You must have heard the adage, “The best time to do it was yesterday, the second-best time is now.” The same applies to health insurance plans.
Changing lifestyle and the environment mean we need more medical attention, while advances in medical expertise mean that treatments are now available. However, treatment costs are also rising. The COVID-19 pandemic has shown how important life and health cover is for your family.
Hence, it is important to invest in the best health insurance plans, and the earlier, the better.
Key Takeaways
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The right time to buy a health insurance plan is Now. The best health plan acts as a financial shield against unplanned health-related expenses. It goes without saying that the pandemic has been a wake-up call for all of us. We never thought that we would be gripped by such an outbreak for a long period. Many health insurance plans offer coverage for COVID-19 treatment. Not only that, these policies also cover a range of terminal or critical illnesses. So, instead of worrying about the hefty medical expenses, you should buy a health plan as soon as possible. But is that all?
Many people realise the importance of a health plan only when they have to pay medical expenses upfront. Here are 5 major benefits of buying a health insurance plan:
A lot of people realise the importance of a health plan only when they have to pay down the medical expenses upfront. Here are 5 major benefits of buying a health insurance plan:
By investing in the best health insurance plan, you can have financial cover to pay for surgeries, medicines, hospitalisation expenses, ambulance fees, and doctor's consultation fees. The availability of funds in the time of need helps you focus on recovery instead of feeling anxious about the expenses.
Critical illness cover is a defined benefit health plan. This pure protection insurance plan has been designed to provide financial support to you and your family in your fight against a life-threatening illness. For example, cancer, heart failure, renal failure, and other rapidly progressing and unpredictable illnesses.
Your normal Mediclaim insurance may not be enough to cover the treatment costs of these illnesses. As many times they do not even need hospitalization. However, the treatment and medicine costs could be really high.
Also, if your ability to earn the same amount of money is affected, your entire household could risk losing financial status.
Thus, a critical illness cover disburses a large sum of money regardless of your actual expenses upon the diagnosis of any such illness. The best critical illness plans also provide a part of this benefit as a regular income for the family, which helps in running the household smoothly.
The health insurance companies collaborate with hospitals to provide quick emergency hospitalisation. These hospitals are called network hospitals. You are eligible for cashless claims if you or any covered family members are admitted to any of the network hospitals.
The insurance company will directly pay the hospital for the treatment that you receive. Cashless hospitalisation is especially useful in emergencies.
You must check which expenses are not included under the cashless claim section by the health insurance company before buying a policy. This is important, as you will need to pay for the services that are not covered by the policy.
The total amount spent by Indian households on health and medical-related services in November 2022 was roughly ₹120 billion.
A family floater health insurance plan can cover your entire family including your newborn. You can try covering your parents under a separate policy, especially if they are senior citizens. While this does not mean much difference in costs, it means a lot of difference in benefits.
Senior citizen medical needs are different and senior citizen health cover is more suited to meet them.
By investing in the best health insurance plan, you become eligible for a tax rebate under Section 80D of the Income Tax Act, 1961. You can claim a tax deduction of up to ₹25,000 every year for a policy that covers you, your spouse, and your children. Additionally, you can claim a tax deduction of ₹50,000 for a health insurance plan covering your parents aged above 60 years.
A health insurance plan not only protects your health but also safeguards you from financial risks.
Learn how a health insurance plan protects you from health and financial risks.
You can research most things online, speak with the insurer’s customer care for clarity, or talk to an advisor. To make the process short and precise, consider the points below to choose the best health insurance plan.
The golden rule of thumb says that insurance should cover at least 10 to 15 months of your salary. For example, if your income is ₹1 lakh a month, then the ideal health cover would be ₹10 lakh.
Every health insurance plan has a waiting period for pre-existing illnesses. This period ranges from 24-48 months. If you have a pre-existing condition that may lead to hospitalisation later, this will be an important factor for you.
Another factor to check is the no-claim bonus and how it is applied. Usually, policies keep increasing your sum insured until it doubles.
Check the policy documents to know how much amount will be paid in case of hospitalisation for surgery/treatment. For instance, if your policy pays ₹1500 room rent per day but you are admitted to a hospital that charges 3000 room rent per day, you must bear the remaining ₹1500.
Also, check for the pre and post-hospitalisation expenses, as some insurance companies offer 30 days pre and 60 days post-hospitalisation cover.
Some health insurance plans offer wide coverage, while some insurance companies provide additional covers called riders. Check whether the policy offers you maximum cover or if you will need to buy add-ons.
If you buy add-ons, check the additional premium you need to pay, as it will increase your total premium amount. Apart from rider options, also check if you are eligible for No-Claim Bonus.
While the rules of inclusions and exclusions for major policies are almost the same, you should check the day-care expenses covered. Advances in medical science have made treatments for many diseases possible in just a few hours, which earlier required days of hospitalisation. Thus, such treatments may not fall under the normal Mediclaim cover.
However, the best health insurers allow you to claim expenses for such treatments.
This is a simple equation:you want the maximum number of hospitals in your area and across the country on this list. However, it does not mean you should reject policies just because they have fewer hospitals in the network. Look at the overall features and benefits, and if the plan is good, get it for your family.
The hospital network keeps growing over time and the longer the insurer spends in the market, the larger the network becomes. Also, even if a hospital is not directly in the insurer’s network, it could be connected to a Third-Party Administrator (TPA) linked to the insurer.
Choosing the right health insurance plan is not just an option; it is a wise decision for your family’s well-being and financial security. With medical costs constantly rising and health risks becoming more unpredictable, having reliable health cover protects you when you need it the most.
By checking important factors like the sum insured, waiting periods, day care expenses, riders and hospital networks, you can ensure you pick a plan that truly matches your family’s needs. Take time to compare your options, read the details carefully and make an informed choice.
The right health insurance plan today can bring you peace of mind tomorrow.
Disclaimer - This article is issued in the general public interest and meant for general information purposes only. The views expressed in this blog are solely those of the writer and do not necessarily reflect the official policy or position of Canara HSBC Life Insurance Company Limited or any affiliated entity. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the blog or the information, products, services, or related graphics contained in the blog for any purpose. Any reliance you place on such information is therefore strictly at your own risk. You should consult with a qualified professional regarding your specific circumstances before taking any action based on the content provided herein.
