Looking for affordable health insurance? Here is how to make the right choice – The Financial Express

Clipped from: https://www.financialexpress.com/money/looking-for-affordable-health-insurance-here-is-how-to-make-the-right-choice/2389082/

Start with assessing your family’s health expenditure and estimate the requirement. It should be based on your experience, your friends/family’s experience and potential hospitalisation costs in the event of commonly occurring hospitalisations.

health insurance, health insurance policy, Covid-19, How to make your health insurance policy Omicron-ready, Omicron, COVID-induced diseases, higher sum insured, claim settlement, suitable riders, Niva Bupa Health Recharge planChoose an affordable plan with maximum benefits to ensure that you and your family members are covered.

The need for health insurance has become more apparent with the rising hospitalisation and correlated medical expenditures, especially after the pandemic. It has affected the income, health and wellbeing of most families because of which people started opting for reliable health insurance plans to safeguard their health and savings.

Vikul Goyal, Founder and CEO, Bimaplan, says, “A health insurance policy is sought after so that a sizable amount of medical expenses is taken care of. While it is important to buy a health plan that meets your and your family’s medical needs, it is equally important that it suits your budget.”

Therefore choose an affordable plan with maximum benefits to ensure that you and your family members are covered.

Here are some of the ways you can choose the best affordable plan;

Check the sum insured: First, start with assessing your family’s health expenditure and estimate the requirement. It should be based on your experience, your friends/family’s experience and potential hospitalisation costs in the event of commonly occurring hospitalisations. These may include treatment and surgery costs during an accident, critical illness, seasonal infections and COVID-19. These factors will help you decide on the coverage or sum insured.

Look for a plan with desired features: Based on your requirement, preference and affordability, experts say one should choose the features of the plan including room rent limit, maternity benefit, emergency ambulance, pre and post hospitalization duration, daycare procedures, complementary health checkups, home hospitalization etc.

Check for value-added services: These could be additional coverage or benefits that will provide OPD/teleconsultations, hospital cash for fixed daily benefits. “These added benefits can help cover for loss of daily income or other incidental expenses such as travel, food and lodging. Opt for top-up plans for extra coverage at low costs,” adds Goyal. 

Look at the hospital network and claims process: Finally, to use the insurance when you need it most, choose an insurer or an intermediary that will provide claims support for you to easily get the benefits and reimbursements at the time of need. 

Goyal explains, “Look at the claims settlement rate of the insurer. This information is available on the insurer’s website or IRDA website. You can also ask your agent for the required information.”

He further adds, “It is in uncertain times like these that life insurance acts like a ceiling providing shelter and protection from any untoward incident. Hence, it is vital to educate the family on and avail insurance as a necessity amid the pandemic.”

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