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Stress-free 2021 with Health Insurance

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Published on January 22, 2020 | Est Read Time: 3 min

‘I don’t need Health insurance in 2021, the worst is over. I don’t want to waste my money by purchasing Health insurance.’ People who think this are highly mistaken. Covid 19 pandemic is still far from over. Instead of living in denial we must embrace this situation as an opportunity and undo the mistake of not owning health insurance. This New Year we must be prepared for any medical emergencies that might arise in the coming year by buying comprehensive health insurance.  

Here are Health insurance options for everyone: 

· Individual Health Insurance: 
As the name suggests, Individual health plans are made for individual policyholders. The premiums are usually low under such plans, but there are various factors that determine the premium of a policy. Factors such as medical conditions, age, location, etc. influence the premium. 

· Family Floater Health Insurance:
 Instead of buying separate policies for every family member, a family floater plan covers the entire family under one policy. Usually, parents and children (up to 2 children) are covered under this medical plan. Even though family floater plans have a higher premium than individual plans, the price is still cheaper when compared to the expenses involved in buying a different health insurance policy for each member.

· Senior Citizen Health Insurance: 
Medical insurance plans are specifically designed to cater to senior citizens who are 60 years and above. Senior citizen health insurance plans usually come with discounts and tax benefits. Though only a few insurers provide such policies, they are very useful. Also, these policies may cost a lot higher than the health covers for younger consumers as senior citizens are more prone to diseases and illnesses.

· Group/Employee Health Insurance: 
Such plans are usually offered by employers and are designed to include and exclude members as they join and leave the company. Group health policies are generally low in premiums due to the reduced risks involved. Such plans also allow leniency in terms of covering pre-existing illnesses among other things.

There are three types of health insurance available: 

1. Indemnity Health Insurance Plan:
This is a typical health insurance plan which covers all the medical expenses on both cashless as well as reimbursement basis the sum insured of an individual. This is a must-have for all individuals who are looking to buy health insurance at a young age. 

2. Top-up Health Insurance Plan:
A top-up health insurance plan acts as an enhancement to your existing health insurance. If you already have health insurance or a corporate health cover and you wish to get a wider cover at a low premium then a top-up plan works best.

3. Fixed benefit Health Insurance plan:
While indemnity based health insurance and top up plans pay for medical bills on an actual basis, a lump sum benefit based health insurance plan pays you in one go or lump sum. It’s beneficial for meeting endless medical expenses arising out of critical ailments such as Stroke, Cancer, Paralysis, Multiple Sclerosis, etc.

Once you have identified which kind of health insurance works best for you then comparing and choosing the best health insurance is crucial. Now it’s become very easy to compare insurances online but for comparing the plans here are some parameters to keep in mind:

• Claim settlement ratio:
You buy health insurance with the sole purpose of using it when in need of a medical emergency. But how quickly the claim is being processed and accepted by the insurer is vital. The simpler the claim process, faster the settlement of the claims, the better it is for the insured. 

• Network hospitals:
Insurance companies have tie-ups with a number of hospitals for cashless settlements. Check if your insurance company has a wide network of hospitals in and around your vicinity. In case you have a particular specialized hospital in mind check for that as well. Always choose the insurer which has the highest number of network hospitals. At the time of a medical emergency or hospitalization, the hospitals in the network offer a cashless option—the insurer settles the medical bills directly with the insurer. 

• Pre/post-hospitalization
Before a hospitalization, you visit the doctor, get medicines, and undergo tests. You are hospitalized and after treatment, some expenses occur—the expenses include follow-up with the doctor, medicines to be taken, and many others. Choose an insurance plan which covers these aspects. Check the policy thoroughly while comparing the plans.  

• Right coverage amount
There are various health insurance policies available in the market; they have a range of sum insured amount available as well. The premium of the health insurance policy is dependent on the coverage amount chosen which remains constant until the end of the policy tenure. Choose the right sum insured amount that best suits your requirement.

• Life-long renewal
Life- long renewal is a feature which is very important as we grow old. If there is a cap on the renewal of the maximum age limit then it’s a disadvantage. Some insurance providers offer a lifetime renewal option. Always opt for a lifetime renewal plan while scouting for the best medical insurance policy. 

Conclusion:
As a part of your New Year resolution, it’s imperative to buy health insurance that has high coverage and provides you with the right sum insured. Buying online health insurance is very easy and you can choose the best plan for you there. Also, resolve your dilemma by going through the website and reading the customer reviews. Buy the policy of a trusted brand to avoid any future tensions. 

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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