The old saying “Health is Wealth” denotes having good health is a lot more important that having plenty of wealth. Good health can help you earn efficiently and ensure you enjoy a quality life. A person with a bad health on the other hand, spends most of his money on treatment and doctor visits. The popular Arabic proverb says, “He, who has health, has hope; and he, who has hope, has everything”.
Thus, it is our responsibility to stay protected. Despite all the precautions, it is not always possible to avoid accidents and illness and thus one need to be eventually prepared for such tragic incidents. In extreme cases, we are also forced to borrow money from outside to continue our treatment.
Safeguarding your health with insurance policy will ensure you are prepared for all sorts of eventualities. With thorough research and comparison you can identify the best product that suits your requirements. Research can be time consuming and confusing with so many available options in the market. There are a few vital pointers that you must keep in mind while looking for the best insurance covers and they are as follows:
• Basic Hospitalization Cover: In case your pocket does not allow you to buy a comprehensive health insurance cover, you can look for basic health care plan that pays for the expenses incurred from any sorts of illness or accident.
• Coverage and Premium: Expensive insurance policies need not be good always. You must review the Coverage of Critical Illness, Hospitalization Cash Benefit, OPD and other such benefits, if the premiums are identical. You must identify and assess the business needs you require.
• Family Floater Policy: It is better to buy a family floater health insurance policy instead of the individual policy. Every member can utilize the sum assured in a family floater policy. This can help you save premiums.
• Sum Assured: The sum assured can be determined based on the city you live and the size of your family. Health insurance costs in big cities are more than that of the small cities. Thus, you need to determine the sum accordingly.
• Separate Policy for Parents: Premium amount in family floater policy is calculated based on the age of the eldest member. Thus, you must keep a separate policy for parents and save on the premium.
• Day Care Procedures: You must take a look at the list of diseases covered under Day Care Procedures, before buying the insurance policies.
• Exclusions: Policy buyers must go through the policy document very carefully before signing it. You must ask for the details of the terms and conditions of the policy. The exclusion part is highly important and you need to enquire about the scenarios and diseases that are not covered under the policy.
• Top-Ups: If your employer offers you a health insurance policy and you are looking for a policy of higher sum insured, you need not buy a separate policy. You can simply top up your existing policy with the required benefits and sum assured. This is a good way to save on the premium.