Life is a beautiful journey, encompassing both highs and lows, joys and sorrows, yet it’s important to acknowledge its unpredictability. While most things are beyond your control, being prepared for them is still possible. Speaking specifically about health concerns, they are increasing due to unhealthy lifestyles, and it’s crucial to take preventive measures. The question arises: How? Consider investing in medical insurance plans to safeguard yourself from exorbitant medical expenses.
Let’s comprehend the best medical insurance policy, including its types, benefits, and how to purchase it.
Understanding Medical Insurance Plans
Health insurance serves as a backup plan that can help you manage unforeseen medical situations like illness or accidents. The best medical insurance policy provides protection from expensive medical bills. It includes coverage for pre- and post-hospitalisation costs, daycare treatments, diagnostic exams, medications, and other necessary expenses.
The insurance market offers various types of health insurance plans to cater to individual needs and requirements, which can vary. Let’s explore these different options.
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Individual Health Insurance Plan: This is the most common and basic insurance plan that covers a single person in the event of a medical emergency. For instance, if you have purchased two individual insurance plans for yourself and your spouse, you will need to pay the premiums individually and can file claims based on the sum insured in your policy.
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Family Health Insurance Plan: If you live in a nuclear or joint family and are looking for a way to safeguard them from the financial strain of high medical costs, then you should invest in health insurance plans for family. These insurance plans provide coverage for the entire family, including your parents, spouse, and children, under a single policy. The key benefit of this policy is that you only need to pay the premium once for all family members, who can then utilise the sum insured under the policy.
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Senior Citizen’s Health Insurance Plan: These insurance plans are specially designed with the needs and requirements of senior citizens in mind. They often offer additional coverage, such as preventive care and domiciliary hospitalisation, in addition to basic medical expense coverage.
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Critical Illness Insurance Plans: These insurance plans cover specific health conditions such as kidney failure, cardiac arrest, cancer, and many more. Dealing with the treatments for these health issues alone can be daunting. Therefore, if you are diagnosed with such illnesses, investing in a critical illness insurance plan is advisable.
Why Should You Buy a Health Insurance Policy?
A health insurance policy serves as a link between you and the insurance company that covers you during medical emergencies. However, there are several other reasons listed below that highlight the necessity of insurance.
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Protection Against High Medical Costs: Medical inflation has taken a toll on the healthcare industry, leading to expensive procedures that can create a significant financial burden. The best medical insurance policy includes coverage for various expenses, including hospital room charges, surgical procedures, medical treatments, prescription medications, and more, helping to alleviate financial strain.
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Access to Quality Healthcare: Imagine falling ill and having to handle the high medical expenses by yourself. It can be really overwhelming, can’t it? This is when health insurance steps in, offering you financial protection and ensuring that you have access to high-quality medical care. With insurance, you can be assured of receiving quality care when needed and avoid making compromises on your health due to financial constraints.
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Protection Against Lifestyle-Related Diseases: There is a significant change in the lifestyle of people, leading to an increase in health problems like diabetes, obesity, and heart conditions due to factors such as smoking, alcohol consumption, unhealthy eating habits, and irregular sleep patterns. The best medical insurance policy offers essential financial security against these health issues, allowing you to concentrate on your recovery instead of worrying about medical expenses.
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Tax Benefits: When you buy medical insurance plans, you not only get coverage for your medical expenses but also enjoy tax benefits. You can avail a deduction of ₹25,000 for insurance plans and ₹50,000 for senior citizen health insurance plans.
What Are the Criteria for Purchasing a Health Insurance Policy?
Given the wide range of insurance policies available in the market, it’s paramount to choose the one that aligns with your specific needs and requirements.
Let’s delve into the aspects you should consider when buying an insurance policy
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Coverage Limits: You must review your insurance policy to understand the inclusions and exclusions. Ensure the policy covers medical expenses such as prescription drugs, surgeries, room rent, and more in the event of an emergency.
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Network Providers: Ensure your insurance provider has trustworthy hospitals and doctors within its network. Opting for in-network healthcare facilities helps reduce out-of-pocket expenses and financial burdens while providing you with a sense of security.
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Claim Settlement Ratio (CSR): The CSR indicates the number of successful claims made by an insurance company within a financial year and reflects its financial position in the market. It helps you make informed decisions about whether or not to invest in an insurance company.
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Premiums: A premium is the annual or monthly amount you pay in exchange for your insurance policy. A higher premium does not always guarantee a higher coverage; hence, it’s essential to choose your policy wisely.
Wrapping Up
Health insurance provides protection from high medical expenses, allowing you to concentrate on your recovery, reducing stress and financial strain while giving you peace of mind. There are multiple insurance policies available in the market, such as family health insurance plan, senior insurance plans, individual insurance plans, and many more. Considering factors like premiums, waiting periods, and coverage levels can help you make an informed decision.
If you are looking for an insurance provider, look no further than Niva Bupa. Niva Bupa offers a wide range of policies catering to various needs, from health insurance plans for family to coverage for senior citizens. Niva Bupa is recognised for its customer-centric approach and streamlined claim process.
Choose Niva Bupa as your insurance partner and secure your future.