Choose a product with wider coverage, lesser waiting period and without or fewer internal sub-limits
Monsoon is unequivocally a season that brings respite from the scorching heat. But this year, due to the ongoing pandemic, one must be extra careful during the monsoon due to the more significant health concerns associated with it. Stagnant water, humidity, and temperature fluctuations contribute to creating bacteria. There are more chances of cold, fever, and other infections spread in the monsoon, leading to severe diseases like malaria, typhoid, dengue, dysentery, jaundice. These diseases can reduce your white platelets, dropping your immunity to fight against any illnesses and opportunistic infections like Covid-19.
Health insurance policy plays an essential role in securing your own and your family's financial future. Here are three tips that will help to choose a good health insurance policy.
1. Choose a Comprehensive Policy with High Sums Insured
Select an adequate sum taking note of the rising medical costs. The amount of health cover required depends on factors such as age, household size, and pre-existing conditions within the family. Individuals looking for a health insurance plan during their early phase of life should go for a minimum health cover of Rs 5 lakh. Further, in case it’s a family floater policy, a higher sum assured (minimum Rs 5 lakh) should be opted as the entire family is covered under that sum.
One should understand the features of the product or plan before signing the dotted line. Any basic policy should cover the hospitalisation costs, surgical and treatment expenses including surgeon fees, consultation charges or OT charges, medicine costs, diagnostic expenses, cover daycare procedures, among the rest.
The product should provide flexibility to customise the amount of coverage as per your unique requirements and family history. There are products in the market that provide a cumulative bonus of up to a maximum of 100 per cent sum insured.
2. Choose a Product with Extensive Coverage
Most insurance policies come with a waiting period. Choosing a plan by comparing the waiting period is essential and one should opt for policies with a minimum waiting period.
In most cases, no sub-limits come with a higher premium compared to an insurance policy with sub-limits. One should choose a health insurance policy based on the overall budget but never neglect the fact that health insurance plans with sub-limits provide limited coverage. Simpler policies with a lesser waiting period, lower or no sub-limits and higher sums insured are desirable and insureds should choose as per their affordability.
3. Choose an Insurer with a Good Track Record of Settling Claims
It is always advisable to choose a health insurer who has a good network of hospitals and a very good track record on the settlement of claims.
It is very important to first have a minimum comprehensive health insurance cover and supplement this with any disease-specific covers which are now available in the market.
The author is Chief Operating Officer, Future Generali India Insurance
DISCLAIMER: Views expressed are the author's own, and Outlook Money does not necessarily subscribe to them. Outlook Money shall not be responsible for any damage caused to any person/organisation directly or indirectly.