How to opt for a right medical cover?

Taken into consideration the rising number of diseases, environmental degradation, huge medical costs and changing lifestyle patterns it becomes important for people to opt for a good medical policy. If you just settle with the plan your agent sells to you or buy the cheapest one, then chances are either you may end up falling short of cover or purchase some irrelevant policy which will not cater to your exact needs. Therefore, doing a little bit of research before opting for medical insurance India plan is necessary in today’s time.

Life is an unpredictable journey. You may strike with unexpected serious illness or an accident, you may be suffering from hereditary illness, etc. At such time you will be left mentally and physically deteriorating and also financially unprepared to combat such a crisis situation. Owning a suitable plan makes sense and it’s a  smart move that will cater to your medical emergencies.

There are hundreds of general insurance firms who offer medical insurance India plans with varied features and customized solutions. Each individual has a different set of needs and one-size-fits-all formula could not be applied everywhere.  Each plan is unique and has to be worked upon carefully. Secondly, don’t buy a policy just for the sake of savings few bucks on tax deduction. You should understand the importance of owning a suitable cover.

To help you understand the important features of a health insurance plan, here are few tips given below:

•Before opting for a health insurance policy, it is important you access the health needs of yourself and your family thoroughly .

•While buying policy ensures that specific diseases or conditions you or your family members are prone to depending on family history, are well covered.

•Always take a policy based on your risk appetite, income source, family health needs, living conditions and place of work

•Being young is not an excuse to not have medical policy because illness can strike anyone, anytime. Starting early has advantages like low cost premium, better coverage, the lesser waiting period for pre-existing disease, etc.

•No Claim Bonus is one of the best features offered by medical insurance India companies which help you get policy cheaper during renewals. These are accumulated bonus for not claiming a policy during a year’s time, which can be later redeemed for discounts on premiums.

•Always review your cover and compare it to existing at the time of renewals to your expense levels & inflation costs. If required, buy additional cover.

•Rider benefits like critical illness, Room rent waiver, Hospital cash, Personal accident cover, Top Up/Super top covers is very important features offered by insurers to leverage your cover.

•It is important to read the fine print, terms & conditions carefully so that you don’t get disappointed later. Also, check which hospitals in your neighbourhood are on the list of cashless hospitalization facilities as per your insurer as it will prove will helpful at the time of emergency treatment

•Remember, a regular top-up plan will reimburse expenses exceeding the base cover only for single hospitalization. And a super top-up plan, on the other hand, reimburses expenses for the entire year.

You must assess your specific needs, compare all options available in the market and make a decision based on your age, risk appetite, pre-existing conditions & medical requirement. Always remember, a well-thought-out decision can go a long way in securing your medical future.