It is absolutely normal for you to get baffled and all confused about the policies and health plans offered by the health insurance policies. You might be wondering about how to choose the right health plan that suits your needs and your lifestyle. Mentioned below are the basic ideas that will help you choose the right health plan for yourself and for your family.
How to Choose the Right Health Plan?
With the ballooning medical costs, a minor surgery will waste a lot of your money in no time. To offset the impact of the health care costs which are rising each year, there is no dispute over the need for a health plan in order to save you from spending all of your hard-earned money on a basic health problem. It is certainly difficult to choose from the plethora of health insurance options included.
In India, two kinds of mediclaim policies are available. An indemnity policy is a traditional mediclaim policy. These kinds of policies cover the reimbursement plans and cover the expenses in hospitalization. Another is the defined benefit plans which include policies related to critical illness which is named in the policy document.
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The premiums for both of the health cover policies are comparable. The tenure of the cover is, however, different. The Medi claim is to be renewed on an annual basis while the critical illness plan has to be renewed in the duration of about three years.
Another aspect to be covered when choosing a health plan is the size of your family and your place. A small town person will suffice with the 2-3 lakh cover while those living in metropolitan cities will require 4-5 lakh plans.
Also be on the lookout for the sub-limits in the mediclaim policies. Common ones are the rates in room rents, doctor’s fees, and diagnostics. The sub-limits will be capped at some certain percentage and if fee exceeds the specified percentage, you might have to spend money from your own pocket.
Co=payment clauses are also included in senior citizen plans where the insured person is made responsible for judicious payments as the family members will be covered too. Also look out for the pre-existing disease clause. There might be some mediclaim covers which do not cover the pre-existing diseases. Also, ensure that there is no problem in the renewal clause of the policy.
All in all, the person who has a high amount of cover might benefit from the mediclaim plan in case of critical illness while those with a low one might suffer. Hence, the best way to move forward is to include top-up plans. Consider the medicare plan to be your base policy and add in a top-up cover in order to stay insured. Life insurance is good in case of critical illnesses too; as they offer a lump summon the diagnosis of nay named critical illness.