Health Insurance Policy: Safeguarding your Life with Health Insurance Policy

A health insurance policy provides protection against financial implications of a wide range of health-related expenses be it due to a minor illness, injuries or even critical illnesses. Therefore, health insurance plans come with a health cover which serves as a shield in case extremely high medical expenses are required to be paid. 

That’s why making a right choice for health insurance is a must. It helps to get prepared against medical expenses that come forward without calling. 

Why is a Health Insurance Policy Important? 

Given the level of unpredictability that encompasses an individual’s health, it is extremely difficult to have pre-defined control of health expenses. However, investing a health insurance policy helps safeguard your family members’ health expenses. 

• Altered Lifestyles

With the pressure of ever-changing modern lifestyle, the amount of health associated risks are also on the rise. It is, therefore, important to safeguard oneself and our close ones from disorders like obesity, asthma and many more with the right health insurance policy. 

• Ever-rising Medical Costs

In the recent years, medical inflation has only been on the rise. The costs of medical examinations, medicines, hospitalization procedures and surgical interventions has risen. It only makes sense to pay for the most basic health insurance policy premium to be insured rather than shredding pockets given the exorbitant healthcare costs. 

• Tax Benefits

Investments in health insurance policy comes with a wide range of tax benefits. Under Section 80D of the Income Tax Act, one can claim a tax deduction. This tax deduction can be calculated with the help of an income tax calculator. 

Things to Keep in Mind When Buying a Health Insurance Policy

• Make the Right Choice of Plan

Prior to comparing different health insurance plans, it is important to understand what you are exactly looking for. Decide whether you want to buy a health insurance policy for yourself or your family. For example, if you are looking for a health insurance policy for your elderly parents, a health insurance policy for senior citizens will be the best choice. Once you are aware of the type of health insurance you need, most of your medical expense related concerns shall be remedied. 

• Make the Right Choice of Sum Assured

Investing in a health insurance policy just for the sake of it does not really help. A sum of a lakh or so may not be able to meet your health concerns, especially given the dynamic costs of high-quality healthcare treatment. It is therefore imperative to know about the sum assured and premiums carefully. Also, it is important to keep in mind that a policy premium on the higher side, may not always indicate a higher sum assured as well. 

• Understand Health Insurance Policy Limitations and Inclusions

To select the best health insurance policy, it is vital to check the limitations and inclusions as part of your policy. What does your health insurance policy covers, and what not? Also, it is important to check for any add-on coverage. Other than hospitalization, there are several other aspects that a health insurance policy can cover. Know these aspects and benefits to make a wise choice. 

• Check if your insurance Policy is Suitable for Health Emergencies

Given the rise of lifestyle-related diseases and its subsequent impact on overall health, it is important to not assume that every health insurance plan comes with an extensive coverage. Instead, the right way to go about it is to evaluate different policies and finalize the one with the coverage that suits you best and safeguards you the most against the financial repercussions of health emergencies. 

Additionally, most individuals are unaware of the waiting period clause for pre-existent health conditions. It is most recommended to select the policy with a minimum waiting time, proper financial assistance, and essential benefits. 

• Go Through the Policy Document Well

It is better to be aware of policy clause if you want to avoid last minute hassles. For example, to avail maximum protection with the help of a health insurance policy, it is important to read about rent capping, co-payment clause and percentage of expenses at the time of an emergency. 

• Check for the Hospital Network

To enjoy the benefits of a health insurance policy the best, it is also vital to be aware of the empaneled list of hospitals. It is best if this network of hospitals is in your vicinity. Ensuring the same can help you avoid the hassles of bill payments with hospitals. The bills will be directly settled by the hospital if its in the insurance provider’s hospital network. 

On a Parting Note,

If you really wish for your health insurance policy to address all the medical concerns efficiently, it is imperative to analyze your medical and personal needs based on the parameters as listed above. Choose well and safeguard your life with the right health insurance policy.