Nothing is guaranteed in life. You must not take your good health for granted. Nowadays, in the middle of unhealthy lifestyles and busy work schedules, any misfortune can happen that you cannot predict. Moreover, the treatment of health conditions can cost you more than you can imagine and afford. It can make you lose all your savings overnight in setting the medical bills and hospitalization expenses.
In such drastic circumstances, health insurance can be your rescue. Health insurance plans are specially designed to lay off your financial burden in times of medical crisis.
When you have comprehensive health insurance in place, you no longer have to worry about the finances and focus on health.
To get the most of health insurance, you must consider the following points before buying a policy:
- Adequate Sum Assured
The primary purpose of health insurance is to act as a financial backup in times of crisis. Therefore, it is crucial to select a sum assured considering the rise in the cost of healthcare facilities, the number of family members to be covered, age limits, lifestyle habits and history of any illnesses in the family. With increased lifestyle diseases and critical illnesses, it has become vital to have enough health insurance cover.
- Cashless Hospitalization
Most of the health insurance companies have tie-ups with hospitals, known as network hospitals. They provide you with the facility to avail cashless treatment in case of medical emergencies. Cashless hospitalization benefit saves you from the tedious paperwork at hospitals, and the bills are directly settled with the insurer. So, before buying health insurance, look for the cashless benefit and check the list of network hospitals.
- Claim Settlement Ratio
Claim settlement time and claim settlement ratio are some of the most crucial factors to be considered before buying health insurance. Higher the settlement ratio and faster settlement mean that the insurance provider is doing an excellent job in settling the claims.
You must ensure that you get your money’s worth by buying a health insurance plan with a myriad of benefits.
Step-By-Step Guide to Purchase Health Insurance
Here is the complete guide to purchasing the best health insurance plan for you and your loved ones:
Step1. Choose a health insurance type
There are a variety of health insurance plans available online, including individual health plans, family health insurance plans, critical illness plans and senior citizen health plans. Identify your needs and choose a health insurance policy that offers maximum coverage with affordable premium options.
Step 2. Select the right coverage amount
Finalizing your coverage amount is a crucial step in buying health insurance. Consider your short term and long-term expenses to determine the coverage, which further determines your premium.
Step 3. Add Riders
There are a variety of riders available with basic health insurance plans to enhance your cover and give higher protection. Some of the add-ons are critical illness benefit, accidental death benefit and disability benefit. You can pay an extra premium and add riders according to your needs.
Step 4. Buying the policy
The final step is to make the payments and buy the shortlisted health insurance policy. Ensure that you state the facts and personal information honestly. You can also make payments online through net banking or debit/credit card at your convenience
Make a Prudent Decision While Buying Health Insurance
The right health insurance plan will take care of your healthcare expenses and give you peace of mind by covering you and your loved ones. Comprehensive health insurance plans from reputable insurers such as Tata AIG provides a global cover along with a vast network of hospitals. It covers pre and post-hospitalization expenses, domiciliary treatment, daycare procedures and many more benefits. You can also avail tax benefits under Section 80D of the Income Tax Act. Make sure you compare plans and customize health insurance plans according to your needs.