No one thought that a day would come when buying health insurance will become a necessity. You can plan everything in life, but medical emergencies can occur at any time, which is why being financially prepared is your safest bet.
New Delhi: No one thought that a day would come when buying health insurance will become a necessity. You can plan everything in life, but medical emergencies can occur at any time, which is why being financially prepared is your safest bet.
Without having to use your savings, the best way to tackle unexpected medical bills and treatments is to purchase health insurance. Besides, in today’s digital world, buying health insurance is a pretty simple task.
While it is easy to purchase health insurance today, it can get somewhat confusing, especially for those new to it. There is a lot one must consider when buying health care policies, and if you are not sure where to start – you have come to the right place.
Read on to know more:
Why is Purchasing Health Insurance Fundamental Nowadays?
Before moving to the specifics of buying health care plans, first, it is important to understand why it is crucial to purchase health insurance.
Some of the reasons are:
● Rising Health Care Costs
The foremost and most obvious reason why investing in health insurance has become a necessity is because of the rising costs of health care. Be it intensive care or maternity care, the cost of obtaining medical care is ever-increasing. So, to avoid financial debt and losses, it is best to invest in health care policies.
● Rise in Lifestyle-Related Diseases
The current generation’s lifestyle is very different from what it used to be. Hectic schedules, long working hours, stress, poor eating habits, and more have increased our chances of suffering from lifestyle-induced diseases.
Moreover, according to WHO data, lifestyle diseases amount to approximately 2 million deaths per year. However, having a health insurance policy can effectively safeguard you against such unexpected expenses.
● Tax Benefits
Yes, you read that right. Not many people know of the excellent tax savings and returns that come with health insurance. You can claim a certain amount of your total premium payments for the fiscal year when filing for income tax.
The list of reasons doesn’t end here as there are only benefits when it comes to health insurance. But now, let’s talk about everything you need to keep in mind to purchase health insurance.
Key Features to Keep in Mind While Buying Health Insurance
1. Sufficient Coverage Amount and Affordable Premiums are Essential
It can often be hard to find the right balance between an insurance plan’s coverage amount and premium. But doing so will not only ensure that all your medical needs are taken care of during medical emergencies but also that it doesn’t burn a hole in your pocket. So, always assess your needs first and then purchase health insurance accordingly.
2. The Types of Medical Expenses Your Health Insurance Plan May Cover
All health insurance policies are different and come with different features, including the expenses covered. However, there are some major costs a health care plan should cover apart from hospital bills incurred during hospitalization.
These include pre & post-hospitalization charges, in-patient hospitalization, daily allowance, domiciliary care, advanced medical treatments, COVID care, and AYUSH treatments.
3. Check the Co-Payment Clause
Most health insurance providers charge a co-payment amount, which can be anywhere between 10% to 30% of your total medical costs. However, it is better to purchase health insurance policies requiring no co-payment or one you can easily afford.
4. No Claim Bonus & Lifetime Renewal
No Claim Bonus (NCB) refers to the bonus amount added to your health insurance plan if you have a claim-free year. On the other hand, lifetime renewability lets a policy buyer renew their health care plan for as long as they wish, as there is no age limit. So, it is vital to purchase health insurance with these two features.
5. Look for Value-Added Benefits
Health insurance is nothing but an investment, which is why it is vital to go for plans with additional benefits such as cashless payments/settlements, a wide hospital network, a fast & easy claim process, free health checkups, room rent, maternity benefits, and discounts.
Lastly, always be sure to disclose every detail of your medical history and information to avoid claim rejection later.
Get the Best Health Insurance Suited to Your Needs
As far as health care plans are concerned, it would help if you did your research to find more details on all the available options.
While at it, make sure you check for health insurance plans from reputable insurers such as Care Health Insurance. They are known for providing their customers with the best insurance policies at affordable costs and all with a hassle-free process.
You can explore their health insurance plans online, read about the policy in detail and then make an informed decision!