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Tips to Choose Right Health Cover This Year

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Tips to Choose Health Cover
February 14, 2019
The advent of New Year has heralded and with it, the time for financial revamp is here. One of the best resolutions to be made this year that will enable you to gift your loved ones the ideal financial coverage is taking out a specific health insurance plan. The rising costs of healthcare services are already stifling the finances and the pressure on a person's financial reserves is immense. Healthcare sector in India has increasingly witnessed a booming inflation factor and the trend is expected to continue. Therefore, it is important for a person to secure their hard-earned finances during any medical emergency. One of the best ways to do so is by gifting your loved ones a token of financial security for the lifetime. Health insurance comes as a mode of financial safety that keeps your hard earned financial reserves secure in times of any health-related contingency and it must be seen as a hedge that saves your savings corpus from being affected due to any sudden financial requirement.

 

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The insurance market in India today boats of multiple beneficial options and therefore, it is very essential to make an informed choice about the kind of a health cover that you choose for your loved ones. The various important things to be kept in mind while seeking a health cover are as mentioned below:

  1. Pre-existing medical conditions:

    Generally, different insurers offer the health insurance plans that include a clause for any pre-existing medical conditions. In fact, at the time of plan purchase, medical documents are submitted and any pre-existing medical conditions are specified. The factors needed to be considered are the waiting time offered by the insurer and whether coverage for such conditions is applicable or not.

  2. Cashless facility:

    There are certain hospitals which are duly listed by the insurer in policy documents as having the cashless facility and these are known as network hospitals. Before deciding to buy the plan, you must specifically check the list of such hospitals linked with the insurer.

  3. The scope of coverage:

    You must check the terms and conditions very carefully and take into account every single detail related to the coverage scope. This includes the benefits for hospitalization (both pre-hospitalization and post-hospitalization). The plan that offers maximum coverage against hospitalization will be ideally suited for your requirements. The additional coverage for the rentals involved must also be duly checked.

  4. Clause for co-payment option:

    This is clause for bearing a pre-fixed part of the incurred expenses while the rest is paid by the insurer. This clause may come with an 80:20 or 70:30 expense ratio, which means that the policyholder has to bear 20% or 30% of the total expenses while the insurer will bear the rest.

  5. Applicable premiums:

    This is the essential feature that must be checked duly. Generally, the premiums are in lieu of the coverage and any additional benefits offered under the plan. This, in essence, means that the scope of coverage is directly proportional to the payable premiums. Therefore, you must match the amount that can be paid as premium with the offered coverage.

HDFC Life offers health insurance plans that keep your funds secure and ensure that you don' face any financial hassles in case of any health-related emergency. For details, click on the mentioned link: https://www.hdfclife.com/health-insurance-plans.

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Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

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Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

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