A major illness in the family can throw the entire household budget out of gear. Even then, buying medical insurance is seen by many as a tax-saving device than a necessity. Less than one in five Indians possess health insurance. If you don’t have health insurance, it’s time to get one. To help you find the right plan, here are six mistakes to avoid:
Related: How Pre Existing Medical Conditions Affect Your Health Insurance
When you buy a policy, make sure that specific diseases or conditions you or your family members are prone to contract based on family history, are covered.
To this end, you may need a critical illness rider with your life insurance policy or a standalone Critical Illness Plan. In case of a life threatening disease or condition, this will cover non-hospitalisation expenses that a normal indemnity policy such as health insurance does not cover.
With a little due diligence, health insurance can be a life saver in dire circumstances. All you need to do is ensure you’ve chosen your plan carefully.
"Knowing yourself is the beginning of all wisdom"- Aristotle -
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A pre-existing medical condition should not be a deterrent for buying your family health insurance and securing their financial future. However, proper disclosure and some precautions ensure that in case if any unfortunate event, you have a smooth and hassle free experience.
Though both Individual and Group Health Insurance Plans provide similar coverage, they do differ in various aspects, such as cost and customisation.
A health insurance policy is a critical piece in the overall puzzle of a family’s personal finances. A claim free year does not mean that the money goes down the drain. These covers should be treated as pure risk covers where the return is peace of mind of having secured family’s financial position.
Health and critical illness are separate categories and each has its own place in a consumer’s insurance requirement. Here’s a simple guide to knowing how to choose between the two, or decide if you need both.
When buying health insurance for you or a loved one, you have the option of buying individual policies or buying one single health policy that covers all of you. Here’s a close look at the latter, called Family Floater plans.