Read Up on Health Insurance Plans Before Buying a Policy
A sudden medical bill may tax your mental and financial well-being. No matter how much moral support you receive from loved ones, the financial burden of medical bills might put you in an uncertain financial position. The most effective medical care due to increasing hospital costs may seem unaffordable especially when you need it the most. The significance of a top up health insurance policy becomes apparent in this context.
Before purchasing a medical policy or a go for a top up medical insurance, it is wise to familiarise oneself with the various plans. Remember, finding the right coverage is as simple as comparing different policies.
Let’s talk about the many health insurance plans like individual, family floater, senior citizens, critical illness:
Individual Health Insurance:
You, your spouse, your minor children, and your parents can all be covered by a single individual health insurance coverage. This insurance usually covers hospitalisation, nursery treatments, hospital room rent, and other medical expenditures. A person’s sum insured is what an individual health insurance policy guarantees.
For the sake of argument, assume that you and your spouse and parents have each purchased a separate policy with an amount insured of INR 8 lakhs. A maximum of 8 lakhs can be claimed per policy year from your health insurance.
If you opt for top up medial insurance, you can increase the above amount to increase coverage.
Family Floater Health Insurance:
Everyone in your family can be covered by a single policy with a family floater plan, and the money insured is split among them. Due to the pooling of resources, these plans are often less expensive than individual policies.
Assume you and your spouse invest in a family floater plan with an amount insured of INR 8 lakhs. You can make claims up to INR 8 lakhs in a single policy year. You or your spouse may file claims totalling INR 2 lakhs, while the other may file claims totalling INR 6 lakhs.
For young nuclear families, family floater plans are usually the best option.
Senior Citizens Health Insurance:
Seniors’ unique medical requirements and demands were the primary considerations in constructing these health plans. Additional coverage, including domiciliary hospitalisation and even certain mental benefits, is included by most insurance for older adults.
Due to the higher prevalence of health problems among the elderly, these plans may be more costly and require a comprehensive medical exam before enrolment.
Once you have taken the plan and think you require to cover some additional disease or costs, it is better to opt for top up health insurance.
Critical Illness Insurance:
Numerous lifestyle-related illnesses are on the rise and even young adults are prone to them. Chronic conditions and their treatment, including diabetes, piles, cancer, heart disease, renal failure, and stroke, can rack up astronomical medical bills. This is the main rationale behind the establishment of critical sickness insurance coverage.
You can buy them alone or as an addition to your existing health insurance coverage. Following an essential illness diagnosis, claim payouts from this insurance are often made as a single lump amount.
Some of these policies cover particular conditions and you can opt for them depending on your requirement.
Top-up health insurance:
People with health insurance or employer Mediclaim policies can add compensation coverage with a top-up health insurance plan. Even after exhausting their health insurance policy’s limit, it covers medical bills.
However, a top-up plan requires the insured to pay a deductible before receiving coverage. Top-up insurance is cheaper than basic health insurance. They also work with employer-provided health insurance.
You can use it to cover unexpected medical expenses if your current medical policy is insufficient.
Conclusion:
Owning a health insurance plan is now almost mandatory due to the escalating medical care expenses. Numerous health insurance programmes may be accessible to meet your specific requirements. But before settling on a strategy, you must undertake extensive market research.
Consequently, examining several insurance policies and how you can get top-up health insurance is critical. Check out the features, premiums, and claim settlement ratios. This way you can avoid shelling out a hefty premium for inadequate coverage.
It won’t happen if you do your research and make an informed purchase. You may safeguard yourself from the unexpected by considering the health above insurance options!
