A lot more needs to be planned looking at the current state of health care inflation prevailing in the country today. Health is an extreme challenge today and you may not even predict which new disease might catch you. People living in cities like Delhi , Bengaluru etc are prone another kind of health hazard which is quite new to this generation i.e, pollution . The lifestyle we follow today has lead to people getting affected by chronic diseases at an early age.So things need to planned well in advance so that any health emergency don’t put you in a financial trap.
People opting for health insurance plans are more guided by the tax benefits associated with them but looking at the larger scheme of things benefits associated with tax exemption is very nominal looking the long term savings it brings in handling health related emergencies. So don’t take a health insurance plan just to save tax and consider tax exemption as just an additional benefit and not the core benefit.
Another important thing that entice people from not buying their individual health plans is employer group plans. People feel that when the benefits are available at zero cost so why should one spend money in buying a separate individual health insurance policy.First we should keep in mind in this case is that cover under a group medical plan provided by your employer offers a very low sum assured which it not even enough to handle basic health emergencies.Second thing which one need to keep in mind that once you leave the employer , the benefits of the plan also comes to an end as it is no more your old employer’s liability to pay for it.So there are higher chances of you staying uninsured when you actually need it.
Let’s looking at the four most important factors which one should consider while buying a health insurance plan.
1)Amount of Sum assured: When we are talking of health insurance we are talking about an insurance plan which can help you pay for your medical costs in case of health emergency without shedding any money or a small amount of money from your own pocket.Like your insurer you should also have clear idea of you existing state of health, family health history etc so should also know what might be the cost that you might need to incur in case of a health hazard arising from any of these pre-existing condition or family health history.The sum assured value of your health insurance plan should be line with it and you should consider an extra sum assured over and the above basc cover so that it can also take care of the health care inflation.
2)Family or Individual consider before buying : One should keep in mind that individual health insurance plans are meant for individuals only but if you are family man you should consider buying family insurance plans always.Buying separate individual plans for each member of the family is not a not financially viable alternative. The best part of a family plan is that they are floater in nature. A floater plan offers priviledge to all members under the plan that they can use total sum assured at any given point of time and this feature gives better flexibility.
3)Maximum age for renewal : This is technically the most important criteria which one should consider while buying a health insurance plan.One should be cautious enough with this factor while making a plan specific decision.if your plan’s maximum renewal age is very less then can’t even take the benefits of the health insurance plan. At an older age the chances of one getting affected by a health emergency always is always very high and so the need for use of your health insurance but if the maximum renewal age is less then you can’t even reap the benefits of buying a policy.
4)Understand exclusions and inclusions under your plan : It is always advised to read to through the fine print of the policy. Exclusions and inclusions are generally the most important guiding factor which can help one take the right health insurance decisions.What is excluded or included can give a fair idea of which diseases and cost are covered and upto what extent.You should always remember that exclusion limit for particular cost can possibly affect how other costs are covered under your plan. A clear idea of exclusions and inclusions can save you fall not in the trap of your claim getting rejected.