It is rightly pointed out that health is the greatest wealth. The National Sample Survey Office conducted a health sample survey in 2013-14 that showed that about 36 million Indian households spend more on their medical bills than their annual per capita consumption(1).
With the recent pandemic, changing lifestyles and increased pollution, many health conditions are emerging requiring immediate medical assistance. Medical costs associated with these treatments are skyrocketing. A health policy can help you bear those expenses.
A common myth about health policies is they only cover hospitalization expense. However, health policies can cover everything from post-hospitalization costs like an ambulance service to pre-hospitalization expenses. Unfortunately, many policyholders cannot avail all the benefits of a health policy due to a lack of knowledge. So, if you are planning to buy the best health policy, make sure you do a good amount of research and learn everything about the policy you intend to purchase.
If you have decided to purchase a medical insurance policy, here are a few steps and cues to help you opt for the best health policy available.
Check For Coverage And Benefits
The best health policy would be a policy securing you against a wide range of medical emergencies and diseases. With the entire world battling against Covid-19, it would be advisable to go for a health policy covering coronavirus treatment costs and expenses.
Pick the best health policy covering expenses incurred 30-60 days before and 60-120 days after hospitalization. You must carefully look for a health policy that also includes daycare expenses and all transportation costs to make your treatment smooth and cashless.
Make An Affordable Choice
The best health policy meets your needs and your budget. Invest in a health insurance policy and make sure it doesn’t create an unnecessary financial burden on you. Understand and carefully weigh the policy benefits and costs, then make a decision that is suitable for you.
Buy reasonably priced health insurance with affordable premiums ensuring you have proper coverage. Additionally, periodically review your policy to ensure your existing plan continues to fit your needs and budget.
Compare Policies Online
Browse through various health policies available online and compare them to find the policy catering to your needs. Ask for a ‘quote’ or an approximate amount of the premium you will be paying for your chosen plan. Then, all that is required from your end is to pick a policy and enter your details. Collect and compare all the quotes and purchase the best health policy for yourself.
Before making the final decision, learn about any potential tax benefits for health policyholders. According to section 80D of the Income Tax Act 1961, you may be entitled to tax deductions if you pay premiums for a health policy(2).
However, thoroughly go through the benefits and deductions offered on the health policy you are planning to opt for.
If you do your research well and purchase the best health policy, you will benefit from lifelong renewability. A few health insurance plans have an age restriction for renewals, which ranges around 65-70 years. This means you would need to look for another policy after crossing the age limit.
Furthermore, the premium amount may be comparatively higher due to your age. Thus, the best policy would be one providing you with lifetime renewability.
A Health Policy for Everyone
There are many health insurance policies, and it is a must for every individual today to have one for themselves and their families. Care health insurance policies can help you fight severe diseases and get the best care without worrying about the bills and expenses afterwards.