‘Health is wealth!”. But little do we invest in it, and that is the sole reason why it turns out to be an expense for many!
Now speaking of health insurance, they aren’t any privilege but rather a right! So what is health insurance?
Mediclaim is nothing but an agreement between the policyholder and insurance company, where the insurer promises to pay for the medical expenses up to the agreed sum insured amount incurred by the insured at times of medical emergency. The insurance company will repay the amount or make sure that the policyholder gets cashless treatment for all the injuries or sickness that comes under the policy coverage at network hospitals.
So, the policyholder is supposed to pay premium regularly to take full advantage of the best health insurance policy they have chosen. Once the policy phase gets started, the insurer is liable to meet the covered medical expenses of the insured at times of emergency about the benefits, features, terms, and conditions of the policy.
Well, having the best health insurance coverage is more like a ‘savior in disguise at times of distress’!
But choosing the best health insurance plan isn’t that easy task! You need to be vigilant in choosing one as a wrong decision can cause you a lot of trouble rather than being a helping hand.
We never know what disaster might strike us shortly (let’s pray that we remain safe and sound). So that’s where the need for the best health insurance policy comes into action. In these days of high medical expenditures, not owning a comprehensive insurance policy can lead to leaking pockets. Moreover, the big-digit bills might force you to settle for indigent health care due to non-affordability in case of emergency. So seek for the best health insurance plan that can spend for all the medical expenses along with that of pre and post hospitalization.
Now to know where you could find the best health insurance plan, the following are the features you should focus on.
- Cashless treatment facility
- No Claim Bonus
- Family/loyalty Discounts
- Sum-Insured Restoration
- Round-the-clock customer support
- Online application and renewal facilities
- Free health check-ups
- Lifelong Renewability
- Co-payments or deductibles
- Tax benefits
After ensuring that the health insurance plan you are choosing covers all of these features, you also need to know how an ideal health insurance cover should look like. The factors that determine the cost of the medical or insurance coverage are:
- Sum Insured
- Age of the insured
- Present health condition and previous medical history
With the increase in the number of health insurance companies, choosing the right one is quite a hassle. Always seek companies that are reputed and financially stable which offer quick and smooth claim settlement process.
Pros of buying Health Insurance
It’s quite unfortunate that lifestyle diseases, diabetes, strokes, heart ailments are all increasing at a rapid rate these days. Though there are plenty of super specialty hospitals that offer treatment for all such medical cases, the prices aren’t quite affordable at times of distress or emergency. That’s where the need to have a medical coverage seems significant.
Moreover, an insurance policy isn’t only applicable to critical cases. It’s always good to seek a plan that covers hospital expenses, day care procedures, consultations, and OPD charges. Imagine the situation when the breadwinner of the family passes away and you’re not left with a single penny to pay household bills, debts and other day to day expenses. Don’t you wish to give a secured future to your near and dear ones? If yes, then buying a life insurance policy can be the best decision to secure your family’s financial future.
Apart from all these, health insurance plans are an excellent way for tax saving option. According to section 80D of Income Tax Laws, an investment in health insurance plan will aid you in reducing your total taxable income and thereby, help you to save more.
Cons of buying health insurance
There is a high probability of being fooled upon or instances where the plan you chose fails to financially assist you during a particular surgery that wasn’t covered up in the policy. Also, the high premiums of individual treatment can make the insurance unaffordable at times.
Filling up the forms and papers are the other tedious tasks. The policy can cause a lot of confusions with disclaimers, options, and waiver information. Choosing a less expensive plan fails to meet the expenses of day care procedures and have a predetermined network of hospitals. Some insurance policy don’t cover the costs for dental services, pregnancy, homeopathy, Ayurveda, cosmetic surgeries, etc. These are the exclusions put forward by the companies and may vary accordingly.
So be wise enough in choosing the best health insurance that fulfills your criteria on Coverfox.com.