Good health is the key to living a happy and meaningful life. Taking care of your health is of paramount importance, as everything else will depend on it. For optimal health, you need to have a nutritious diet, exercise regularly, and live an active social life. However, due to the constant pulls and pressures of today’s stressful lifestyles, you could still face health issues. If you or any of your dependents require medical treatment, it could be a drain on your finances and savings. Medical treatment has become quite costly these days and medical inflation is around 20 percent in India. This implies that you face an incremental risk of losing your hard-earned money and savings on account of potential medical treatment.
If you want to protect your finances and savings and other assets from the high cost of medical treatment, you need to have a good health insurance plan for yourself and your family. Health insurance is synonymous with financial prudence, as it protects you from the financial shock of huge hospital bills that can easily run into thousands or lakhs of rupees. For example, if your hospital issues medical treatment and hospitalization bill of Rs 2.5 lakh, a health insurance plan will ensure that you don’t have to pay even a single penny from your pocket. If you choose the right health insurance plan, your medical treatment expenses will be covered entirely under the cashless hospitalization facility. With health insurance, you will not have to use your savings or sell your assets for your medical treatment or hospitalization.
Choosing a family health insurance plan is the first step to financially secure your future against unforeseen medical expenses. To maximize the overall value you will be getting, you need to choose the best health insurance plan. Here are some of the things you need to consider when choosing a health insurance plan.
Flexible plans: Your insurer should provide flexible options so that you can choose a health insurance plan that is within your budget. It should allow you to choose the right coverage for your family based on your specific needs.
Get instant quotes and apply online: The health insurance company should be able to provide instant quotes online and enable you to buy your health insurance online. The entire process should not take more than a few minutes. If any documents are required, you can either submit it online or the insurer’s representative will collect it from your home or office. Getting your health insurance plan online will save you a lot of time and effort and you can do it anytime, anywhere.
Expert assistance: In case you are not sure about which family health insurance plan to choose, your insurer should be able to provide prompt assistance, either through online channels or a phone call. Your insurer should have a team of experts who can guide you in choosing the most appropriate health insurance plan.
Comprehensive range of features: Your health insurance plan should provide a comprehensive range of benefits. It should provide options for pre-existing medical conditions, critical illnesses, genetic diseases, organ donation expenses, physical injuries, etc. Your health insurance plan should also provide the optimal level of tax savings under Section 80D. Other must-have features include coverage for accidents, freedom from capping on room rent, maternity benefits, 100% restoration of sum insured, annual health check-up, etc.
Cashless hospitalization: Since medical emergencies can occur anywhere, make sure that your insurer provides cashless hospitalization options at various hospitals across the country. When you use cashless hospitalization for medical emergencies, you don’t have to use your savings such as your fixed deposits, stocks, etc. This helps maintain financial stability.
Dedicated claims assistance: Your health insurer should have a dedicated process for managing claims of customers. The claims service should be available 24/7 and the process should be prompt and user-friendly. Choose a health insurer that has a high claim-settlement ratio.
Use the above benchmarks to evaluate and choose the perfect health insurance plan. It will allow you to derive optimal gains from your investment in a health insurance plan. It will also provide the right protection to you and your family members against future medical emergencies.