More often than not, consumers buy health insurance to reduce their tax burden under section 80D of the Income Tax Act, 1961, disregarding the potential financial hardship that health issues and medical expenses may incur. Getting a health insurance plan that will provide comprehensive financial security against unforeseen scenarios or medical emergencies is crucial. Sometimes your life depends on not even a doctor; an organ donor becomes your saviour. So, a health insurance plan covering the expenditure regarding the same will only make sense for you. While getting treated, several non-medical expenses arise, like daily visits to the hospital by the patient’s relative. So, choosing a perfect health insurance policy is the order of the day. These top ten suggestions will help you choose an ideal one.
1. Find a Suitable Sum Assured
Financial security is the main reason for purchasing a health insurance policy, which means you can receive care at the best hospital without reducing your financial capacity. To properly pay your medical expenses as and when they arise, you must find a plan that gives a large sum assured. For your policy to support you during times of need, the insured amount should at least be ten times your yearly income.
2. Know the Credibility of the Insurer
The most outstanding health insurance plan isn’t determined just by its features. The insurance company also has a part to play. Look for a responsive and helpful insurer when purchasing your policy. The insurance company must have a strong customer service program and a favourable rating in general.
3. Look for Suitable Add-ons
A basic plan and a few add-ons should be a good combination in a perfect health insurance package. Add-ons/riders are supplemental insurance options that come with an additional fee. So, look for the most appropriate riders and tailor your cover to benefit from it.
4. Compare Different Plans
Before finalising a plan, evaluate numerous health insurance options. Compare the policy’s conditions to avoid receiving an unpleasant surprise later. The most accurate guidance will come from insurance aggregators such as Paytm Insurance, which will assist you in getting the most satisfactory plan at the lowest cost.
5. Confirm Age-related Clauses
Check the age-related facts of a health insurance policy before you purchase it. Verify the family’s youngest and oldest members’ maximum ages. Look for the highest age for renewal as well. The ideal policy should support perpetual renewal.
6. Check the Sub-Limits
A health insurance policy provides sub-limits, which means you are allotted a certain sum for each component, such as your accommodation rent, ambulance fee, etc. Before making the final purchase, review the sub-limits to ensure they are in your favour.
7. Buying a Health Insurance Policy at a Young Age has its Benefits
Life insurance purchased at an early age has many advantages. Your no-claim bonus (NCB) and other perks will increase your initial coverage each year since you are more likely to make fewer claims when you are young, and you will get a lump sum payment at the end of your policy term.
8. Prefer Minimal Waiting Period
Choose a policy with the lowest waiting time to receive maximum advantages. Most insurance contracts have a 2 to 5-year waiting period; during this waiting time, you cannot submit any claims to your insurance company. Besides, one never knows when an emergency will strike. So, protect yourself as soon as you can. It is essential to choose a policy with the lowest waiting time.
9. Go for Sum Insured Restoration
Choose a health insurance plan that includes a restore limit provision and refills your exhausted sum insured due to earlier health insurance claims. Choose the health insurance plan that offers restoration for unlimited times with minimal or no restrictions.
10. Compare Premiums
Health insurance benefits are massive, provided you choose the right plan. And if it comes with an affordable premium, you can’t be happier! Compare the premiums of different plans and choose the most affordable one without compromising on your overall coverage.
Some More Important Points to Consider
While you need to be mindful of the above tips, there are many other things you must consider while zeroing in on a plan:
- Compare features and costs. One insurance coverage may cost more than three times compared to other plans.
- Choose a family floater health insurance policy to protect your entire family. It is more affordable and provides more coverage for each family member, allowing them to use the plan optimally. This feature is advantageous since, in most circumstances, just one person gets critically ill compared to the entire family.
- Don’t follow a policy that has a cashless connection to nearby hospitals. Instead, search for an insurance policy that appropriately satisfies your needs, as insurance companies can empanel any reputable hospital.
- Discover all the hospitals your insurance provider has established affiliations with and learn about their areas of expertise so that you may select the right hospital when necessary rather than relying just on one.
- When you purchase a plan from a broker, obtain their license number, and verify the accuracy of the information presented on the IRDAI website. These brokers do not promote one insurance over another because they are independent and compensated for each policy they sell. On the other hand, an agent who solely works for one firm would typically promote that business and its advantages, and you may miss out on better offers by other providers.
- Make accurate and genuine statements on the proposal form. That will only guarantee reimbursement if your claim is legitimate.
- Regular exercise and proper food are recommended for better health. Don’t smoke or drink too much. Your efforts will eventually lower your premium while still covering the risk. Besides, policies do not provide coverage for intoxication-related ailments.
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Consider these tips to obtain the best protection for you and your loved ones. However, this list is only informative; your chosen plan will ultimately depend on your budget and medical needs.
Be honest when purchasing a plan. Put a thorough analysis of your needs in place, and be honest about your current circumstances. Be mindful of your spending limit and select an economic plan. You will undoubtedly obtain your family’s ideal health insurance plan if combined with the tips discussed here.
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