Health or medical insurance is one of the prime variants of an insurance policy that provides financial security to the insured in case of any health-related contingencies. The cost of quality healthcare provisions has increased to a great extent due to inflation, as well as the advancement of medical science. In this scenario, any unforeseen medical emergency could affect your immediate cash flow and hinder the achievement of your long-term financial goals. Hence, it is crucial that you try to invest in a comprehensive plan for health insurance in India.
Typical medical insurance plans would ideally provide coverage for the following items:
- Hospitalization charges
- Post-hospitalization charges, which would include prescription drugs, doctor visits, and diagnostic tests
- Pre-hospitalization charges such as medical tests and doctors’ fees
- Ambulance expenses
- Wellness benefits such as health check-ups
Advantages of investing in health insurance in India
By opting for a good health insurance plan, you basically agree to pay a small premium every year. In return, if you are hospitalized, need surgery or emergency medical care, then the insurance company will cover your medical costs, allowing you to receive the best medical care without landing yourself in financial turmoil.
- An excellent medical insurance policy with extensive coverage will shield you from the financial blow of an unexpected illness or accident.
- You shall be able to afford treatment at a prestigious medical facility without having to burn out your finances.
- It will enable you and your family to live an anxiety-free and healthy life.
- Health insurance can even play a preventive role because those who are insured are more likely to go for a medical checkup. This prevents a probable health issue from escalating and becoming a major problem.
- After investing in a health insurance policy in India, you would be able to avail yourself of the attractive tax benefits under section 80D of the Income Tax Act, 1961.
Factors to consider when investing in health insurance in India
While medical insurance has become a necessity for all people, each person has distinct requirements for his/her policy. There are several health insurance companies operating in India today that offer a dynamic range of coverage options. It is crucial that you carefully go through all the choices available and then zero in on a plan that meets your particular concerns.
Here are the factors that you should keep in mind before investing in a health insurance policy in India:
- Age limit: Statistically speaking, the risk of acquiring a severe ailment for a person increases with his/her age. Therefore, it is crucial to invest in a policy that has the maximum permissible age limit. It would be highly beneficial if you opt for a policy that provides life-long coverage. You may opt for lifetime renewability plans in case you want to invest in a family floater policy and add your parents under it.
- Network Hospital: Most insurers offer cashless hospitalization in case the insured gets admitted to one of their network hospitals. It is imperative to check the list of the network hospitals of the health insurance provider before investing in a plan.
- Waiting Period: Almost all insurance policies have a stringent waiting period, ranging from two to five years. Before finalizing a health insurance policy, you should check the waiting period and choose your plan accordingly.
- Sub-limits: Certain insurance companies have sub-limits or capped amounts under their policies, which limits the coverage provided to the insured in some instances. For example, these limits are restricted to diseases like kidney stone, hernia and cataract. In order to avoid any hassles during your medical treatment, you must thoroughly read the sub-limit clause of insurance policies before purchasing it.
- Claims Process: Before investing in a medical insurance policy, it is imperative to be assured that the claims process is swift and hassle-free. One indicator of a good claims pattern for an insurer is a high Claim Settlement Ratio (CSR).
SANA.Insure is a health insurance portal that makes the policy selection process quick and easy. Complex insurance terms and jargon are explained in a simplified manner so that you can identify the ideal coverage option in a jiffy, without any hassle. A dedicated Relationship Manager at SANA.Insure will assist you with claims management by coordinating with the insurance firm to ensure prompt and smooth settlement.
Get in touch with us over WhatsApp chat on 8278271818 or call us on 1800 202 8118 to connect with a Health Insurance Expert at SANA.Insure
Wish you a healthy and happy life!