Before buying an independent medical insurance policy, ensure you compare your options carefully to find a plan that best meets your requirementsHaving adequate health insurance protection in place should be on top of everyone’s agenda, especially in these times of the pandemic when its third wave is imminent. A comprehensive health insurance cover would safeguard your family’s finances in case one or multiple members require hospital treatment in a policy year amid skyrocketing medical costs.
While the meaning of ‘adequate’ may depend on your actual medical insurance requirements, you’ll be well-advised to have an individual or family floater policy with a sum insured of at least Rs 5 lakh to Rs10 lakh, especially if you live in an urban area. Also, depending solely on your employer-provided group health plan might be risky as that would be of no help if you discontinue your employment with your current employer. Health insurance premiums increase as the insureds get older – as such, you might want to purchase them on priority if you haven’t done so already.
But before buying an independent medical insurance policy, ensure you compare your options carefully to find a plan that best meets your requirements. Do check for policy features, add-on benefits and riders like pre and post-hospitalisation cover, critical illness protection, list of network hospitals, exclusions, sub-limits, waiting periods for pre-existing conditions, no claim bonus facility, ambulance cover, etc, according to BankBazaar.
Keep in mind some of the benefits could be available on an add-on basis depending on the terms and conditions of your chosen insurer. So, you’ll be well-advised to go for them even if that translates to slightly higher premium obligations based on your requirements.However, premium cost shouldn’t be the only criterion while selecting a health insurance policy. You should also focus on things like the insurer’s claim settlement track record, ease of claim processing, etc. while choosing a particular plan.
To help you in making informed decisions, here are the indicative premiums for Rs 5 lakh individual health insurance policies currently being offered by 20 leading insurers in the country. Do note, all the premiums have been calculated for a 30-year-old married individual residing in Bengaluru, and the premiums applicable to you could be different depending on your age, gender, place of residence, pre-existing conditions, cover size and features of the policy or any other terms and condition of your chosen insurer.
News source :- financical express