Health insurance plan – Importance and points to consider

Plan and get a health insurance

Everyone should have health or medical insurance. And it should be affordable to get one if the right insurance plan is provided.

Often we end up delaying in taking a medical insurance plan. This can sometimes put us into a tight spot. Health should always be a priority. Protecting and securing the life of both you and your family is necessary. Like wise in today’s world, medical insurance should always be a top priority.

Why health insurance is important? Are they really worth it?

During the rainy season, getting out of your house is a big challenge. We all must have faced this situation. Its about to rain, however we have left our umbrellas home and as we walk for a while, it rains heavily.

What happens then? We look for cover. This can either be someone else’s roof or we look around if we find someone willing to share their umbrella.

Not having a medical insurance is just like walking in rains without umbrella. Situation can change any time, its always good to have that cover. So, that we don’t later resort to borrowing or are at the expense of someone else.

Getting a good affordable health insurance is not easy to find

During our conversation, we often end up looking, whats in it for me?
While purchasing a medical insurance, these questions can come to your mind. Is it the best health insurance? Is it affordable? How much will it cost?

For the first question, we can assist you by providing the right fit for yourself and your family requirements, so contact us. Affordability is actually a deciding factor, and yes we believe it should be affordable. However, also think from this perspective, without a health plan there can be a scenario, where you might have to borrow a loan or dig into your savings to realize your medical expenses.

But I am healthy and fine, do I need this? This is a question that is valid. But, do not take this risk, when untoward situations come, they come unplanned.

What should you look for in a medical insurance policy?

Sum Assured
Sum assured is the amount that provides protection to you, in case of a medical emergency. This is like a reimbursement provided by the insurance company for the premiums paid by you.

Age entry clause
This is a very important factor when taking a health insurance. Keeping in mind, your age or your family members age, the health insurance can be taken. There are different health insurance plan age entry limits. Like in some cases, minimum entry age limit for a new born baby would be around 91 days. Similarly, for a senior citizen the maximum entry limit might be up to 60 years. The option depends totally on you and your family’s requirement.

Room rent capping
A certain cost is incurred with the boarding expenses. The limit on the coverage of these expenses in the hospital is called as room rent limit. This is ideally calculated on a per day room charge basis.

Always remember to evaluate your health insurance policy

Pre and Post Hospitalization charges
Always look for this in your health insurance plan. Medical expenses incurred due to hospitalization should definitely be under cover. However, health insurance should also cover before and after hospitalization expenses.

No claim bonus additions
If no claims made in a year, bonus will be rewarded. It gets added in the sum assured. This increment is in terms of certain percentage. It is defined on taking the health insurance policy.

For example, if you buy a health insurance plan of INR 5 lac. And in the first year there is a no claim bonus of 50%, from the second year a maximum of 90%. The below table shows the increased sum assured.

Claim Free YearSum Insured
1st Year7,50,000
2nd Year8,00,000
3rd Year8,50,000
4th Year9,00,000
5th Year9,50,000

Cashless and the network of hospitals
Cashless feature of health insurance is definitely important. Your health insurance company will work in collaboration with their network hospitals. The expense settlement will be done directly between your health insurance company and the network hospital. So, there would be less of paper work and worries.

The waiting period
Being aware of the waiting period helps you to be in control.In this period, the following thing happens. No claim arising out of pre-exisiting illnesses or specific illnesses during this period will be accepted. The waiting period can be anything between 24 to 48 months depending on the type of health insurance. Benefits can only be claimed when this period gets over.

Need more details? Get in touch with us by entering your details below and we will tell you how you can take this plan.

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