Points to be Considered While Taking Health Insurance: Health insurance is like a protective shield for you and your family members. Health insurances are vital for a secure lifestyle. It is prudent to get health insurance since you plan to protect yourself and your family from future health care costs, especially those related to chronic health conditions or one that requires one to get hospitalised.
One can get health care insurance for the same reasons they buy auto insurance or homeowners insurance. It is a protective umbrella that saves your income from getting a blow if any health issues arise. You also require health insurance to ensure that you can get access to high-cost medical care if you or your immediate family needs it.
Most hospitals accept Medicare, and the law requires them to assess and help anyone in an emergency condition, including active labour of a pregnant woman. Beyond the basic stabilisation process of the emergency condition, no hospital needs to provide care for someone who cannot pay for it. Hence, a lack of health insurance can be a fatal mistake.
Having health insurance decreases the stress of worrying about one’s family’s health. Therefore, getting standard health insurance is a wise choice that everyone who can afford it can make.
Who is Eligible To Get Health Insurance?
Getting health insurance will give you peace of mind and a sense of security. Many factors determine if a person can get health insurance, such as their age, job status, financial conditions, etc. Some of the most common ways one can get health insurance are as follows.
Health insurance From an Employer
Standard companies in the country have to provide affordable health care insurance for their employee’s benefit under the law. Many small employers also cover their worker’s insurance. If you have a job, you can pay some portion of your monthly salary for the monthly premium benefits of health insurance. You also have the option of combining your family into the plan too. Most employers who offer health coverage can play a significant part in the premiums depending on their policy.
Health Insurance that one can purchase on their own
It is possible that your employer does not provide health insurance benefits or that you are self-employed. Under such conditions, you can buy the premium on your own. Many health insurance companies offer a variety of services for a reasonable amount per month. There are cost-sharing subsidies available, too, if you want to pay the minimum for your medical care.
Government Provided Health Insurance
If you are a government employee or are 65 years or older or disabled, or have no income, you can qualify for health insurance benefits the government provides. Underprivileged people can avail themselves of some health insurance policies.
Most people buy health insurance intending to save tax. But its importance is way beyond saving tax. Most people in India face a financial crisis during a medical emergency. It can severely dent a person’s savings. Besides, medical emergency treatments require massive funds and affect a person’s ability to earn their livelihood. With the medical costs rising day by day, losing a close family member due to a financial crisis is a painful reality that you can avoid with standard health insurance.
Selecting the best health insurance for you is not simple. Due to the Insurance Regulatory and Development Authority or IRDA, we can find uniformity in the primary healthcare policies. Understanding the complex products in their form is vital in selecting the best one. Hence, here are a few pointers to examine when you think of buying healthcare insurance.
Buy a Medical Insurance Early
After you get your first job, your target should be to get a healthcare plan first and then other things. The earlier you start, the better since people get less insurable as they grow older. The benefits that one can get if they get insurance early are as follows.
- No medical check-ups
- Lower chance of rejection for buying a medical insurance
- Easy renewal policy
- Coverage for all diseases
Sum Assured
The sum assured is the maximum amount you can get as coverage in one year of your policy. Since the cost of hospitalisation is continuously increasing, it is best to go for a higher cover, but it shouldn’t be so high that it burns a hole in your pocket.
Co-pay and Sub Limit
Insurance providers have this measure to stop hospitals from charging patients with excessive rents. If you have a co-pay policy, you have to pay a fraction of the expenses regardless of the sum insured. For example, if there is a 10% co-pay policy, then you will pay 10% of the total amount, and the insurance company will pay the remaining 90%. Sub limit is the Insurance Company’s way of reducing the number of treatment options a person can get from their plan. Hence, the more sub-limits there are, the more you will end up paying. It is best to select a plan with no co-payment and sub-limit.
Comprehensive Cover
If your employer provides health insurance, you can still get another plan that covers your entire family. If your organisation gives you the option of shifting your policy when you leave the job, it is best not to get a separate one.
Critical Illness
It is best to opt for a plan which covers critical illnesses as well as accidents. These two areas are enough for you and your family. If your family has a medical history for a particular disease, such as thyroid, blood sugar, etc., you can get a separate plan for critical illnesses. Otherwise, there is no need for it.
Family Plans
One can get more benefits if they invest in one plan for all family members instead of separate premiums for each person. Hence, people can avail of the family floater plan so that the premium plan will multiply with more people. Thus, one can get more benefits from the premium.