Arun was a young and passionate 27-year-old IT professional who was basking in the glory of his new job. His world came crashing down when his father suffered a heart attack and he was left hunting for cash to pay the huge hospital bills. He lost a good fortune of his savings since he was not covered by any health policy. Many individuals, like Arun, do not get insured under a good health insurance policy on time and later regret it all their lives.
Most people refrain from buying a policy as they do not feel confident to read between the lines and understand the terms and conditions of different policies. Unfortunately, this is a common story with majority of working professionals in India and around the world. This article discusses some practical tips to help you decide which health insurance policy is most affordable as per your needs.
1. Selecting an insurance company astutely:
In general, you can get health insurance from both general insurance and life insurance companies. But, financial experts suggest that it is wise to select a general insurance company as they would be more focused on health insurance. Also, it has been seen that when you buy health insurance policy from a life insurance company it costs more. So, pick a phone and speak to some licensed insurance agents and then choose your insurance company wisely.
2. Plan in advance for your needs:
You need to think ahead of the time if your family comprises of elderly people or are planning to start a family soon. Once you are sure of your insurance needs, you can think of policies that are specifically meant for parents or cover maternity overheads.
3. Ask questions about different types of health insurance:
There is a myriad variety of health insurance policies available, and thus you need to go through all the options and filter the one that does not meet your needs. If still you feel confused then do not hesitate in asking questions. For instance, some people may get benefitted from cashless policy while some may find a family floater plan more useful. Thus, try to understand each and every policy carefully.
4. Give priority to ‘sum assured’:
‘Sum assured’ in layman’s language means the maximum amount of money that can be reimbursed to the insured person in one policy year. Keeping in mind the escalating medical costs, choose the sum assured vigilantly. Furthermore, do not choose the sum assured so high that it becomes almost impossible to pay the premium for you.
5. Keep a track of the enrolled hospitals:
Every insurance company tie up with some hospitals that are instructed on ways to handle the claims of a patient who is insured. Before selecting a particular health policy, always check the enrolled hospitals under the insurance company as you can have your favoured clinic or doctor. Also, look for the specialty, prominence and distance of the hospital from your home. In case of an emergency, you would obviously visit a hospital that is near to your home.
A Chartered Accountant by profession, Ronald Duther comes with 15 plus years of experience in the field of Insurance industry. He believes a widespread knowledge of finance can have exceptional constructive change in one’s life and this is why he is inspired to do significant work in the economic education space. He devotes his maximum time in researching different elements related to General Health Insurance and distribution channels. So to help the Common People he developed a site named https://www.gibl.in
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