10 Essential Considerations For Securing An Adequate Health Insurance Plan For Your Future

Let’s break down the top 10 requirements for obtaining a good health insurance plan to cover one’s future needs and those of their family.

• 1. Evaluate Your Own And Your Family’s Needs For Medical Insurance

There isn’t a health insurance plan that works for everyone. Consider carefully what your family’s medical needs are. Depending on the beneficiary’s or group of beneficiaries’ medical history, age, and income, different levels of coverage may be required. 

• 2. Sufficient Insurance

It would help if you made adequate preparations for emergencies because health insurance is a constant need. Generally, assess your insurance requirements every two to three years. 

• 3. Premium Cost

Despite COVID, health insurance premiums increased by at least 13% in FY21 and FY20. Delaying your decision to purchase insurance is, therefore, a costly error because the cost of the premium also rises with age. Also, be aware that the policy’s senior member determines the premium for a family floater plan. 

• 4. Sub Limits And Co-Payment Clauses

The insured must also pay some medical bills when filing a claim under the co-payment clause. At the same time, certain expenses are capped in the sub-limit clause. It would help to avoid both clauses by paying a slightly higher premium. Choose convenience for the future.

• 5. Exclusions

Medical conditions and circumstances where your health plan won’t pay the incurred costs are excluded. Pregnancy, dental work, treatment for chronic diseases, cosmetic surgery, and others are some of the frequently encountered health insurance exclusions. 

• 6. The Waiting Period 

The waiting period is when you must consider things before filing a claim for a health issue. Most pre-existing diseases will have a waiting period of two to three years. 

• 7. Cumulative Bonus And Concession

Choose an insurance plan that offers a cumulative bonus. Following a year with no claims, you will receive a cumulative bonus       i .e. increased coverage of the sum assured     . *

• 8. Cashless Hospitalization

When you need emergency medical care, cashless hospitalisation spares you from tedious paperwork and administrative delays. You can obtain hassle-free hospital admission and simple claim processing from the insurer’s network of hospitals.

• 9. Claim Settlement Ratio

The claim settlement ratio (CSR) measures how many of an insurance company’s claims are settled successfully out of all those made in a given year. Therefore, choosing the appropriate policy and insurance company is equally crucial. *

• 10. Inclusions

Read the fine print always. Look for additional benefits and available inclusions in addition to the health insurance coverage amount, exclusions, and hospitals with accreditation. Inpatient hospitalisation, day care services, room rent reimbursement, pre- and post-hospitalization coverage, preventive health diagnosis, and alternative AYUSH (Ayurveda, Yoga, Unani, Siddha, and Homeopathy) treatments should all be checked for inclusions based on your specific medical needs.

A health insurance calculator is easy to use to determine the cost of premiums you would need to pay.

* Standard T&C Apply     

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.