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2 mins Read | 5 Years Ago

How can I choose the best health insurance plan & why is it important

choose-the-best-health-insurance-plan

The medical expense is consistently and rapidly rising in India and any medical condition can result in a financial setback for an individual.

One of the best ways to protect yourself financially against rising medical expenses is to purchase health insurance plans for you and your family. Let us have a look at why medical insurance is so important and how you can select one.

Importance of medical insurance

One of the biggest reasons to invest in a medical policy is to protect yourself from unpredictable and extremely high medical expenses. It is with the help of an adequate medical policy that you can easily manage the expenses. Hospitalisation expenses can be a huge financial setback for you. But when you have a medical policy, you can receive the best treatment from the best of hospitals without worrying about the expenses. Not to forget the fact that medical policies are also eligible for tax benefits under Section 80D of the IT Act.

Now that you’ve understood some of the top benefits of purchasing health insurance plans in India, let us have a look at how you can select one from so many different options available in the market.

Selecting a health insurance policy

Here are some factors that can help you choose an adequate health insurance policy-

1. Coverage amount

A lot of people go with the cheapest plan to save money. However, such policies have lower coverage amount and offer limited coverage. To make the right decision, you should prefer policies that provide adequate coverage amount. A few important factors that must be considered to know the right coverage amount are:

  • Age of the policy beneficiaries
  • Medical history
  • Number of dependants
  • The grade of your preferred hospital

2. Type of policy

There are now many different types of medical policies. There are individual policies, health insurance plans for family and even policies for senior citizens. Just like the coverage amount, understand your requirements to select the right type of insurance.

3. Hospital network

It is essential for your health insurance provider to have an extensive network of hospitals, especially hospitals that are located in your neighbourhood. If your policy has a cashless treatment facility, you can only use this facility at one of the network hospitals of the insurance provider.

4. Waiting period for pre-existing illnesses

Many of the policies such as health insurance plans for senior citizens now also cover pre-existing conditions. However, there is generally a waiting period after which the policy covers such illnesses. If you have ageing parents with existing medical conditions, such policies can be an excellent choice. Most policies generally have a waiting period of 1-4 years. You should prefer policies with a shorter waiting period.

Tackling high medical expenses with the right medical policy

While there are several other factors that you should consider when selecting the best health insurance plan, the ones mentioned above are some of the most important. Before making a decision, make sure you try to know more about medical policies to ensure that you make the right decision while buying.

 

DISCLAIMER

The contents of this document are meant merely for information purposes. The information contained herein is subject to updation, completion, revision, verification and amendment and the same may change materially. The information provided herein is not intended for distribution to, or use by, any person in any jurisdiction where such distribution or use would (by reason of that person‘s nationality, residence or otherwise) be contrary to law or regulation or would subject lClCl Bank or its affiliates to any licensing or registration requirements. This document is not an offer, invitation or solicitation of any kind to buy or sell any security and is not intended to create any rights or obligations. Nothing in this document is intended to constitute legal, tax, securities or investment advice, or opinion regarding the appropriateness of any investment, or a solicitation for any product or service. Please obtain professional legal, tax and other investment advice before making any investment. Any investment decisions that may be made by you shall be at your sole discretion, independent analysis and at your own evaluation of the risks involved. The use of any information set out in this document is entirely at the recipient's own risk. The information set out in this document has been prepared by ICICI Bank based upon projections which have been determined in good faith by lClCl Bank and from sources deemed reliable. There can be no assurance that such projections will prove to be accurate. lClCl Bank does not accept any responsibility for any errors whether caused by negligence or otherwise or for any loss or damage incurred by anyone in reliance on anything set out in this document. The information set out in this document has been prepared by ICICI Bank based upon projections which have been determined in good faith and sources considered reliable by lClCl Bank. In preparing this document we have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources or which was provided to us or which was otherwise reviewed by us. Past performance cannot be a guide to future performance. 'lClCl ' and the 'I-man' logo are the trademarks and property of lCICl Bank. Misuse of any intellectual property, or any other content displayed herein is strictly prohibited.

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