How to buy the best health Insurance policy

Important of health insurance in life

Health insurance is like a contract; under it insurance provider pays medical expenses to the hospital when insured person falls ill. Under it, hospitalization, treatment, surgery, organ transplant related expenses are also paid. In order to take benefit of this, you need to pay premium on time.  You can buy health insurance policy for your son, daughter, wife and parents.

As per some reports, most of emergency cases become very painful due to shortage of money. An accident leads to spend money on recovery and it reduces your earning capacity. This double loss hampers your life badly. Health insurance can be helpful in these circumstances.

How to choose the best health insurance policy?

It is very confusing to choose the best health insurance. As medical services are going costly and health problems are increasing, health insurance may be beneficial. We not only face medical emergency but economic crisis too. Currently, buying a healthy insurance policy is a wise decision. You should buy an ideal policy for your family.

Let’s talk about some factor affect your policy:

Premium:

Premium is an amount what you pay for a specified time: you can analysis the premium online. There are many online premium calculators on various websites. You need to fill your information like age, members of family, income medical history etc. It helps you to choose the best policy that does not affect your finances. It may cover your medical expenses.

Maximum coverage:

You should keep in mind, normally, in general health insurance heart attack, Stroke, Cancer, Kidney Failure etc, serious conditions are not covered. These fall under critical illnesses. Ensure these serious conditions are covered under the policy. You need to keep it in your mind while buying a health insurance policy.

Minimum Exclusion:

Sometimes, in a health insurance policy some conditions, medical procedures, treatments, diseases etc. are excluded for which you are not authorized to claim. You should know that what are excluded permanently from policy coverage and what treatments are covered under fixed time called waiting period. Overall, you should choose the plan having minimum exclusions & with maximum coverage.

Tax Rebate:

The premium you pay for the health insurance plan, on that you can avail tax rebate under section 80-D of IT Act. You can avail maximum Rs. 50,000 rebate on premiums paid for a policy. To know more consult your income tax advisor.

You can think about other features of a policy while buying a suitable policy it may include additional cover, annual no claim bonus, annual health checkup, cashless hospitalization, ambulance cover, reduction in wait period, COVID shield etc.

Some important talks:

  1. Compare, decide and buy: You can compare various companies’ policies online. It will give you concrete view to choose the best and economical plan.
  2. Try to buy early: Age factor affect premium amount. If you buy a policy an 25 years, you have to pay less annual premium amount as compare to buy at 35 years old age.
  3. Be sure about everything include in plan: you should be aware about all features and coverage under a policy.
  4. Reveal you medical history honestly: Don’t hide anything about your previous medical conditions while buying a plan. If you provide wrong details, company may deny when you claim. You have to face troubles during treatments. Be clear and honest while buying a plan.

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