindly without any knowledge or research is not a good idea. One should be a smart buyer and should consider the following aspects before zeroing in on the right health insurance plan.
- Assess Your Needs: This is one of the most important things that need to be done. One should analyses their requirements and expectations from health insurance. This includes looking at the number of members in the house especially dependent members, family history of medical issues etc. This will make is simpler to understand the sum insured needed.
- Sum insured: The sum insured must carefully be chosen as it is wrong to be ether under insured or over insured. The city one stays in and the cost of medical treatments along with some other factors must be considered to finalise the sum insured.
- Coverage: The policy must cover a large number of illnesses and should not exclude many. If there are any hereditary problems, they for sure must be covered under the policy. The exclusions and the terms and conditions must also be reviewed to ensure one gets the best coverage.
- Waiting Period: If there is any pre-existing disease which needs to be covered, a policy with the least waiting period must be considered.
- Network of Hospitals: The preferred hospitals must be on the network of hospitals for cashless treatment.
- Premium: The premium should always be seen as this is an amount which needs to be affordable and yet should not compromise on the policy. The amount should be appropriate and justifiable when comparing the coverage of other policies.
It is easy to buy the right plan one has a basic knowledge of the terms of the health insurance parameters and is able to compare them. Using websites like Coverfox.com to compare and also to understand insurance is a great option as this makes life easier and everything is available at the click of a mouse. Finding a policy after comparing online is time saving and less cumbersome.
Right Plans for Health Insurance
There are various kinds of health insurance plans which are provided by the insurance companies. One must understand each one of them and ensure they buy the right one. Some of the plans offered are:
- Hospitalisation Plan: These plans cover the medical bills during hospitalisation subject to the sum insured.
- Hospital Daily Cash Benefit Plan: This plan offers a fixed amount for every day of hospitalisation and thus, is a defined benefit policy.
- Family Floater Policy: This is one of the most preferred choice as this covers the entire family. The sum insured can be used by any one or all members subject to the amount. The main assumption behind this plan is that not all members are hospitalised in one go. All hospital expenses are covered under this plan.
- Maternity Plan: These policies cover the expenses related to maternity and include pre and post-natal care and the delivery cost.
- Senior Citizen Plans: These plans exclusively cater to the needs of the senior citizens and cover health issues which arise due to age.
- Critical Illness Cover: These plans work on a benefit concept, where a fixed lump-sum amount is paid to the insured when they are diagnosed by any of the illnesses included in the policy. These diseases are usually the low frequency with high severity and thus, the cost of treatment is very high especially when compared to the cost of treatment of regular problems. Policies usually cover cancer, heart problems, and strokes besides others.
There are various plans in the market and thus, one should be smart to understand the details of each so that they are able to buy the best health insurance plan. A smart buyer will know the pros and cons of each type and will compare all options available in the segment and then make an informed choice before buying. Buying the right health insurance plan is important as this will make all the difference in times of a medical emergency when a claim needs to be filed.