subject: How You Can Compare Health Insurance Policies? [print this page] Buying a health insurance policy is the perfect way to save yourself as well as your family from the high medical expenses. Although there are several health insurance companies in India that offer lucrative insurance plans, but it is advisable to compare the policies so as to get the best one.
The growing healthcare expenses are a threat to your savings, even a small appointment with the doctor may cost you a lot. So it is quite obvious that a long medical treatment certainly eat up all your future savings. With the sky high medical expenses in Indian healthcare industry it seems like there are only two ways to save yourself from such situation. Either you can just pray for the wellbeing of yourself and your family or better get a health insurance.
Health insurance is the best system available for you to avail the finest quality healthcare services. The basic concept of health insurance is to provide you the cover for sudden and accidental medical emergencies. It is a kind of contract between the insured and the insurance company. The insured has to pay a specific amount to the company in the form of premium. However, one must be aware of the fact that the premium is fixed amount and it does not depend on the person's income, but on coverage benefits and assessment of risk status.
It is beneficial to buy a health insurance policy that ensures you get the medical treatment at the time of emergency without facing financial difficulty. It basically pays your medical expenses so that you can lead a healthy and fit life. Depending upon the type of health insurance policy you select, you can get benefits from its coverage plans.
Many medical policies in India offer coverage such as financial security to family members, hospitalization & medical bills, post-illness care, disability and custodial bills and you can even avail the tax benefits on the premium amount you have to pay. Besides this, a medical policy gives you as well as your family members a sense of security.
Two kinds of medical plans are offered to the Indian customers today, namely, Individual Health Policy and Family Floater Plans. The first policy provides a health insurance policy for each member of the family. On the other hand, the family floater plans are meant to insure complete family within one plan.
The growing trend of getting health insurance in India has led to the coming up of various companies that offer different medical plans, but you need to compare their policies before buying any one. There are certain important parameters that must be the base of your comparison. One of the key factors is that you must look for the maximum renewal age as your health insurance cover will not continue after this age, so it will be better to go for a policy that gives higher renewal age.
Apart from this, you must also make sure that the sum insured is high and you get a coverage that is maximum and fits into your budget. It is advisable to check the limits on specific treatments like cardiac or cataract. Also look for the co-payment share that will be divided between you and the insurance company. Further, it is essential to compare the premium rates of different health insurance policies so as to get the best plan at affordable price.
by: Sukanya Mitra
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