No one plans to get hurt or sick, but most people need medical care at some point. That is why everyone must have health insurance plans in place. It covers essential health benefits critical to maintaining health and treating illnesses. Plus, it protects the insured from unexpected high medical costs.
Having health insurance is not a choice anymore for anyone. However, some common dilemmas prevent young health insurance buyers from purchasing a policy. Given below are some of these dilemmas and their solutions to help you choose the most suitable plan:
Types of Health Insurance Plans
With the availability of numerous health insurance plans, it can become extremely challenging for you to choose. There are different plans like:
Individual health insurance plan
Family-floater health insurance plan
Health insurance with critical illness cover
It is essential that before you choose any plan, you should analyze their specific requirements. Next, it will be beneficial to research and understand each of these plans in detail to evaluate their advantages.
After choosing a health insurance plan, you will need to decide on their sum insured amount. The coverage amount can be confusing to choose from, but most health insurance providers have flexible sum insured options.
But before you decide on this amount, you need to know that the premium increases as per the chosen coverage. Selecting the right cover is an imperative decision as it determines the benefits you will receive during medical emergencies.
Cashless Claim Facility
Since you are new to the health insurance plans, it can be challenging to understand why you should opt for plans with cashless claim facilities. But having a health insurance plan with this facility is a boon during health emergencies.
In such situations, you might be cash strapped or not have access to immediate cash. This service by insurers has been designed to eliminate any form of cash payment. They ensure that the insured individuals get the necessary treatment in their network hospital without worrying about money.
One of the dilemmas that young buyers face is whether they should opt for riders or add-ons with their health insurance plan. Riders are additional insurance amendments that provide extra benefits. You can extend the benefits in terms of room rent waiver, maternity cover, critical illness cover, and personal accident riders.
It is essential to note that the insurance coverage can be expanded as per your requirement. Like if their family is growing, having a maternity cover will be beneficial. The IRDAI has capped the premium on riders at 30% of the basic health insurance plan.
The insurance regulator, IRDAI, states that pre-existing diseases’ waiting period cannot exceed four years. However, insurance providers offer different waiting periods. Hence, when choosing a health insurance plan, you should opt for a plan with a shorter waiting period.
You should also note that some insurance companies may provide the option of reducing the waiting period on paying an extra premium.
Choose Health Insurance Plans to Secure Yourself
Buying a health insurance plan requires a thorough awareness of the policies available in the market. The common dilemmas faced by young health insurance buyers can only be resolved with research. It is essential to know the quality of customer service the insurance providers offer and the plan’s benefits. Reliable insurance companies like Tata AIG offer comprehensive health insurance plans. They also provide benefits like alternate treatment cover. Their team of professionals will solve all your queries regarding the health insurance plan. Make sure you check the policy details carefully and zero in on a plan that works for you.