What Does, and Doesn’t Make Sense?

What Does, and Doesn’t Make Sense?

Health insurance has become the need of the hour; unpredicted health issues can disturb us mentally and affect financial balances. Health insurance plans act as the extra Stepney or spare tyre in your car, you might not need it always however when required it has to be there with you wherever you go. These days there are a boom of health insurance plans, where each and every insurance companies claim to be the best in the market. It gets difficult at times to choose the best suited plan for our health needs. Before you go crazy reading about the elongated features, it’s important to know what really is needed and which features may not prove useful in the long run.

What makes sense while buying a health insurance plan?

Lifetime renewability

You’ve bought the best health insurance plan, but if it doesn’t cover you for lifetime what’s the use? Buying a health insurance policy with lifetime renewability feature will help you renew the policy and make the maximum usage till you wish to. Some policies offer flat premium after 60 years as well.

Maternity cover

Ladies will surely need maternity cover at some or the other point of life; however a maternity cover comes with waiting period. Hence, a health insurance policy that offers maternity cover too has to be on your top list.

Critical illness cover

Lifestyle diseases leading to chronic disorders such as cancer or major organ transplantation should be covered under your policy, usually an additional premium is charged for giving this benefit.

No sub limits for hospital rents

Most of us who buy a health insurance know that it will be of utmost use during hospitalization. Hence, look for a health insurance plan that does not have limits on hospital room rents. It gives you the freedom of admission in any room category.

Vast network of hospitals

More the number of hospitals registered with your insurers higher the chance of securing cashless claim.

What does not make sense?

Looking at the premium

While buying and comparing health insurance plans, it’s important for you to look at the coverage and services rather than simply judging the policy with its coverage. It is possible that a policy with low cover has lesser premium and you might secure a low health insurance plan.

Employee health cover

Your corporate health cover secures you till the time you are working in the company, post that you remain uncovered. Additionally, corporate covers aren’t sufficient in case you face a major health trauma. Hence relying totally on your corporate health cover doesn’t make sense.

Buying insurance at old age

If you feel health insurance is meant for people who are old and not for the ones under 30 years. You are under an illusion; with the rise of lifestyle diseases anybody at any point of time can fall sick. Also, every health insurance plan comes with a waiting period for pre-existing diseases. Buying it when you won’t need much will eradicate the waiting period and come handy when you actually need it the most. Early buy is the best buy, as you don’t have to pay a high premium as per your age.

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