Tips for buying health insurance
Posted by willlazar on February 17th, 2016
1. Validate your requirement
If you have E. S . I. or any kind of govt panel viz for govt employees for medical contingencies or your employer already has offered a group insurance to you as part and parcel of your C.T.C. then just go for a blanket cover only which should be used in cases such as you leaving the employment or something like that. Just don’t get a health insurance for the heck of fulfilling the claim of tax benefit u/s 80d of income tax act
2. How much Health Insurance is required?
The answer to this question depends majorly on your life style, quantity of family members and your existing insurance. Getting over insured is also loss incurring like getting under insured though not to that extent. Since there is no tool to calculate the exact sum insured required one should use these easy steps to come to the approximate assessment. See for the kind of hospitals you wish to get treated at and the design of the charges being levied by them for critical yet common surgeries and packages; for instance chronic hypertension and diabetes are common in todays era due to the lifestyle being followed by us yet they have regular and expensive treatment. This will make you reach the idea for how much amount the cover should be for. Add over its future value as the cover might be sufficient today but in later years say after 5 or 10 or may be 20 years later the charges for the same would have been increased and we all know that the probability of getting ill gets higher in the higher age brackets.
3. Go for the best policy and not the cheapest policy
After deciding the amount of health insurance required for yourself and your family comes over the bigger question of which policy to go for. The design of health policies has been changed with time and due to the multitude of policies being offered by different insurers its rather confusing. Compare a few policies from different insurers and decide. The best bet here are the third generation policies being offered which have higher no of day care surgeries being covered and higher no of network hospitals offering cashless facility. Also do see for the cover restoration and recharge facilities being offered by the insurers which is quiet a new feature offering double the cover and going to the extent of three times and more than the parent policy. Your health insurance advisor would be able to offer you the details and shortlist the right product. The most important part still would be that the neighborhood hospital and the hospital which you trust the most should be empanelled with the insurer which can be checked in the list of network hospitals for cashless settlement of claim
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