Read These Factors Before Paying For a Health Insurance Plan
Updated On Feb 11, 2021
Considering the skyrocketing expenses of medical treatment these days, getting insured under the right health insurance plan has become a matter of immediate action in today’s life. The Joint Managing Director of Star Health and Allied Insurance Co Ltd shares the importance of having a health insurance plan stating, "To manage rising healthcare costs, one would require a health insurance plan. Increasing lifestyle diseases amongst our population and related expenses make comprehensive health insurance for the entire family a must-have. People risk their entire savings to be wiped out during hospital emergencies if they don't have health insurance. Cashless benefits provided by insurers are a boon to customers during these unforeseen circumstances. Therefore, health insurance is a necessary part of the prudent financial planning of every individual."
A lot of people choose to purchase a health insurance plan that covers their entire family under a single sum insured. However, the premiums for family floater plans are evaluated on the basis of age of the eldest member, thereby benefiting the younger ones the most.
Factors to consider while choosing a health insurance plan
Buying a health insurance plan in a hustle does not solve the purpose for which you have brought it. With a number of health insurance products available in the market, choosing the right one for yourself can be a daunting task. Given below are a few features that you must look for in order to make the right decision for yourself and your loved ones-
An adequate sum insured amount will help you cover the hospital and medical expenses without compromising on the quality of treatment. Higher the sum insured option you choose, higher the premium will be. People tend to choose a plan with the lesser sum insured as it will cost a low premium. But they forget about the advantages that come along with a higher sum insured.
Why is it important to check the extent to which your preferred plan allows the renewal of your policy is because IRDAI (Insurance Regulatory and Development Authority of India) has mandated every insurer to cover its customers until 65 years of age. However, it is good to be doubly sure of the same.
Critical illness cover
Understanding the difference between medical insurance and critical illness insurance is important while selecting a plan as many mistake one for the other. Critical illness plans are usually fixed benefit plans. They are different from medical insurance plans as they offer one-time payment in a lump sum in case a critical illness is diagnosed.
So, consider these factors and make the right decision. Stay healthy, stay insured!