pays for your hospital bills for diagnostics, surgery etc.
In a world where healthcare costs are growing exponentially it is vital to own a health insurance. However, buying any Health Insurance may not be a solution. You need to understand that all health insurance plans are not the same so you need to carefully assess your requirements before you buy one. The health plans you buy should best align to your requirements.
Here are a few requirements which you should be absolutely sure of before you purchase your preferred health insurance plan.
The healthcare costs are rising very fast for a variety of reasons which include general inflation, changes in treatment methods, and adoption of latest techniques and equipment. A simple surgery that traditionally costs a few thousand rupees may cost you in lakhs if you go to a modern hospital with the latest infrastructure. Hence while you choose the sum Assured be sure that you make a correct estimate of probable expenses that could be incurred on account of hospitalization.
If you have a relatively young family and the eldest member is less than 45 years, it makes sense to go for a floater plan than buying individual policies for each member. A Family Floater Plan will cost you less for the same health insurance coverage The cost of a family floater plan is typically determined from the age of the eldest member in the family. Hence, if you an elderly member in the family the cost a family floater plan would be higher than buying individual covers for each member. So, make a decision accordingly.
The key advantage of a family floater plan is that it allows a higher Sum Assured than what you get with individual policies. This works as an advantage if not all members of the family were hospitalized in the same year.
If you particularly trust a couple of hospitals, make sure these are also included in the network of hospitals of the insurance company. Those hospitals which are not included in the insurance company network will not allow you cashless hospitalization. Hence, if you feel cashless Coverage is important for you it is better to go for an insurance company that has your hospital included in its network.
If you are one of those who has a firm belief in alternative treatment options (Ayurveda or homeopathy) be sure to buy a health insurance that allows coverage for alternative treatments. Remember not all health insurance Policy allow you coverage for alternative treatment
For most self-employed persons there is an additional cost attached to hospitalization. Apart from the healthcare costs, self-employed people lose on their regular income as unlike a salaried person they are not compensated for being absent at their work place. In such a scenario self employed people may opt for a cover that also provides them compensation for loss of income due to hospitalization.