In today’s fast-paced and hectic lifestyle, the rise in health risks is inevitable. People are pushing themselves to the limit to achieve financial and job success, which in turn leads to putting their health on the back burner. Even advancing technology and our ever-increasing dependence on it such as rising number of cars on roads, ACs, and other large appliances contribute to the high levels of pollution in the atmosphere which leads to various health issues.
In these modern times, where medical care costs are going through the roof, HEALTH INSURANCE plays an extremely vital role in safeguarding you from the financial burden you may find yourself under.
In India where majority of people are in low-income to low income tier, end up being under great financial stress and have to then borrow money from friends or family which puts them in heavy debt, in such cases Health Insurance can prove to be a blessing as it will spare you the pressure of being indebted and will help you avail the best medical healthcare in India.
There are many numbers of companies providing a variety of health insurance plans in India. The customer has to compare the various advantages and services according to their needs. These plans can be classified as follows:-
Table of Contents
Premium and Coverage
There are many companies in the market providing medical insurance in India at the same premium but it is crucial to see the coverage provided at that premium such as Room rent, OPD, Nursing care, Medical consumables, Hospitalization Cash Benefit, Coverage of Critical Illness and other benefits.
Cost sharing
It refers to the part of the cost of services which is covered by the insurance plan which is supposed to be paid by the consumer. Deductibles, coinsurance, and co-payments come under cost sharing. A deductible is a minimum amount that is paid to the insurers before your plan begins as part of the medical expenses. The consumer pays for this amount on an annual basis.
In Co-Payment, to avail the benefits of health insurance the consumer has to pay a fixed sum for certain insurance plans especially those which make the policyholder entitled to avail expensive medical treatments. In Co-Insurance, many insurers keep a clause where the consumer has to pay a certain percentage of the expenditure covered by the health care policy. It may vary between 20 and 30 percent.
Basic hospitalization cover
This insurance policy covers the cost of accident and illness. Be sure to buy this basic policy if you can’t afford a comprehensive health insurance plan.
Sum Assured
In different cities, the cost of health care varies. Cost of medical care is much higher in big cities compared to smaller ones. So accordingly the consumer has to choose the best plan with a suitable sum assured.
Family Floater Policy
The major advantage of this policy is that each member of the family can utilize the sum assured either individually or collectively. It is cost effective and can help the policyholder save on the premium.
A separate policy for parents
Under this policy the sum assured is calculated on the basis of the age of the eldest family member. It is hence most advantageous to have a separate policy for your parents.
Special Features
Floater facility, Room rent capping, ICU capping, ambulance charges for transportation of the patient, bonus for claim-free years, health check-up for claim free years are the special features which vary according to the plan you choose.
1. Day care procedures
Be sure to check the diseases covered under the day care procedures before choosing the health care policy.
Conclusion
Choosing a Medical Insurance plan in India is an important and necessary decision which should not be avoided or delayed by anyone. The consumer should choose the insurance plan based on their needs and cost of health services in the area they are staying in.
Cover 360 is providing the best health insurance policy in India at an affordable cost and various benefits. By opting policies through us, the consumer can enjoy low premium rates and high returns and provides several treatment options.
