An Easy Guide for Choosing the Best Health Insurance Policy for you

Even the healthiest of people can become ill unexpectedly, necessitating costly medical attention. Being financially unprepared to cover the expense of necessary medical procedures is not an option in such a situation. The Health insurance policy plays a major role in this case.

This is where comprehensive health insurance plans come into play, ensuring your family’s and your financial security. Here’s a closer look at this useful financial tool.

What is Health Insurance?

A health insurance policy pays for medical expenses incurred as a result of diseases or injuries. A good health insurance plan will shield you from unexpected medical costs.

It reimburses your invoices or makes direct payments to your medical care provider on your behalf. Hospitalization, childcare treatments, medical care at home (domiciliary hospitalisation), and ambulance fees are all covered under comprehensive medical insurance.

A health insurance plan protects you from a variety of conditions. It also aids in the increase of tax savings. You can deduct your health insurance premiums from your taxable income under section 80D of the Income Tax Act of 1961.

Types of Health Insurance Policy

Given the rising cost of healthcare in India, a health insurance policy is the greatest saviour. There are a variety of insurance policies to choose from to match your needs. 

Let’s have a look at the many sorts of health insurance accessible in India:

  1. Individual plans
  • These are basic health insurance policies that cover the insured’s hospitalisation expenditures.
  1. Family plans
  • These are health insurance plans that cover all members of a family under a single policy. 
  • In this instance, a set amount is guaranteed for any family member who becomes ill.
  1. Senior citizen plans
  • These are specific insurance policies created to satisfy the needs of seniors over the age of 60.
  1. Critical illness insurance plans
  • These plans provide coverage for specific critical illnesses such as kidney disease, heart attacks, and the like. 
  • Also covered in this area are cancer insurance and other programmes.
  1. Personal accident insurance
  • These plans cover hospitalisation in the event of a car accident.
  1. Maternity plans
  • These policies cover prenatal and postoperative medical treatment, as well as delivery costs. 
  • They also provide coverage for the new-born for a set period of time, as well as ambulance charges.
  1. Unit-linked health insurance plans
  • These plans provide health insurance coverage while also assisting in the accumulation of savings to cover costs not covered by the policy.
  • These are insurance-plus-investment products that assist you in building a nest egg.

Benefits of Health Insurance

Comprehensive health insurance policies include a number of features that can help people manage the costs of medical crises as well as preventive health care check-ups. 

The following are some of the most important advantages of health insurance plans to consider:

  1. Covers pre and post hospitalization
  • One of the most important features of a health insurance coverage is that it covers your medical bills both before and after you are admitted to the hospital.
  1. Covers pre-existing diseases
  • Once you’ve finished the waiting period specified in the policy certificate, a health plan will cover you for a pre-existing condition.
  1. Provides cashless treatment
  • You won’t have to worry about finding money to pay your medical bill while you’re in the hospital. 
  • If the hospital is in your network, your health insurance company will deal directly with them.
  1. Lets you claim tax benefits
  • Section 80D of the Income Tax Act of 1961 allows you to claim a tax deduction for health insurance premiums.
  1. Covers ambulance expenses
  • In the event of a medical emergency, comprehensive health insurance also covers ambulance costs.
  1. Provides additional sum insured
  • Maintaining one’s health provides its own set of advantages. 
  • According to the policy certificate of your health plan, you can receive an additional sum covered for each claim-free year.

Best and recommend choice

There is no such thing as a universal health insurance plan. The correct insurance policy will not only meet your budget, but it will also meet all of your requirements. 

So, how do you pick the best health insurance plan for you? Here are some things to think about when buying health insurance:

  1. Ensure you have the right coverage
  • The first thing you should do is look into any health insurance policies you’re thinking about.
  • Check to see if your potential plan covers a wide range of medical bills. 
  • When choosing an insurance, we also recommend considering your family’s medical history. 
  • If your family has a history of diabetes or heart disease, for example, be sure you have appropriate coverage under your policy.
  1. Check if it is affordable
  • Many people might not realise that health insurance coverage entails a financial investment. 
  • To keep your policy active, you must pay the premiums on a regular basis. 
  • So, while purchasing a coverage, be sure the premiums are affordable and that you can afford to pay them over time.
  1. Look for flexibility
  • Flexibility is another feature to look for when obtaining health insurance. 
  • Check to see whether additional riders can be added to your policy.
  1. Compare between plans
  • A health insurance plan, as previously said, is a serious long-term commitment. 
  • As a result, it’s a good idea to avoid picking the first policy you come across. 
  • Before deciding on the best policy, we recommend examining several health plans.

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