Which is the Best Health Insurance Plan for You?
Health is wealth. In times like these, you certainly need a sizeable corpus to meet your growing health needs. This includes medical bills and hospitalization costs. However, utilizing your savings to fund your healthcare expenses is not a wise call. Investing in health insurance is a wise call instead.
Nobody wants themselves or their family members to be in debt when medical emergencies come knocking on their door. To avoid such situations and the anxiety that comes with them, you should select one of the best health insurance plans for you and yourself.
We will be telling you how in this guide. But before we do that, let’s brush up on the basics, shall we?
What is Health Insurance?
Health insurance or medical insurance is a legal agreement binding the insurance company to the policyholder. According to the agreement, the insurer, in the event of a medical emergency or diagnosis of critical illness of the insured, pays the medical expenses. These expenses can include medical bills and hospitalization.
Things to Consider While Choosing Health Insurance Plans
Buying health insurance should never be a thoughtless decision. Here’s what you have to consider before you invest in health insurance plans.
- Health insurance plans come with a co-payment clause. You should check the co-payment clause to avoid any last-minute surprises.
- Health insurance doesn’t have to empty your wallets. Make sure that you choose a health insurance plan with premiums you can afford.
- Examine the claim settlement ratio to ensure that your investment stays protected, and you get the returns you were promised in the first place.
- While looking for other information about your insurance, check the network hospital list. It’s highly suggested that your preferred list of hospitals falls into the insurer’s network.
- Check for the waiting periods for pre-existing illnesses.
Benefits of the Best Health Insurance Plans in India
Choosing the best health insurance plans in India has several benefits –
Financial Security for your Loved Ones: No one likes stress when someone’s loved one is hospitalized. You might not be able to reduce the emotional stress, but you can certainly reduce the financial stress through health insurance. The best health insurance plans in India will not only provide a level of economic security in the hour of need but will also act as a safety net.
There’s no Right Age to Buy Health Insurance: You can never be too young or old to buy health insurance if you’re 18. In fact, the earlier you purchase health insurance is better. You can save yourself from the high premiums that come when you buy the insurance product later in life.
Tax Deduction: Under Section 80D, any individual or HUF can claim tax benefits premiums paid in any given year from their total income. This deduction is also available for additional health insurance and critical illness insurance.
As established, a health insurance plan can definitely come to your rescue. But you can extend your range of benefits with accidental insurance.
What is Accident Insurance?
An accident insurance plan ensures that the policyholder or the insured is covered in case of medical emergencies. Anybody with accident insurance will be covered in case of death due to an accident, bodily injuries incurred due to the accident, and partial or total and permanent or temporary disability.
Types of Accident Insurance
There are two types of accident insurance in the market that you can choose from:
- Individual Accident Insurance: Accidents can injure a person in a multitude of ways. Thus, this policy can cover the beneficiary for injuries such as loss of speech, sight, disability, and accidental death.
- Group Accident Insurance: Ensuring that the employees are given the best care and treatment is a priority for companies. All the reasons why some companies provide group accident insurance to their employees. The low cost of group accident insurance premiums is the reason for purchasing it as an employee incentive.
Therefore, the best health insurance plan for you is the one that provides you with maximum coverage with budget-friendly premium rates. You can compare the best insurance plans online. However, it is essential to read the terms and conditions before buying any health insurance.