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A Smart Guide to Buying Health Insurance

You may be surprised to learn that not having health insurance could actually double your medical expenses when you walk in for a surgical or inpatient procedure! This is reason enough to ensure that you and your family are covered for medical emergencies. Thankfully, there are plenty of options available today to choose from. All you need to do is to gather enough information so as to be able to make an informed decision.

How to Choose the Best Health Insurance Policy

Before you begin analyzing the health insurance policies available in India, consider delving upon the following facts:

  • It would be important to arrive at a budget first. How much yearly premium can you manage? Make sure you have taken all other investments into account when arriving at an amount. This will largely determine the extent of cover you can actually opt for.
  • How many people are to be included in your umbrella health insurance plan? Do you wish to include your parents as well as your parents-in-laws? Do you wish to include your children? The age profile of those included in the plan could determine the kind of policy you should seek.
  • Do you have preferred medical facilities you wish to be treated at? If you do, seeking insurance plans that are accepted by these facilities would be important.

Once you have evaluated your personal requirements, the next step would be to check out the types of health insurance plans on offer.

Types of Health Insurance Plans in India

Broadly, health insurance in India is available under the following categories:

  • Basic Cover: A basic coverage plan includes doctors fees, room charges at a hospital, fees charged by surgeons, cost of medication and diagnostics, and other associated items. One can also opt for several extensions, as suited.
  • Specific Plan: Specific health insurance plans are for critical illnesses like heart ailments, kidney disorders and so on. They include hospitalization costs, surgical treatment costs as well as diagnostics and medication.
  • Critical Illness Plan: These insurance plans provide lump sum payouts for financial assistance. They are aimed at overcoming the financial distress associated with diagnosis of critical illnesses. As and when an illness strikes, the insurance company offers a payout that is equal to the sum assured. These payouts are always tax free.

Remember, the basic idea behind spending on a health insurance plan is to be able to manage medical costs without too much stress, as and when needed. This primary aim should always be kept in mind when choosing a policy.

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