Quite a lot of us feel that a health insurance is just another insurance product and it might not even be worth investing money in the same. Sure enough, one needs to pay a yearly premium for the policy. But to outright ignore the benefits is a slightly bigger mistake than it might seem. If you have paid a visit to any of the hospitals recently, you would be aware of the growing medical expenses and annual medical inflation.
A medical treatment might very well destabilize your financial goals. In fact, it has the potential of becoming a financial burden as well. A health insurance will keep you away from such headaches. There is even a possibility that you might not receive the best treatment out there owing to lack of funds. Most of the insurers who offer a health insurance plan, usually send their policyholder for medical check-ups or reimburse the amount at timely intervals. This ensures that such people are less prone to medical risks.
A health insurance plan, in short, ensures that a policyholder or their family members can get the best possible treatment available without breaking their heads over arranging money. Once you have made up your mind to buy a health insurance, it is relatively easy to get your hands on one.
You can visit the website on any of the insurers and provide some basic information such as members of the family who need the cover, their age, the area of residence and existing medical conditions. The website will then revert with a quote and the details of the policy. If you are happy with what you see in front of you, the website lets you proceed with the policy purchase.
Here are a few steps that you can carry out to ensure that you are buying the most appropriate health insurance plan.
- Need For Policy
Unless one is clear on the need aspect of the policy it can get a bit tricky to purchase a plan. A plan with slightly lower coverage might be just fine for a young individual. At the same time, your parents are too old, it is safer to buy a separate plan for them rather than including them in a floater plan.
- Details about the Insurer
Before buying a health insurance plan it is important to do some thorough research about your insurer. Their ability to handle claims and settle them with a quick turnaround time should be high on your list.
- List of Hospitals
Most of the insurers have their own list of network hospitals. The significant advantage that network hospitals bring to the table is cashless service. A quick look at the list of hospitals in and around you can be helpful.
Each insurer brings something different to the equation. Look for features that might be helpful on a regular basis. For an instance, look for a restore mechanism. If some medical condition results in you exhausting your sum insured, some insurers let you restore the sum insured. Of course, there are a few terms and conditions.
Compare and Buy
One of the most important things to keep in mind while buying a health insurance plan is to compare them. Coevrfox.com is a great online platform to compare the health insurance policies. You can do a comparison at various levels, starting from the most obvious premium cost and get a bit more detailed when it comes to the features on offer. When you compare policies you understand what insurers have on offer and which policy provides better value for money for you.
You must look out for a good balance between features on offer versus the premium that an insurer is charging you. Other factors such as ease of doing business and customer service desk response of the insurer must also be taken into consideration.
Secure Your Life with Health Insurance
Getting back to the first point, a health insurance is not just another insurance. Here are some of the major benefits of buying a health insurance policy.
- Daily Allowances
Most of the health insurance plans have some form of daily allowances for non-medical expenses.
- Tax benefits
The insurance premium that you pay is deductible under Section 80C.
But the most important benefit of them all is cover for critical illness. Insurers usually have a list of critical illness upon whose detection, the insurer will pay out a pre-defined amount from the sum insured. You can also avail cashless service from network hospitals ensuring fewer hassles. If you wish to buy immunity against medical expenses, a health insurance is your best bet.