Buying a health insurance policy can be challenging since there are various kinds of insurance that one must understand before choosing one. Health insurance provides a cover of assurance that you will be taken care of in the face of a medical crisis. Healthcare is very expensive and a medical setback can cost you lakhs of rupees towards quality treatment and hospitalization and care. In this scenario, choosing the best insurance coverage can be tricky if you don’t equip yourself with the right knowledge. Why be stuck and confused? For instance, how would you handle a claim if you don’t know the difference between a premium and deductible.
Some of the most common terms you need to know while purchasing health insurance are
Pre policy health checks-
The very first thing while you opt for any health insurance policy is to get yourself checked. Health insurance companies ask you to undergo several pre-policy health checks at their cost. Based on the reports they assess your health risk profile so that they can offer a policy that best suits your needs. An added advantage, you get to know if there is anything that needs to be checked in terms of your health conditions.
Deductible is the amount that the policy holder has to pay even before the insurance company starts paying. Which means, the insurance company is required to pay the claim amount only if it exceeds the Deductible value. In case the claim value is lesser than the Deductible, then the insurance company is not liable to pay. There are two types of health insurance deductibles in India.
1. Compulsory Deductible – A compulsory deductible is an amount fixed by the insurance company that the insured is required to pay whenever a claim is raised
2. Voluntary Deductible – deductible is an amount chosen by the insured that he/she would like to pay from his own pocket as and when a claim arises. The chosen amount may depend on the financial affordability as well as the medical expenses of the insured.
Tips for purchasing health insurance
Buy as much cover as affordable:
· The premium margin tends to get shorter, the amount of the cover goes higher.
· Buying as many covers as possible is one of the best way as you never know how much money is needed
Buy health insurance online
· You can directly get the policies quotations online rather than going to the agent to get the details
· Comparing more and more policies online is much easier than doing it on paper
· Information like policy quotes, benefits, exclusions, inclusions, terms and conditions. Every single thing is mentioned clearly.
· Seeking the information at your own ease of time
· Many insurance provides offers discounts when you buy policies online.
Buy Health insurance for your parents, especially dependent seniors
· Senior citizens are at higher risk for a variety of health concerns, and it is therefore of prime importance to secure their health with suitable insurance plans.
· Health insurance is a boon for those who need to receive quality healthcare services and treatment without exhausting one’s savings.
· Safeguard your parents with care and health insurance to ensure they have security about their health and don’t worry about becoming a financial burden.
Health insurance is one of the most important policies you need to have for prudent financial planning. If you want to ensure a good health insurance cover for all emergencies, it is advisable to pick a right one without a delay.