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Your know-it-all guide for Health Insurance

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Published on March 19, 2021 | Est Read Time: 3 min

Have you ever wondered if you don't have an umbrella to protect you on a rainy day? Or while at war, you don't have ammunition? It's more than stressful to even think about these situations. We all like to be prepared for any unforeseen circumstances, then why do we wait for a medical emergency before buying health insurance? Imagine Rakesh, 23 years old student, is diagnosed with a health condition. The doctor has suggested undergoing a couple of surgeries. He comes from a middle-class family and has no health insurance. The family was under tremendous tension as the treatment cost would drain their life savings. By taking loans from family members and breaking the savings, his parents got the treatment done. Post hospitalisation expenses were also high, and sustaining them was difficult. During this situation, Rakesh's father realised the importance of health insurance and how it would have come in handy at the time of need.

'Precaution is better than cure' we have learned this since we were in school, but often we fail to implement it. This pandemic has changed the way we live and has been an eye-opener for many, and many purchased health insurance then, to protect themselves from the expenses due to Covid-19. If this pandemic had not struck, we still would have remained ignorant about health insurance.

There are various health insurance providers available. Products are catering to various kinds of audience; with the government also providing impetus in the health insurance sector healthcare is genuinely meant for all. It's challenging to sustain without sufficient health insurance covering you. For those who are looking to a buy health insurance plan and are first time buyers, here is a checklist that can be your genie:

• Do you have enough coverage in your cover? 

   Check if the health insurance policy you have shortlisted covers a wide range of diseases, including COVID, pre-existing diseases, and lifestyle diseases. Compare online to select the insurer that covers most at a reasonable premium. It's best to purchase a policy that protects your family and you against most of the ailments, including the dreaded COVID 19. 

  Lifestyle diseases affect all regardless of age, thanks to prolonged work-from-home and work stress, relevant to the current global scenario. A chronic cardiac ailment or diabetes can make the purchase of affordable health insurance difficult, even if you need it urgently. Buy a policy covering lifestyle diseases as early as possible if your lifestyle is sedentary and involves a lot of stress.

• Is your choice, "family-friendly"?

  Your family's security is of utmost importance; hence we look for policies that provide family floater option. Paying medical bills for your family's illnesses, seasonal ailments, and periodic health check-ups may burn deep holes in your pocket. Furthermore, purchasing individual policies for each family member may be expensive. Spend wisely on a family floater health insurance policy where the total sum insured is shared by all family members. This will not only curtail your premium but also help you avoid multiple plans and premiums.

• Does "Capping" exist?

  Being surrounded by people can be terrifying in today's time. Especially if you are in the hospital, you will opt for a private room. At the time of hospitalisation, if there is a capping on the room rent, then it does become restrictive for you. Hence, it's beneficial to choose a health insurance policy that does not have such room rest restrictions .

• Is the policy "cashless"?

  A cashless health insurance policy is the new normal. If you are purchasing a policy that covers "cashless" Hospitalisation, check how many cashless hospitals are available in the vicinity of your home and office. Also, keep all the documents readily available with you that need to be submitted for a claim reimbursement to the insurer company.

• Is the "network "close enough?

  Cashless health insurance policies are prevalent today, meaning the facility can be available only in the network hospitals. The insurance provider, which has a higher number of network hospitals, is beneficial. Also, go through the hospital list and identify the number of hospitals around you. Also, make sure its hospitals are spread across pan India. HDFC ERGO has 10,000+ network hospitals which are spread across India.

• What "exclusions" are included?

  We always read the inclusions but often forget to check exclusions. Only when the claim is rejected, we read the exclusions. That's not a good practice; while buying the policy, it's vital to read both the inclusions and the exclusions to take a more informed decision. 

• Is your policy Tax-saving?

  Saving is good quality, and when you know the means of doing so, it becomes easy. Buying a health insurance policy not just safeguards your future but also your present. Meaning you can avail tax benefit on health insurance premium as per Section 80D of the Income Tax Act. An affordable health insurance policy helps you save money either way – by saving tax and your pocket. With HDFC ERGO’s health insurance policies you can save Tax upto Rs 1 lac**.

• What are the "rewards" available?

  New age policies reward you with various benefits if you are fit or have a claim-free year. Reading about the various rewards and benefits are useful in saving money. Insurers usually offer a cumulative bonus, which increases the sum insured for each claim-free year up to a maximum limit specified in the policy. For example HDFC ERGO’s Optima Restore policy offers multiplier benefit which increases your sum insured by 50% for every claim free year subject to a maximum of 100%.

If your shortlisted policy is loaded with the above features be rest assured you have made the right choice. A trusted brand like HDFC ERGO provides you with many health insurance options to choose from. Optima Restore is one of the comprehensive plans which will secure you from all medical emergencies.  

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

**For tax benefit of upto 1,00,000, both individual / family and parents should be above 60 years of age (ii) For tax benefit of upto 75,000, Individual and family should be below 60 years but parents should be above 60 years (iii) For tax benefit of upto 50,000, Individual and parents should be below the age of 60 years and the above is subject to change in tax laws. + Available in selected cities. HDFC ERGO General Insurance Company Limited. Registered & Corporate Office: 1st Floor, HDFC House, 165-166 Backbay Reclamation, H. T. Parekh Marg, Churchgate, Mumbai – 400 020. Trade Logo displayed above belongs to HDFC LTD and ERGO International AG and used by HDFC ERGO General Insurance Company Limited under license. For more details on the risk factors, terms and conditions, please read the sales brochure/prospectus before concluding the sale. Optima Restore UIN: HDHHLIP21322V062021. IRDAI Reg. No.146 CIN: U66030MH2007PLC177117. UID No. D2 49

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