Smart strategy for choosing the best health insurance plan

The second wave of the Covid-19 pandemic could finally run out of steam in India, but thousands of new cases are still emerging every day. Besides the physical and emotional distress, dizzying hospitalizations and medical bills for coronavirus treatment are leaving many families on the brink of bankruptcy. With no other way to cover these unprecedented expenses, they dip into their savings or resume extreme measures such as mortgaging their homes, selling precious jewelry, and taking out high-interest loans.

Amidst all of this, the importance of comprehensive health coverage cannot be overstated. Once seen as an option, health insurance is now seen as a necessity by people of all ages and backgrounds. While health insurance will prepare you financially for unforeseen medical emergencies, choosing the right plan that meets your specific needs is crucial. There are a few factors you should consider before making your choice. Let’s take a look.

Does it match your profile?

With a plethora of options available today, choosing the right health insurance policy for you can seem daunting. For starters, your age, current address, employment status, and existing medical conditions are important factors to consider when purchasing a plan. For example, as your chances of facing health problems increase with age, it is advisable to opt for plans with high coverage benefits if you are 40 or 50 years old. Likewise, hospital bills tend to be higher on subways than in Tier II and III cities, which means you can opt for area-specific coverage or pan-Indian coverage for a premium. higher.

What type of coverage does it offer?

As medical bills hit the roof, it’s never been more important to ask the insurer for the type of coverage you need. First and foremost, the health plan you choose should cover the actual cost of the treatment. Plans that offer lump sum payments should only be considered after ensuring that the processing fee is paid. Medical inflation is another critical factor to consider when choosing the amount of coverage. For example, health coverage of Rs 10 lakh may seem redundant now, but it could help you avoid personal expenses in 10 to 15 years.

Does it include any sub-limits or co-pay options?

Healthcare policies may have sub-limits on specific treatments or / and room rents. While plans with a sub-limit clause are comparatively cheaper with a lower premium, you might be faced with a nasty surprise later. Sub-limits not only restrict the quality of care, but may also force you to look for money in a medical emergency. For example, if under the sub-limit clause the cancer treatment is capped at 50% and the total cost of the treatment is around Rs 10 lakh, the additional Rs 5 lakh will be a personal expense. for you. Likewise, co-payment clauses oblige the insured to cover a certain percentage of the settlement of the claim, which can again cause a financial crisis. Ideally, you should choose policies that allow you to opt out of sub-limits, which gives you better insurance coverage.

Need for a holistic approach to health insurance

As the incidence of lifestyle-related illnesses continues to be higher, it has become imperative to choose a comprehensive health plan that goes beyond simple treatment and hospitalization coverage to meet the needs of the patient. daily health such as doctor visits, unlimited teleconsultations, diagnostics, medication, fitness classes. , nutritional counseling, mental health sessions and disease management.

Such a comprehensive approach not only provides financial security for medical expenses, but also helps protect the health and well-being of the insured. Unlike traditional financial institutions, new age health insurance providers aim to create a complete ecosystem of health and wellness through their tailor-made, comprehensive and affordable solutions that can empower people to live more lifestyles. healthy. Modern insurers are also making their plans easier to understand so people can buy, manage and track their health coverage, book appointments, initiate claims and more faster and hassle-free.

The writer is co-founder & CPO of Vital

DISCLAIMER: Opinions expressed are those of the author and Outlook Money does not necessarily endorse them. Outlook Money will not be responsible for any damages caused to any person / organization directly or indirectly.

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About Evelyn C. Heim

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