Every Adult Should Buy Health Insurance
Health insurance is a absolute necessity in these days of rising medical costs
. Anyone who is working should buy a health insurance plan that covers them and their families.Health insurance is the most popular form of Insurance and is among the most sold insurance in India. However, despite this only about 11 percent of the entire population has adequate health insurance coverage. Since many people are confused by health insurance, here is a basic rundown on the things to look out for before you buy a health insurance plan.
The government offers tax breaks on health insurance plans which should encourage people to insure their families. The sale of health insurance in India has grown rapidly since the entry of private players.
Health insurance prepares you for unforeseen medical expenses and saves you from having to arrange funds for expensive medical treatment at short notice.
It is vitally important to compare prices and features of different plans before buying. There are many third party insurance comparison websites that allow you compare the features of various plans. In fact these websites have calculators that will help you select a policy and offer you premium quotes from various insurers.
In case you have a family its a good idea to opt for a family floater policy because it is more economical and provides a higher coverage for each member of the family than buying an individual policy for each member. In addition to this, such family floater plans provide the flexibility of amount of payout that any member can use in any proportion in case of illness. Such a clause is helpful because in many cases only one member of a family falls seriously ill at a time, rather than the entire family at once.
Its a good idea to spend some time and go through the policys terms and conditions so you do not get a shock later. Insurance brokers can be consulted if you need to seek some advice.
While buying a health plan dont buy a policy because it has a cashless tie up with a hospital in the neighborhood. Ensure that you buy a policy that has good reputable hospitals empanelled and suits your requirements rather than just being the cheapest policy. Its also a good idea to look at all the hospitals empaneled by your insurance company and understand what services they specialize in, so that you pick the appropriate hospital in case of a requirement.
Insurance brokers are a better bet than insurance agents as brokers are independent and are paid a commission for every policy they sell. They are not inclined to push one policy over the other as they commissions are fixed. An agent can sell only one insurers products will try and sell the policy which gets them the best commissions. While filling out the policy document be truthful in your declarations as this will ensure payment when you register a genuine claim.
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