Choosing the right health insurance plan for your needs

YOU CAN BOOST YOUR INSURANCE COVERAGE WITH THE ADD-ONS TO YOUR POLICY, I.E., RIDERS. THEY CHARGE A LITTLE EXTRA PREMIUM BUT PROVIDE ADDITIONAL BENEFITS. New Delhi: Health insurance was

deemed a luxury for several decades, but now it has become an essential financial safety net. The increasing medical expenses make it inevitable to have a health insurance policy to secure

your future financially. A health plan covers medical bills, hospitalisation stays, and post-treatment expenses. It offers the insured individual access to top-notch healthcare without any

compromise on treatment quality.  Nearly 70% of the population is likely to be covered under voluntary private health insurance or public health insurance. Choosing a health insurance plan

that provides the required coverage and aligns with your budget is essential. The guide below aids you in exploring the prominent aspects while choosing the right plan as per your

requirements:   WHAT SHALL YOU CONSIDER WHILE CHOOSING A HEALTH INSURANCE PLAN? YOU CAN TAKE INTO ACCOUNT THE FOLLOWING PARAMETERS DURING SELECTION: 1) SELECT THE APPROPRIATE TYPE OF PLAN

The two most popular types to consider are –(i) individual health insurance and (ii) family floater health insurance. An individual health insurance plan is primarily designed for one

person, i.e., the whole sum insured is solely provided to him/her. On the other hand, a family floater plan insures multiple members of a family in a single policy. In the family medical

insurance plan, everyone in the plan can share the sum insured. An important aspect about this plan is that if one of the family members requires more coverage, for example, for

hospitalisation, then they can use the whole sum insured. The reason for providing this benefit is that it is unlikely that all family members will require significant hospital care in the

same year.   2) DETERMINE THE COVERAGE AMOUNT While deciding the sum insured, it is recommended to think long-term. You need sufficient coverage not only for fulfilling your current medical

needs but also for future needs. Also, you need to consider inflation as it can rapidly eat away the value of your coverage. Many individuals choose a health insurance plan with a low sum

insured and prefer to upgrade later. But as you age or when the critical medical conditions arise, it can be more difficult to upgrade your plan. Moreover, insurers may increase your

premiums or may reject the upgrade. You may also have to face new waiting periods, aligning with the upgrade. Hence, to avoid such hassles, it is advisable to choose a plan with adequate

coverage from the beginning. 3) COMPARE PREMIUMS The premium amount depends on multiple factors like your age, lifestyle habits, medical history, etc. After determining the required

coverage, you must spare enough time to compare the premiums from multiple insurers. Consequently, you can pick a health insurance plan that suffices your healthcare needs and budget.   4)

CHECK THE LIST OF NETWORK HOSPITALS  Look at the list of network hospitals, i.e., the hospitals partnered with your insurance provider. Such hospitals provide cashless treatments. If you get

admitted to any of these hospitals, you need not pay upfront for the treatment. The insurance provider will directly pay the bill to the hospital. Ensure that your insurance provider

enlists the top hospitals in your region, and such hospitals must support cashless claims.   5) AVAIL EXTRA PROTECTION WITH RIDERS   You can boost your insurance coverage with the add-ons to

your policy, i.e., riders. They charge a little extra premium but provide additional benefits. For example, if you are planning for a family, then you can add a Maternity Cover to overcome

maternity-related expenses.   6) REVIEW THE FINANCIAL LIMITATIONS You must be vigilant of certain financial restrictions that can affect your coverage. They are described below:   • LIMIT ON

TREATMENTS Certain medical treatments, like knee surgeries or cataract operations, involve financial limits. Even if these treatments comply with your overall sum insured, the policy may

only cover them up to a predetermined limit. You would have to pay for any additional costs. • LIMIT ON ROOM RENT Several insurance policies fix a limit on the daily amount they cover for

hospital room charges. So, if you choose a room that surpasses this limit, then you will have to cover the additional cost, and also, your insurer may equivalently decrease the coverage for

other hospital expenses. Hence, you must try choosing a health plan without such restrictions.   • BENEFIT CAPS Your health insurance plan may impose limits on benefits like modern

treatments, home hospitalisation, and alternative therapies. If those expenses exceed your policy’s limit, then you have to pay the difference from your pocket. • COPAYMENTS (COPAY) Certain

medical insurance plans come with a copay clause. It means you are accountable for covering a percentage of the total claim before the insurer pays. This restriction is nothing but a way for

insurance providers to share the cost with you.   CONCLUSION In addition to being a financial decision, selecting the right health plan is a step towards safeguarding your future. Remember

to evaluate your needs, research properly, and then invest in a policy that meets your budget and expectations. The best health insurance policies may not be the cheapest, but they provide

comprehensive coverage and peace of mind. (DISCLAIMER: THIS IS SPONSORED CONTENT. THE LIABILITY FOR THE ARTICLE SOLELY RESTS WITH THE PROVIDER. THE CONTENT HAS NOT BEEN VERIFIED BY INDIA TV

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