Medical inflation makes healthcare expensive, and an emergency hospitalization may result in a financial disaster. Health policy is the best way to protect you and your family against such a situation.
Features of a health insurance plan
Several insurers offer different kinds of health plans, which vary from basic coverage to more comprehensive covers. However, the more the coverage, the higher is the premium.
Here are some basic features of a suitable health insurance plan:
- Sum insured (SI)
Consider your current health and family history along with other factors, such as income to calculate the minimum SI
- Eligibility and renewability
Check the minimum and maximum entry age and choose a plan that offers lifelong renewability to ensure that you are not left without coverage when you are older
- Inclusions and exclusions
Common health insurance policies cover hospitalization expenses; however, understanding the inclusions and exclusions will prevent any surprises in the future
- Waiting period
Pre-existing diseases (PEDs) are not covered for a certain duration, and you must check the waiting period to make sure that you receive the benefits at the earliest if the need arises
Premium on health insurance
The medical insurance premium depends on several factors, like SI, age, lifestyle, occupation, and health condition. Here are three tips that can help you reduce the premium:
This is the amount you must pay towards the medical expenses before the insurer pays the policy benefits. A higher deductible reduces the premium; however, consider your financial situation before making a decision.
- Family floater plans
Buying individual health plans for every member can prove to be cumbersome and expensive. A family floater plan covers you and your family under a single insurance policy. Generally, the premium on these plans is lower than individual mediclaim policies.
- Reward points
Some insurers offer reward points when you stay active and follow a healthy lifestyle. These accumulate over a period. You may use them to pay the renewal premium.
Even if you do not have the money to buy a comprehensive plan, basic and affordable health coverage is important. It will cover hospitalization and related expenses, ensuring you do not have to worry about finances in case of a medical emergency.
Before taking a call, compare medical insurance policies offered by various insurers to choose the best plan. Apart from the premium, you must check the inclusions and exclusions, waiting period, and other terms to make an informed decision.