Rohan MathawanChoosing the correct health insurance plans today is a non-negotiable life-decision for people who wish to have access to adequate healthcare coverage without having to compromise on budgets and shell out personal savings to afford treatment.
Healthcare can be financially draining, be it for oneself or family that is dependent on them. With the additional margins of inflation that persist in medicine and hospitalization costs alongside the rise in various lifestyle-oriented diseases; one has to have sound knowledge of the various health insurance plans and find the best health insurance policy in India and their ideal version of a health insurance coverage plan that can mitigate the possibilities of having to forego treatment because of high costs or pay from one’s future savings.
Health insurance plans are policies that cover medical costs incurred in the course of a prolonged hospitalization, and costs post discharge as well. It is a general policy that has many variations offered by insurance providers according to age groups and family structure. One may choose from an individual health plan, a family plan, senior citizen coverage and even critical illness insurance plans.
At times of great inflation in medical and hospitalization costs, and diseases caused by high-stress lifestyles the selection of a health insurance plans is a necessity for every individual, otherwise one may run the risk of having to use their emergency savings to afford these costs.
It is essential to invest in health insurance plans as they offer complete end-to-end coverage against hospitalization costs, ambulance fees, including pre and post-op care. According to the necessities of the policyholder, they can avail provisions such as cancer insurance benefits and a sum assured in the event that their income become irregular in the event that the policyholder meets with an accident.
The process of choosing the best health insurance policy in India can be a tedious and difficult process, but one can streamline the process by taking the following things into consideration:
- Family Liabilities:
In order to find the best health insurance policy in India, one has to first identify one’s personal requirements and family structure. In case the policyholder is part of a family, they can go for health insurance plans that offer family floater plans which are for young, nuclear families. This does not affect the assured coverage amount, and can be availed by any family member when required.
- Work Insurance:
Before investing in a personal health insurance plan, one should read though company perks at their place of employment as many employers offer health insurance to their employees.
Taking all benefits and features into consideration, one can supplement their employee health insurance by going for health insurance plans of their own that cater to their needs as it is advised not to depend entirely on employer insurance as they are subject to lapsing in the event of termination or retirement.
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- Dependents:
For ailment-prone dependents that a policyholder may have, they should be insured under individual health insurance plans which preferably have high coverage amounts, and lifelong cover.
Senior citizen health insurance plans have their own benefits and perks over standard health insurance plans where there is no maximum age for policy renewals. It is essential to invest in the right plan for older dependents as they are more prone to illnesses and recurrent medical expenses.
- For Business owners/ Self-employed Professionals:
In the event of illness or accidental injury a person with employee benefits will be able to earn a steady income while they are absent from work. But for people who run their own business or are practicing professionals do not have income benefits in case they are unable to work.
Hence such individuals should choose health insurance plans that offer income benefits and compensation as well. This eases the financial strain for other expenses that a policyholder may face at the time of irregular or non-existent income.
- Exclusions and Sub-limits:
Most health insurance plans may refuse to cover medical expenses of a policyholder who suffers from a chronic illness, hence one should be well versed with the conditions of a health insurance plan before purchasing. Specific illnesses and surgery procedures may not be covered under a health insurance plan. Additionally, before purchasing a health insurance plan one should check the sub-limits the provider may have in terms of room costs, ICU charges at the time of hospitalisations. One should go for health insurance plans which have minimal or no sub-limits within their coverage terms.
- Hospital Partners:
Many insurance providers at the time of creating health insurance plans, add a list of partner hospitals where their policyholders are guaranteed to receive prompt claim settlements. This is one the things a prospective policyholder has to take into consideration while investing; as they may have treatment preferences or designated specialists they may want access to in the course of treatment.
Therefore, at the time of zeroing in on a health insurance plan one should go for an insurance provider that has a strong list of reputed hospitals under their policy listing.
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The process of choosing health insurance plans is one that is simplified by doing adequate research and putting a thorough check with all conditions, exclusions that an insurance plan may have and compare those with their needs. One can also get in touch with financial advisors over at Max Life Insurance before to make an informed choice to secure themselves from financial anxieties at the time of illness or injury.