Are you purchasing right health insurance plan?

Necessity is the mother of invention. The deteriorating lifestyle pattern, rising medical costs, complex and costly surgical & operational costs and hospitalization has paved way for purchasing suitable health policy. In India, government will make all the provision to deduct taxes at all possible point but when it comes to health and social security it has really not proven its point. Therefore, it becomes the responsibility of every citizen to secure himself by buying a suitable health policy.
Today, there are over dozens of general insurance companies which are offering different types of health plans in India. Due to ever widening platform the market is getting complex for people. Many times, people end up buying wrong health plans which might not prove relevant for them during the time of health crisis. This will deteriorate them not only financially but also mentally at this crucial point.

This makes it important that you understand the nuances of health insurance plans and then make a suitable decision. The article guides on few tips to buy right health plan for you and your family:

Health Coverage
Health plans are primarily meant to provide you and your family coverage against hospitalization and critical diseases. Most plans will cover this. But, some plans do not cover certain types of health issues such as blood pressure and diabetes related issues. They are scaled on different health plans and cannot be incorporated in regular plans.

The nature of coverage also varies. Such as not every plan they won’t be post-hospitalization expense, in some the coverage period can be as large as 45 days while some could be as little as one week. So you need to check on these matters. In case you purchasing the policy through an insurance agent it can cost you at later dates. Agents are interested in making sale and commission. So they may show their concern to give you best plan but in reality it can be different.

The health insurance industry is in developmental phase and has motivated many insurance companies to introduce comprehensive plans. A wide range of riders are also available to meet your tailored needs. Thus, buying a standard policy and adding riders can provide you the desired cover against many other risks such as permanent disability benefit, diabetes coverage, etc.

Pre-Existing Disease
Pre-existing disease is usually not covered in health insurance plans. For this you need to specify it at the very instant of purchasing the policy. After a certain phase of policy continuation these disease get cover under the policy. You can compare health plans online and consult with customer care centre through online chat option or telephonic call regarding this matter. The cost of such plans is naturally higher than the standard ones.

Family Plan
Purchasing one plan for family is possible through family floaters. There are myriad benefits of these plans. The premium is slightly higher but proves beneficial compared to individual plan for each member of the family. Family floater plans are cost effective. If any of the member’s consumes the coverage limit you can top-up the limit during the policy period with some additional premium and get extended coverage.

Plan Portability
You can absolutely switch your insurance company by filing an application for the switch. Insurance Regulatory and Development Authority of India (IRDAI) has made portability possible in the health insurance sector. If, due to any reason whatsoever, you wish to change your insurance company, you can file an application for the switch. Companies can try to retain you but the end it’s your decision of staying back or moving ahead.

Tax Exemption
It helps to get tax deduction to the limit of Rs 25,000 towards payment of insurance premium, under Section 80D of the Income Tax Act.

Your health insurance is after all a commitment between the purchasing party and the company. So signing and sitting back won’t be sufficient. You will have to understand the pros and cons, the minute details and the plan structure along with smooth claim procedure. Once you sign the form means you declaring that you’ll abide the rules and agreed with all the clauses. So, it becomes very important that you read the documents calmly and carefully during the policy purchase.