Considering the ever-rising cost of medical treatment in India, health insurance has become a necessity for every individual and family. health against high expenditure caused by unforeseen medical contingencies but also gives the much-needed peace of mind during difficult times.
Based on individual requirements, there are three main types of Health Insurance Plans available in India that you can choose from. These include:
a) Individual health insurance plans
Specifically designed to cater to the needs of the individual, these are the simplest health insurance plans that insure an individual against various illnesses. The individual health plan covers various financial expenses incurred during hospitalisation or other medical requirements as specified by the plan.
b) Family floater health insurance plans
These are ideal to cover the health insurance needs of the entire family. Unlike the individual Health Insurance, the Family Floater health plan gives the benefit of a single insurance cover to the entire family. It is important to note here that in the family floater plan, more than one family member can simultaneously avail the benefits of the plan.
c) Unit Linked Health Insurance Plans
Another popular category of health insurance plans; they combine the benefit of insurance and investment. In such plans, a part of the premium is invested in various market instruments whereas the remaining is used to buy the chosen health cover.
How to Pick the Right Plan?
Considering the competition in the health insurance market, choosing the right health insurance plan can be very tricky. Here, we are going to discuss the steps you should consider while buying Health Insurance and choosing the right policy from the sea of health insurance companies available out there.
a) Research thoroughly
You can either purchase the health insurance directly from an insurance provider or find a marketplace to select the best health insurance company and plan. In many cases, the employer provides the facility of the health insurance; however, if you still wish to search for an alternative health insurance plan, marketplaces such as Coverfox.com are the best platforms for unbiased research and comparison of the various health insurance companies and their plans.
While comparing plans, one of the wise things to do is to look for a summary of benefits of all plans from various health insurance companies to be able to take the correct decision.
b) Compare out-of-pocket expenses
While making the choice of the health insurance, check and compare the summary of benefits which clearly lay out how much you’ll :
- There is a frequent need for the emergency care.
- There is a frequent need to see a primary physician or a specialist.
- There is a planned surgery coming up.
- You’ve been diagnosed with a chronic condition such as cancer.
Criteria of Buying Health Insurance
It is important to realise that availing the best health insurance plan is a must to ensure the safety and security of your loved ones. However, extreme care and precaution need to be taken while choosing the insurance plans for a family.
Below is the ready checklist and selection criteria which helps in deciding the suitable health insurance plan:
a) Assess your needs
First and foremost, thorough need assessments should be done before proceeding to buy a health insurance plan.
Answer important questions such as what is the purpose of buying health insurance, do you need any special medical assistance to be covered by your health plan, etc.
b) Understand the policy features
Before making the choice of the health plan, check all the shortlisted policies thoroughly as they are not equal. There are some that may cover accidents whereas some may not. Some plans may exclude the terminal illnesses while others may not.
c) Add up the total costs
The last thing to do while choosing the health insurance is adding up the total costs associated with each plan. The decision should ideally be based on the health condition you are in. If you are in good health condition it is better to go for the plan with low premium whereas in case of poor health condition a plan with less out of pocket expense should be chosen.
Buying a suitable health insurance for yourself or your family members can be an overwhelming task. Before you take a call to invest your money in any health insurance plan, it is imperative to consider all your needs and individual requirements to be able to make an informed decision. Visit Coverfox.com to access the best health insurance plans from multiple service providers to make the decision easy.