Health Insurance is an important risk cover which majority of individuals need to avail of considering the present conditions we live in and it plays a crucial role it plays in our Financial Life. Basically Health Insurance is taken to protect you and your family against Medical Expenses incurred in case of hospitalization.
The spiraling cost of Medical expenses (i.e
Hospital charges, diagnostic expenses, medications, surgical procedures and
above all Doctors fees) leaves behind an indelible mark on an individual’s
finances if a medical emergency were to arise and the insurance / funds are not
planned for.
Points to be considered while taking a Health Insurance
a)
Take adequate cover - There is no fixed formula / method to determine
the exact amount of health cover required but as per existing general parameters
it is suggested for individuals between the age of 25 – 45 years to have a health
cover of anywhere between Rs.5.00,000/- Rs.10,00,000/-. Children / Teenagers / Youth should have a cover
of Rs.1,00,000/-
Rs.5,00,000/-. It is advisable to increase the health cover substantially
before you turn 40 and stretch it to the maximum years possible, as
the older you get it becomes difficult to get a substantial health cover. While
deciding the health cover amount, the general family health history also needs
to be considered
b) Be aware of the
riders and fine print - The fine print and
features of the intended Health cover to be taken, need to be
understood by the individual prior to finalization of the policy as there could
be many exclusions
/ clauses stated by the
company. If not understood properly, it could cause financial discomfort while
the policy is being executed in time of need. You should also look out for value added benefits such as
ambulance charges, hospital cash, domiciliary hospitalization, as these benefits
come handy at the time of trouble.
c) Don’t suppress any medical history - You need to be candid while disclosing your
medical history while filling up the Health Insurance for.
d) Check the network of hospitals covered and also available in cashless mode of
hospitalization in your locality.
e) Check the insurer background – Although the regulatory body keeps a good amount of
scrutiny and check on the insuring company providers, it is always better to re
verify ourselves or take an expert’s advice. There are certain things such as the claim settlement ratio and
the solvency ratio.
Health Insurance is an annually renewable Insurance policy which can lapse if premium is not paid on time. It is too costly a lapse for
one to overlook and could have serious implications on one’s wealth and
finances if neglected.
Thanks and Regards
Team
Email: saarthifp@gmail.com
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