Business and Finance Blog

Why Pick a Medical Insurance Plan

The primary cause is the rise in lifestyle diseases and the high cost of their treatments. Along with sickness, there is always the possibility of accidents leading to injuries or any other medical emergency. The financial impact of a medical emergency is significant, especially if it cannot be avoided or delayed.

How Do You Pick A Family Health Insurance Plan?

Here is a step-by-step guide to picking the ideal family health plan that will offer you health insurance benefits:

Step 1: Pick the appropriate policy

The following are the most popular health plans:

Individual health plans

Single-person health insurance policies with a single sum insured. This is an indemnity health insurance plan, meaning that the claim will cover only hospitalisation-related costs.

Family floater plans are health insurance plans for families that provide coverage for every family member under a single policy limit. Family floater policies offer umbrella coverage, allowing members to file a claim up to the full insured amount.

Senior citizen plans for health insurance are available to people over 60. Because this plan is designed specifically for seniors, it typically includes all essential benefits that seniors primarily would require, such as coverage for outpatient department treatment (OPD) and pre-existing conditions.

Disease-specific plans

Plans for health insurance designed to cover particular diseases and their complications, such as dengue, cardiac conditions, COVID-specific, etc.

Critical illness plans

Plans for health insurance that pay a lump payment if the insured contracts any of the specified serious illnesses, such as cancer, heart attack, or stroke. These plans are often fixed benefit plans, meaning that if you are diagnosed with a serious sickness, the full amount will be paid out regardless of how much money is used for treatment.

Step 2: Select a Sufficient Sum Insured

You need to determine the total number of members who need to be covered to determine the appropriate sum insured for your health insurance plan. Therefore, you must select an insurance amount that will be enough to pay for the anticipated medical expenses of every family member.

Step 3: Search for Detailed Coverage Benefits

Making sure the plan provides all the required benefits is the next step in choosing the finest health plan for the family. To ensure that all potential medical costs are covered, it’s crucial to get comprehensive coverage.

Step 4: Select Coverage Ride

A very minimal fee is charged for additional coverage that riders provide. They are advised since they broaden the health insurance policy’s scope of coverage. Among several frequent riders are the following:

• Cover for personal accidents
• Rider for critical illness
• Daily cash benefit rider for hospitals
• Cover opd
• Pregnancy and new-born child coverage

Step 5: Verify the Insurance Company’s Hospital Network

Health insurance programmes provide cashless hospitalisation, allowing you to avoid paying the hospital fees out of pocket. The insurance provider pays these expenses on your behalf. Therefore, cashless hospitalisation is practical and financially liberating.

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.