Invest in a Health Insurance Plan to Live Stress-Free: Here’s How

Today, you will notice that there has been a significant increase in lifestyle disorders due to poor habits, increasing pollution, and stress that can have a negative impact on a person’s health. This is the reason even young people are now suffering from chronic ailments that generally used to appear at old age. Thus, to always stay prepared for any such ailment, people opt for health insurance plans.

Needless to say, medical costs associated with the treatment of these conditions is also skyrocketing, especially with the global pandemic leading to a health crisis. Even though there are many types of covid 19 insurance that will protect you from the financial burden of the disease, you need to add a more comprehensive health insurance plan to take other ailments into account. Such plans not only cover full hospitalization costs, but also pre and post-hospitalization expenses.

Here are some important reasons why you must consider adding medical insurance to your financial portfolio. 

1. Protection Against Medical Expenses

Primarily, the main purpose of a health insurance planis to make the best medical care accessible to you without putting any strain on your finances. These plans are designed specifically to protect you against high medical costs.

It also covers your hospitalization bills, daycare procedures, therapies, ambulance, consultation, medication, etc. With financial worry out of the way, you can focus on your recovery rather than worrying about high costs.

2. Critical Illness (CI) Coverage

Insurance providers these days offer critical illness insurance, both as a rider and as a standalone plan. When you supplement your life insurance with a CI rider or buy an individual policy, you are able to protect yourself against the exorbitant medical bills that are followed by your diagnosis of a critical illness, such as kidney failure, heart failure, bone marrow transplant, cancer, etc.

When diagnosed with one of the critical illnesses listed in the policy document, your insurance provider will release the sum assured as a lumpsum amount that you can use to pay for all the ailment-related costs as well as other financial obligations.

3. Cashless Benefit

Look for policies that offer cashless benefit. In such a case, you do not have to pay anything from your pocket. All the expenses are settled between the insurer and the hospital without ever exchanging any cash. To avail of this benefit, you must get admitted to one of the hospitals listed in the insurer’s network.

4. Tax Benefits

Health insurance plans come with tax benefits. The premiums that you pay towards your policy are eligible for tax deductions under section 80D of the Income Tax Act, 1961.

Tips For Buying The Best Health Insurance Plan

With the rising healthcare costs, it is necessary to have a health insurance plan as part of your investment portfolio. But with so many insurer providers out there, it can be tricky to choose the right one for yourself and your family. But you can simplify the process by using the following tips:

• Invest In A Plan As Early As Possible

If you are thinking of investing in medical insurance, getting it at the earliest is your best bet. Most of the insurance plans have a waiting period, and they get costlier as you age. So, if you buy a plan now, you will be able to get adequate coverage without paying a high premium.

• Expandable Coverage

When looking for a policy, you must look for one that allows you to increase your coverage over time. This will ensure that you always have sufficient coverage when it comes to paying for your medical expenses as the costs are increasing rapidly.

• Ask About Pre-Existing Medical Conditions

Don’t forget to check out the policy conditions in terms of the waiting period for pre-existing medical conditions. In most cases, the insurance provider will not provide you coverage for existing diseases up to a certain duration. The standard waiting period in these cases is 2-4 years. So, look for a policy where the waiting period is not too long. 

• Policy Limitations

Certain policies have a cap on hospitalization. Therefore, it is advisable to check these limitations before investing in a health insurance plan. Ideally, it would help if you look for a policy that does not have any upper limit on room rent. This will ensure that you do not end up paying from your own pocket.

• Co-pay Option

Health insurance can be expensive. But there are ways to make them affordable. For instance, you can look for policies that allow you to co-pay and opt for deductibles. If that is an option, you will have to pay for them only when you make a claim. But they can really help you in bringing down the premiums.

• Look For A Long-Term Plan

Another way to save money on your insurance premiums is to opt for long-term plans. Premiums for such plans are relatively less, as compared to the plans that are active for only a year or two.

Expert insurance providers recommend prospective buyers to compare the policies online before investing in them. It will help you save money on the premium by allowing you to pick a plan that offers the best coverage.