The costs of medical treatment have increased substantially in India. Getting hospitalized even once is more than enough to wipe out yoursavings and cause you some major financial woes. Hence, it is necessary that you buy the best medical insurance policy, so you can bear the cost of any medical treatment without feeling the pinch.
Here are some tips to select the best policy, so you can be prepared for unplanned medical expenses:
Select a plan with the right coverage
It is important to prepare for any medical eventuality. Hence, opt for a plan that offers enough coverage and sum insured for any treatment. Account for inflation, as it impacts healthcare costs as well.
Family floater plan is apt for families
If you go in for individual health insurance for each member of your family, it will be expensive. Instead, go for a family floater plan that covers every member of your family, including your elderly parents. This way, you will be able to pay affordable premiums to geta higher sum insured.
Select the sum insured with care
Make it a point to choose a sum insured depending on your age and marital status. When you are single and young, you will have minimal risks for health issues. However, as you age, the risks will increase. So, select your health insurance with care, taking into consideration your and your spouse’s healthcare needs.
Choose a plan with minimal waiting period for pre-existing health conditions
If you have a pre-existing health condition, look for a healthcare plan that has a smaller waiting period. Typically, plans have a waiting period of two to four years, before the insured person can put in a claim for the treatment of pre-existing diseases. However, there are plans with shorter waiting periods that you can consider if you have a pre-existing condition.
Look for maximum age for renewal
When you are young, you may not have many health issues. However, as you grow older, you might end up with age-related and lifestyle-induced health problems. With life expectancy increasing in India, it is important to look for a medical insurance policy that allows you to renew your plan, even at an older age. The best idea is to pick a plan that offers lifetime renewability.
While there is an array of health insurance providers, opt for one who has a high claim settlement ratio. This will give you peace of mind, knowing that your claim will not get rejected without a valid reason.
