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Healthcare

6 considerations for medical insurance plans to make before purchasing

Medical insurance

Investing in medical insurance plans today is an imperative life-decision for people who wish to have access to adequate healthcare coverage without having to compromise on budgets and shell out personal savings to afford treatment. Healthcare is a universal right and requirement, and with the inflation that persists in medical expenses and the rise in various lifestyle-oriented diseases; one has to find health insurance coverage that can hold financial stress at bay at a vulnerable time such as illness or accident.

Medical insurance plans are polices that cover medical expenses incurred in the course of a prolonged hospitalization, and often costs incurred post-discharge as well. These are general policies that have many variations and iterations offered by insurance providers according to age groups and family structure. Medical insurance plans by providers like Care Health Insurance are designed to provide coverage as individual health plans, family plans, senior citizen coverages and even critical illness insurance plans.

Since medical insurance plans are considered a non-negotiable investment in a person’s life today, knowing the prerequisites and the sub-features one can expect from standard medical insurance plans is important. Therefore, let us look at the considerations to make for medical insurance plans before purchasing:

1. Family Liabilities:

In order to invest in the best medical insurance plans in India or anywhere in the world, one has to first identify their personal coverage requirements according to their existing family structure. In case the policyholder is part of a family, they can go for medical insurance plans that offer family floater plans which are for young, nuclear families. This does not affect the assured coverage amount, and can be availed by any family member when required.

2. Dependents:

If a potential policyholder has ailment-prone dependents, they should be insured under individual medical insurance plans which preferably have high coverage amounts, and lifelong cover. Senior citizen medical insurance plans are designed with benefits and perks over standard medical insurance plans where there is no maximum age for policy renewals. It is essential to invest in the ideal plan for older dependents as they are more prone to illnesses and recurrent medical expenses.

3. Work Insurance:

Before investing in a personal medical insurance plan, one should read though company employee perks at their place of employment as many employers offer health insurance to their employees. Taking all benefits and features into consideration, one can supplement their employee medical insurance by going for medical insurance plans of their own that cater to their needs as it is advised not to depend entirely on employer insurance as they are subject to lapsing in the event of termination or retirement.

4. For Business owners/ Self-employed Professionals:

In the event of illness or accidental injury, a person with employee benefits will be able to earn a steady income while they are absent from work. But for people who run their own business or are practicing professionals do not have income benefits in case they are unable to work. Hence, independent business-owners and professionals should choose medical insurance plans that offer income benefits and compensation as well. This eases the financial strain for other expenses that a policyholder may face at the time of irregular or non-existent income.

5. Exclusions and Sub-limits:

It is important to note that specific illnesses, chronic diseases and surgical procedures may not be covered under medical insurance plan. Additionally, before purchasing a health insurance plan one should check the sub-limits the provider may have in terms of room costs, ICU charges at the time of hospitalisations. One should go for medical insurance plans which have minimal or no sub-limits within their coverage terms.

6. Hospital Partners:

Many insurance providers at the time of creating medical insurance plans, add a list of partner hospitals where their policyholders are guaranteed to receive prompt claim settlements. This is one of the things a prospective policyholder has to take into consideration while investing; as they may have treatment preferences or designated specialists they may want access to in the course of treatment.

Therefore, it is vital to move forward with purchasing medical insurance plans after having done adequate market research and comparisons to find the ideal coverage solutions for a secure future.

Read Next: 6 common mistakes with home insurance

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