A lot of changes have happened in the health insurance industry in the last 5 years. There has been an effort at standardizing and regulating the health insurance industry on part of the Indian government. Many investors bought their policies long ago when the rules were in favor of the insurers rather than the insured. Let us look at what you need to understand about the current health insurance scenario in order to choose the best affordable health insurance.
Don’t buy insurance too late It is common to see many customers, especially the educated lot who keep looking for a dream policy which has all their required features in a single plan. They want it all – high cover, low premium, no loading, best claim settlement, OPD cover, maternity and high end benefits. However, such a dream policy does not exist and you need to understand that health insurance products are very complex and their cost and features are associated with different parameters. There are a large number of investors who are delaying buying health insurance due to this reason and it is a big mistake. The main catch with this approach is that later you may be denied a health insurance because you may have crossed the age limit or you may have caught a disease which cannot be covered. It is always better to buy a good enough policy rather than waiting for the perfect policy after 5 years. Focus on the main big features that really matter and don’t get too attached to the minor points which may not match your requirement. Assess who you want covered and their health status It is necessary to have a finalized list of the people you want covered. While doing this you should take into consideration their current health status. Make sure to buy health insurance for all the members for whom you are responsible. For instance, many people buy insurance for themselves their spouse and children but ignore parents. Assess your lifestyle It is always best to keep a check on your own lifestyle as well as that of your family. If your family is healthy with a healthy lifestyle then you will be in a good place regarding risks and coverage required. This factor needs to be taken into consideration while deciding the sum assured. However, do bear in mind that good health or healthy lifestyle is not an excuse for not buying like bajaj allianz, bharti axa or HDFC health insurance or any other insurance. Individual cover or family floater You also need to be sure whether you wish to buy individual insurance for each member or simply buy a family floater plan. Family floaters are usually very efficient because they are based on the logic that all family members will not be hospitalized at the same time. The cover for the entire family is quite large and only one person will be making use of it at any given time. However, if one of the family members has health issues then it is better to look for individual coverage for this person. A high risk person should not be part of your family floater because it will mean that he or she has frequent claims every year and leaves the other members without cover when they need it.
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