Sunday, 17 April 2016

How to buy the Right Health Insurance Plan

In India, an average healthy family incurs about Rs. 50, 000 for their medical expenses while the expenditure goes even higher when someone in your family suffers from a critical illness. The increasing cost of health care and medical treatment in the country needs you to plan your healthcare expenses. Although the advancements of technology applications in the healthcare system have led to significantly improved procedures followed at the hospitals, you are recommended to opt for a premium health insurance plan for your family, including your parents, spouse, children, and self. Meanwhile, the point that should not be missed is affordability of the premium.
As you know, people in India have a lot of choices when it comes to choosing a health plan for oneself. People these days are liberal and can easily choose from around 20 insurance companies offering hundreds of insurance plans in total. This does seem like a mess to pick up from. Therefore, it is a wise decision to select a few affordable plans and have a fair comparison between them to end up choosing the most affordable and the best health insurance policy in India. While exploring how people choose health insurance plans, they make some common mistakes. Below are some of those mistakes:
1. Focus on Less Premium over More Premium
It has often seen that people do have their sole focus on premium payment and coverage offered by the policy while purchasing one. Consequently, they overlook the prime features of the policy. For instance, a policy that offers an assured sum of 5 Lakh on maturity requires Rs. 7, 500 as premium looks cheaper as compared to the one that requires a premium of Rs. 12, 500 and offers an assured sum of Rs. 5 Lakh. However, the earlier policy comes with a co-pay option of 5 percent while the latter policy requires you to pay 25 percent under the co-pay option for availing health care services at a hospital. This proves that a policy with less premium payment does not always turn out to be as good as it seems while purchasing.
2. Overlook the Big Picture
You need to analyze your healthcare cost before purchasing a health insurance policy for self or anyone in your family, as it may have huge impacts of your current lifestyle and much more. Another most important thing that matters to a large extent is your location and reachability for availing medical facilities to be covered by the policy.
For instance, if you have no medical institution or hospital nearby your geographical location, which comes under the cashless facility as per your policy and you cannot afford to wait for the medical facilities to be approachable sooner, then you most likely have to visit any hospital that can provide the preliminary treatment.
3. Considering Immediate Requirements Only
In today’s lifestyle, people commonly put their lives at risk of various diseases, such as Diabetes, High/Low Blood Pressure, and so on. Such critical diseases require one to have a health insurance policy that offers coverage for such lifestyle conditions. In fact, buying a health plan that protects you should be the only primary need of everyone today. Paying little high premium results in risk-free days in your old age, as the cost of healthcare treatment is going to be even higher than it is today.
Try not to make these mistakes to help yourself go ahead in a healthy lifestyle. Explore the plans efficiently that require you invest your hard earned money. Therefore, buying health insurance in India requires you compare multiple plans to end up buying a plan that offers comprehensive coverage at a reasonable price.

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