SMART WAYS TO APPLY FOR HEALTH INSURANCE

Not only tomorrow is uncertain, but even the next moment of your life is also uncertain. With the increasing variants of covid-19, people are highly prone to fall ill. We try to maintain all the precautions like sanitizing our hands, maintaining social distancing, trying to stay indoors, etc. Despite that, it has become dangerous to move out even for necessities like business, education, social service. Even after vaccination, we are advised to wear masks and maintain the protocols as our lives are still in danger. Living in such a helpless condition, even your savings and assets cannot help you at the time of medical emergencies. The only thing which can help is the various health insurance plans purchased. Your health insurance will be your guardian angel to save you from selling your assets and investments during a medical crisis. Keep reading the tips and have an umbrella to protect you at times of medical emergencies.

Family floater than individual:

A family floater plan is where all the members of your family get insured under one plan itself.  You will end up buying at least 3 to 4 individual health insurance plans with an annual premium of 4000-7000 INR/each. Instead, as the children of your family are not prone to high-risk diseases initially, you can buy a family floater plan at an annual premium of 10,000 INR. By buying a family floater plan, the coverage provided by the insurer can be used for the entire family whereas, in the case of individual plans, the coverage can be used only for the person insured. If you are an employee, you will be insured under your employer and that will be sufficient to provide coverage during a crisis. So, if you are working under an employer, always choose a family floater policy over the individual policy to ensure the safety of your entire family.

Buy at a younger age:

The smartest way to buy a health insurance policy is to buy it as early as possible. The perfect time to invest in health insurance is the time when you start earning. The various benefits you can enjoy by buying health insurance plans at your younger age are:

• Lower premiums are charged by the insurance provider
• Lower chances of getting your application rejected
• Higher coverage can be availed by regularly paying the premium
• Saving taxes even your pay slab increases
• Have risk-free waiting periods

Lesser Waiting Period:

Living in an uncertain environment, we cannot know or predict when we will be diagnosed or tested with a particular illness or disease. So, always buy health insurance plans which have a lesser waiting period. The waiting period is the period you have to wait to before your coverage starts. If you are hospitalized during the waiting period, your insurance provider is not obliged to provide you with coverage. So, choose those plans which have a lesser waiting period like 90 days to be in safer hands.

Meet your needs:

Spend time analyzing your health position, age of your family members, family’s health position, your monthly income, other obligations like home loans, credit cards, etc. before buying health insurance plans. According to the research made, choose the right type of policy to get the maximum benefit.

• Choose a critical illness policy if you have any hereditary or chronic illness like diabetes. Also, buy a critical illness policy for the elderly people at home as they are prone to cardiac diseases, etc.
• If you find yourself and your family healthy, buy a plain regular plan which has a lower premium and can save you during an emergency.

Buy online:

Buying health insurance plans online can charge you lower premiums than conventional policies. The infrastructure charges, commissions to the agents are being cut with an online health insurance plan and so you avail the policies at lesser premiums. You can also compare various policies as the insurers provide all information regarding the policy on their website. By comparing, you can make an analysis and choose the best policy for your prevailing conditions.

Conclusion:

Spending money on the right investment is good but making a proper analysis before choosing the investment avenue is the best. So, spend time understanding your need, fix a budget, know about various health insurance plans that suit you, filter out the best plan, and then invest immediately and get benefited.