Things to Know Before Buying Health Insurance – An Overview
The idea of health insurance needs specific things to know before buying health insurance. Health is the central consideration point for any nation’s growth. There is growing awareness regarding health due to rapid-changing lifestyle. The Government of India has introduced the revised guidelines in the year 2016- IRDAI Rules, 2016. Such procedures show the latest changes or amendments that insurance companies have to take in their health insurance plans.
Medical inflation is very high with the varying times. In the Covid-19 pandemic, the Government has realised the need for public health infrastructure to be revised. Our nation’s health infrastructure is dependent on various types of sciences like naturopathy, homoeopathy, Ayurvedic, and allopathic. All sorts of sciences are part of the health services.
To increase awareness, The Indian Government, through IRDAI (Insurance Development Regulatory Authority of India) and General Insurance Corporation, has run promotions on Insurance of health.
Why is it Necessary to Buy Insurance?
It is vital to know the insurance act as a protection for an individual. We need to know the risk linked in our daily lives in terms of health, property, or life.
- We cannot evaluate the uncertainties of our life, nor can we evaluate the risk value linked with it;
- What can be done is that risk can be covered economically. Financial Security can be achieved by protecting our investment;
- Insurance is considered as a fiscal tool that decreases the load during uncertainties;
- By paying a premium against a policy, you will be safeguarded against the loss.
Things to be Considered Before Purchasing Health Insurance Plans
- Individual Health & Family Floater Policy
There are various health insurance policies that can be covered:
- Family Floater Policy: As per this policy, it is the Insurance designed to fulfil the requirements of the family. Each member of the family shares the assured amount. The family floater policy is shared between proposer, dependent children, dependent parents, and spouse.
- Individual Health Policy: Individual Health Policy covers only a single person. The health policy premium is decided as per the sickness, age, present health condition, medical history, and risk linked with it.
- Comparison Between the Two Policies – Purchasing Health Insurance
To know the health insurance plans, it is vital to understand the necessities of the individual – being married or unmarried provides direction to purchase Insurance of health. The comparison between the individual plan or the family plan. If you are unmarried, the best option is to go for a different health plan. In case one is married, choosing the family floater plan. The family plans are more cost-efficient. Most discounts are provided on the plans of a family floater. The price of Insurance should cover the expenses of hospitalisation. Being the family’s bread earner, a person can choose for the extra individual health policy plan cover.
- Types of Policies While Purchasing Health Insurance Plans
There are two classifications of the health policies under consideration for purchasing Health Insurance Plans – the 1st class is a salaried employee, and the second classes are self-employed individuals.
- Self-Employed Person: if an individual is a self-employed individual, then the family plan can be taken. The self-employed person should select a basic health insurance plan for himself and their family members. Such a plan will help the person to support in the case of a family health emergency.
- Salaried Class Employees: This comprises- dependent parents & children, spouse, and sometimes parents-in-law. It also covers employees. It does not obey the innovative approach. The plan failed when the individual left the company or firm. The best plan one must include while doing company insurance is to take a floater medical policy.
- Other Things
- Know the Coverage of Plan: It means where the plans cover, whether it’s a cashless or reimbursement policy.
- Know the Coverage: Health coverage is vital, and the number of diseases is increasing every day; their inoperable diseases in the current past have become curable.
- Be Cautious of the Medical Policy: It covers all the policies signed in the written format. It covers all the diseases or occurrences.
- Medical Test: One should know that one requires undertaking a medical examination before taking the policy. It is recommended to undergo before buying health insurance.
- Waiting Period: The most vital part of purchasing a health insurance plan is the coverage of the disease. Not all situations are comprised in the coverage list of the health plan from the day of the policy. There may be a waiting time of 30-90 days for diseases.
It can be concluded that IRDAI Insurance Company License owners have the options to sell health insurance policies considering the client’s requirements. The significance of such plans for the clients is that – purchasing a health insurance plan is entirely dependent on their judgment. Sufficient insurance coverage is a quick way to cover the maximum risk linked with health. Medical emergencies are doubtful; hence one needs to be prepared.
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