How to Choose the Right Health Insurance Policy for Your Needs

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How to Choose the Right Health Insurance Policy
for Your Needs
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• An Overview
• Let us start with a simple fact that health
  insurance is like a shoe and as different shoe
  sizes fit and work for different people.
  Similarly, a single health policy cannot not
  cater to the needs of different people.
• This is the reason that different insurance
  companies have come out with different products
  for different people depending on their
  demographics and requirements.
• In this blog we will talk about a very
  interesting and important decision that one
  should make very carefully, which is choosing a
  health insurance plan.
• Mr Raju bought a family floater health insurance
  plan for Sum insured of Rs 3 lacs covering his
  family of 4. Unfortunately he met with an
  accident and filed a claim for Rs. 2 lacs. He was
  shocked and saddened to know that his claim got
  settled for Rs. 1.2 lacs. This happened as his
  policy has a room limit of 1 i.e. Rs 3000 which
  he was not aware about. The hospital charged him
  Rs 5500 per day as room rent due to which almost
  40 of his claim was deducted in proportionate
  charges.
• Be Informed
• This can happen with you as well and to avoid
  this, the most important factor before buying a
  health insurance is reading the policy coverage
  along with terms and conditions. Insurance is a
  technical product and you should be aware about
  the details before finalizing a plan. In case you
  feel confused or indecisive, we recommend that
  you consult a licensed insurance agent who can
  explain the same to you in detail.

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• Factors to be considered
• Age Age is an important factor to be considered
  while taking a health insurance plan. Although a
  disease can affect anyone, the chances of falling
  sick increase as the age increases. Thus, one
  should take a higher sum insured as the age
  increases. Also, a plan with a lower waiting
  period should be opted for people of higher age.
• Geographical area The place where you reside is
  important as medical expenses vary from place to
  place. A metro city has a higher cost of any
  treatment as compared to in a B or C class city.
  Thus, a plan with no room limits with higher sum
  insureds should be opted for if at a metro city
  as the room rents can be much higher.
• Medical History Although a PED has a waiting
  period, in case you or your family has a medical
  history, you should disclose the same and opt for
  a higher sum insured. A person with no medical
  history can opt for a policy with higher waiting
  periods and low premiums.
• Choices to be made
• Individual vs Family floater policy A major
  decision to be made by you is whether to buy an
  individual Mediclaim policy in which individuals
  with different sum insureds are covered or to buy
  a floater policy in which all the members share a
  combined sum insured. This decision has to be
  made on the basis of size of family, sum insured
  required, medical history etc.
• Add-ons to be taken
• Restore benefit Helps in restoring the policy
  sum insured after exhaustion of initial sum
  insured. Insurers also allow for unlimited
  restoration, which is beneficial for those who
  think that due to various diseases or multiple
  hospitalizations, they might need restoration of
  Sum insured multiple times in a single policy
  period.

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• No room limit capping To be opted where insured
  feels that room rents in their nearby hospitals
  is very high and such capping can lead to their
  claims deductions.
• Daily Cash Benefit This cover allows you to get
  a cash benefit for each day of hospital admission
  which can be helpful for out-of-pocket expenses
  which are not covered by health insurance.
• NCB Safeguard This benefit ensures that the
  accumulated NCB bonus does not get exhausted even
  if you put up a claim.

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• Conclusion
• As rightly said, health insurance can provide
  complete peace of mind against unfortunate
  medical emergencies and expenses but it is
  imperative to choose the correct plan with an apt
  sum insured for yourself and your family . By
  understanding your needs, exploring different
  policy types, and thoroughly researching options,
  you can make an informed choice.
• If still in doubt, you can reach out to a
  licensed insurance agent who can guide you on
  what is right for you.

• Original Source- https//www.insurancesamadhan.co
  m/blog/how-to-choose-the-right-health-insurance-po
  licy-for-your-needs/