Right from the inception of health insurance in India, it has seen a lot of changes. Till 2010, more than one-fourth of India’s population has insured their and their family’s health in some form or other. The first health insurance company was launched in 1986, and since then, the industry has constantly evolved itself. Health insurance industry has developed a lot in past 5 years.
Many of us buy health insurance with the sole objective of saving tax but fail to consider the importance of buying a comprehensive medical insurance plan. More than 80 percent of financial crisis originate out of a medical emergency and the same can severely damage one’s finances. Health emergency will not only require funds for treatment but for most of us will also hurt our ability to earn thus hitting us with a double impact. Imagine losing a family member because you cannot afford to give him the best medical treatment. So health insurance is a must today.
With increasing healthcare costs, the reason to get health protection as early as possible is gaining importance because once we get some issues like BP, Diabetes the chances of getting a health cover go low and the cost goes high. There’s nothing more satisfying than to pay a small price and get peace of mind.
The 10 rules to keep in mind when you buy health Insurance –
Tip 1 – You must have an individual health insurance even if your company offers you a corporate group health cover. There could be a possibility that your corporate cover will cease once you leave your job or retire and the company may also decide to withdraw this benefit or choose to leave other family members out of the coverage. If one is suffering from a chronic disease, this becomes more important. You can even take a Super Top up if you can’t afford a full individual Medicalim.
Tip 2 – Choose the right amount as ‘sum insured – While selecting a Sum Insured you need to keep the today’s costs in mind. If you are the one who is putting in a small city then your aim of cover should at least be ranging from Rs.3 to 5 lakh whereas if you live in a metropolitan than your cover should not fall anywhere less than Rs. 5 – 10 lakh. Also, you can move from one insurer to another through porting. Don’t buy a new plan but instead port your plan. With porting your benefits which have been already accumulated in the old plan gets transferred to the new plan. Also remember to keep on increasing your health cover from time to time to take care of the medical inflation.
Tip 3 – Get early protection – Buy a health cover as early in life as possible and definitely before you turn 40. As you are likely to make no or few claims in earlier stages of life, you can get the benefit of no-claims bonus and add up to the original coverage every claim-free year.
Tip 4 – Buy only a health cover which gives you lifetime renewability. Your aim is to have a health cover at older ages when you will have ailments and that protection is possible only if your policy offers lifetime renewability.
Tip 5 – Never buy a health insurance policy which has a claim loading – if you get a critical illness which requires long term cure then with a claim loading your premiums will keep on increasing and soon may become un-affordable. So don’t fall into that trap.
Tip 6 -It is advisable to check the list of network hospitals before you go for the policy. Check whether hospitals in and around your locality are enlisted or not, as this may help you during availing cashless claims during an emergency situation. Also check whether multi-specialty hospitals of your city are enlisted or not, as this may help you to get specialized treatment without spending a lot of money.
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