medical insurance plans in India

7 Things You Need to Know When Choosing Medical Insurance Plans

By: Sunder Singh
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A large percentage of people know the benefits of good health and comprehensive medical cover, but a good percentage still looks at health insurance as a tax saving instrument. If truth to be told, medical insurance is an essential buy, especially at times when our life has become more vulnerable to the polluted environment and ever-soaring medical expenses.

The check-list given below includes important pointers you need be aware of when buying medical insurance plans in India.

1. Coverage Amount

Be smart about coverage amount. Always choose the policy that offers maximum health coverage with the maximum amount of the treatment. It is the right fit for you.

2. Family Floater Heal Plan

Family floater plan is a good option if you are a family person. This plan is an umbrella term, covering your entire family members, unlike the individual plans that are designed to keep the needs of an individual.

With the family floater plan, you don’t need to buy a separate policy for each member and pay a higher premium. The most important thing is that anyone in your family can use the amount for their medical treatment.

Choosing Medical Insurance Plans

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3. Sum Insured

Choose the sum insured intelligently. You should take the sun insured based on your age and marital status.  Your risk factor is less today because you are young, but it will evolve when you become older or cross 35.

After 35, the chances of several diseases like diabetes, BP, etc. increase. Likewise, once you get married, choose the sum insured of your medical plan according to the health status of your spouse.

4. Coverage of Illnesses

Best medical inductance plans in India are designed in a way that covers a large number of diseases. Buy such a product that covers several critical Illnesses since they are the ones that need particular care and can be very expensive to treat. Make sure the policy is covering health conditions common to the family, like diabetes or cancer for instance.

5. Hospital Network

The medical plans you are choosing must have a wide network of hospitals, particularly the best hospitals in your areas.

In any medical emergency, we look for hospitals in our neighborhood. Hence, go for the plans that have a broader network of hospitals specializing in a wide range of treatments.

6. Maximum Age-renewal

As mentioned above, you don’t need a medical policy at a young age, but you will realize its importance once you grow older. It is advisable to take up a policy, which you can renew at the age of 75 or 80.

7. Mind the Exclusions

Usually, many policyholders avoid this point. What doesn’t include in your policy is a ‘part and parcel,’ and you should not ignore it. If a health plan has been designed to cover something, it is equally entitled not to cover diseases such as Cataract, Hernia, Sinusitis, Joint Replacement Gastric, etc. initially.

Bottom Line

Well, the check-list given above may not be exhaustive for you, but it surely covers all the important points you need to know when buying medical insurance plans in India.

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