As denizens of a developing country, we are prone to abundant health risks despite thorough diligence to maintain a healthy lifestyle. Add to this the constant rise in medical inflation each year, investment in medical insurance becomes indispensable. But given the availability of a plethora of health insurance plans in India, choosing the one most appropriate for your family and yourself can be a strenuous task. Ranging from Individual Plans, Family Floaters, Maternity Insurance Plans, personal accident covers, critical illness insurance plans, and group insurance plans to senior citizen plans, medical insurance companies in India provide several all-inclusive and comprehensive plans and policies. The onus of making thorough market research and selecting the best health insurance policy in India is always on you.
Insurance coverage that pays for medical and surgical expenses that are incurred by the insured person during the treatment of a disease or injury, health insurance can either reimburse the insured for expenses incurred from illness or injury or pay the care provider directly.
Why buy Health Insurance?
- Buy early for the best price: At 25, a plan with Rs 5 lakh coverage would cost you around Rs 5000, at 35 you'll have to shell out around Rs 6000 and at 45 the cost rises to Rs 8000. So buy it as early as possible to book the policy at the lowest possible premium.
- Because your employer cover is just not sufficient: With exponential increase in healthcare costs, the need for health insurance cannot be overstated. Check the cost of a week's hospitalized for a regular illness and then compare it with your company's coverage. Most likely you'll be persuaded to buy a cover immediately. Still not sure? Think about when you grow older and might need more frequent medical attention.
- Because incidence of lifestyle illnesses has increased: Fact is, you don't have to be 60 to need a health insurance. Sedentary lifestyle has led to increased occurrence of lifestyle disorders involving heart, cancer, lung conditions and stroke, claiming younger lives. It is therefore imperative to insure oneself timely. Moreover, health insurance policies offer annual health checks ups to encourage health awareness. Preventive services include counseling,screenings, and vaccines that help you to better manage your health.
- Because you are a busy executive: Most of us have to travel extensive for work. A health insurance policy that covers emergency medical evacuation along with making available the best healthcare facilities around the world for some common yet critical diseases therefore makes total sense.
- Buying it early means better financial planning: Buying it early to not only means cheap but makes better financial sense as well. Accidents occur without any warning and an adequate medical cover will ensure that you are covered for emergencies and allow you to invest your hard earned money in long-term investments. Of course you also save tax for paying the premium. Under section 80D, the current ceiling for that is Rs.25,000 annually for self and family and Rs 30,000 for parents.
- Young buyers get a more comprehensive deal: Buying health insurance at a young age ensures there is no scope for preexisting diseases as you will be covered early, and any diseases diagnosed later will be covered automatically.
- Buying early means you'll enjoy full benefits when you need: When you buy a health plan, you have to serve several waiting periods-for certain surgeries, special treatments, pre-existing illness coverage, etc. If you buy it now, when do not need it immediately, it would mean you would have served the requisite waiting periods and be able to claim all full benefits later.
- Also, you can earn loyalty bonus. Most health insurance policies offer a loyalty or- no claim bonus if the customer continues with the same policy year on year.
- Because it covers much more than just hospitalization: New health plan cover you for day care procedures and OPD, not just serious hospitalization. Even vector borne diseases are covered. Most plans also have maternity benefits, which may be relevant at this stage of life. Also, your new born will be covered from birth without any additional premium. Depending on your level of cover, a health policy helps you pay for services such as ambulance, day-care procedures in addition to a number of non-hospital related services such as chiropractic, dental, physiotherapy, optical, dietary advice and some alternative therapies like Ayurveda and Homeopathy as well. In case you are looking for a bigger cover for the extended family, there are insurers who will customized the plan for that too.