One of the main reasons behind people opting for health insurance today is primarily to the get the hospitalization cost covered in case of rising medical emergency. Over the last decade or so medical services inflation in which hospitalization contributes the most has registered a panic rise of 15% to 18% each year and which has lead to high consciousness about people to build a support system of funds through health insurance to finance those bad days.
Now coming to new set of offerings in the health insurance space from various insurers the new add on cover for OPD expenses. When we are talking about OPD treatment this involves the day to day medical cost which includes doctorial advise , medicine from pharmacy or test which needs to done. In last one year or so insurance provider has always started offering plans which cover OPD expenses also. These plans are primarily designed in a way where the policyholder out of his/her total sum assured of the plan is given an allocation for handling OPD expenses. In case the in a specific term the amount remains under or unutilized a part of it transferred as a bonus to the succeeding term. This seems like an interesting feature both if you quite healthy and hearty the extra premium that you pay towards it is just a waste of money. On the other for people who are already suffer from diseases like diabetics or hypertension or for married couples with children the plan can work effectively as there is a regular need to medication. Though the add-on cover may be good for few people suffering some sort of critical illness which requires regular medication but the challenge is that in most of the cases insurance companies would deny covering these diseases in the first year or may up to the third year of the policy making the proposition for very interesting for them also. Plus when we cost associated with taking this extra add-on over and above the base cover it can seriously hurt your pocket.
Financial planners and team myinsurancebazaar.com thinks that since the OPD cost are not that catastrophic in terms of yearly medical expenses of any policyholder unless otherwise there is medical emergency opting for OPD cover under your health is not a viable option to look for. It is always advised that you can better take a comprehensive health plan that suites health care requirement based upon your lifestyle, current health conditions and family health history. In case if you have family to protect floater plans are better options and build medical emergency corpus by investing into liquid assets like fixed deposits and mutual to take care of your regular medical needs.
So the underlying fact is planning for your health is critical decision one needs to make. Wasting money into something which has negative IRR not has bad effects today but can also affect your long term financial plan A better planning for Buy Health Insurance Online policies now can lead to a better financial health in the future.