Recent years have shown the financial strain that can occur when a sudden illness requiring hospitalization occurs. When such unplanned expenses occur, savings can take a big hit. To avoid such a situation, it is important to invest in health insurance that can help you in case of a medical emergency.
There is no shortage of different health insurance policies and plans today. However, the variety can be confusing. In order to get the most out of your health insurance plan, it is essential to make an informed choice after comparing relevant policies. Here are some factors to consider before investing in a health plan.
Who or what is the plan for?
Depending on who exactly you’re looking for coverage for, you can choose from individual, family floater, or senior health plans. In addition, depending on what you want to cover under the insurance, you can also choose disease-specific or critical disease plans that target specific health conditions and are easier on the pocket.
Look at the finances
It’s important to check your area’s average medical costs and consider your income. Purchasing a plan whose premium you can’t afford only adds to the financial burden. The amount insured on your plan and whether you need to select top-ups and super-top-ups depends on your financial situation.
Choose the right sum insured
The sum insured is the maximum value for one year that the insurance company can pay for a hospital stay. The insurance company does not cover any costs that go beyond the sum insured. You must have a sum insured that reasonably covers the anticipated medical expenses of all persons covered by the policy.
However, a high sum insured is associated with a high premium. If affordability is an issue, purchasing top-up or super-top-up health insurance plans is a good option to increase your coverage limit.
Check coverage and connected hospitals
Your healthcare plan must cover any potential medical expenses that you may incur. For example, if you are planning to have a child, make sure your plan offers maternity benefits. Limits and sub-limits can often limit coverage. Remember to read the fine print and opt for plans that have no lower limits on room rent and other similar facilities.
Also, confirm which hospitals your insurer is affiliated with near you and across India. A strong insurer-hospital network means you can find a hospital where your policy is valid.
Tabs are part of health insurance plans that add coverage to your policy for a small premium. Popular drivers include accident insurance and drivers with critical illnesses.
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