People in this era, certainly believe in the motto of “Health is Wealth”. Keeping this in mind, people have been literate and forward enough to know the benefits of getting one insured by using a health insurance. In the age group of 25-35 years, almost 75% of the people are insured in regards to their health. How to choose the best health insurance policy in India? How can you get a health insurance and what is the best way to do that? Read on to find out.
How to Choose the Best Health Insurance Policy?
The need for health insurance and the awareness about the matter is on the rise in the past few years. The benefits of health insurance are many and varied. But one should have a proper understanding of how much cover one needs. A health insurance floater policy worth 500 thousand rupees will suffice in most parts of the country in India. If you, however, live in a metropolitan city, this might be insufficient due to the high price of the hospitals in these areas. If you are diagnosed with a serious ailment, the health policy might not be enough.
Hence a regular indemnity policy might not be of that much use. A critical illness plan is more useful in such cases. These plans, however, have higher costs and cover only some diseases. However, these plans are more useful in cases when you might be suffering from a critical illness.
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Group covers are not too much reliant in the case of health policies. All costs might not be covered during hospitalization in this case. To be on the safe side, a cover if about 700 thousand to 1 million is recommended. Premium does not rise in the proportion of the cover. If a health insurance policy of 5 lakhs is for 12000 a year, then the 10 lakh cover will not cost 24000, but instead, might cost around 18,000.
Also, the type of policy to be bought depends on upon your family. A young family will suffice with the 500 thousand cover while a larger one would require a different one. if your parents are over 50, get separate cover plans for them.
Enhancing your health insurance at a low cost can be done by using a top-up policy. If the top-up cover is not allowed by your employer, you can always get a top up plan, independent of the original base cover plan. The top up plans are considerably cheaper than family floaters and are more efficient in ensuring and enhancing your health insurance cover too.