Purpose of Buying the Best Health Insurance Plan

In India, only 20% women and 23% of men are covered under a health insurance. This alarming figure is being witnessed even in 2018 when we are heading toward uncertainty every day. Health insurance is designed to generate returns and provide security to the insured life. With the rising costs of medical facilities, a good health insurance plan is the need of the hour. As many individuals have started to perceive health insurance as an investment, let us discuss what the actual purpose of buying the best health insurance plan is.

Emergency Medical Fund

Although a health insurance policy can be used as an investment, it is a saving that can be accessed during a medical emergency to avoid a major financial loss. While most people rely on their employer to provide coverage, buying your own health insurance plan will ensure that you have security even if you lose your job or switch your employer. The best health insurance plan will give you greater coverage and allow you to plan your finances accordingly.

Draining Desk-bound Jobs and Sedentary Lifestyle

Today, most people engage in mental work. Chained to your desks, you do not realise the negative effects that your job is having on you. As a sedentary lifestyle is taking over, medical illnesses pertaining to the heart, lungs, and other organs are increasing. Treating them costs a fortune and more often than not, you end up spending all your savings on just one treatment.

Health insurance plans cover all kinds of illnesses and disorders. And you can access it till your coverage balance is completely nil. Along with that, you also get to access an annual health check-up, which is offered by your health insurance provider for free.

Quality of Treatment

One of the major reasons why people refuse to buy health insurance in India is because they do not like waiting in long queues for accessing affordable medical facilities offered in government hospitals. Buying health insurance plans that provide a coverage of INR 7 to 10 lakhs, which can cover all the medical costs of your entire family, will enable you to obtain a better quality treatment without having to wait in queues.

To Avoid Over-compensation

People do not buy health insurance at the right time. Once they cross their golden years, they start panicking and saving whatever little they can to form an emergency medical fund. In doing so, they also sign up for any health plan they come across without actual deliberation. They pay more than what it would have cost them, had they signed up for a better plan earlier. This over-compensation can create a major dent in your finance. Therefore, start looking for the best health insurance plan on today to avoid a bigger loss tomorrow.

How Affordable Is the Best Health Insurance Plan

A health insurance policy is an arrangement for future misfortunes. As the value of money is depleting and the prices are going up by the day, your policy must be flexible enough to cover the future medical expenses. The best health insurance plan should offer a coverage of up to INR 10 lakhs, depending on the size of the family. A policy with this amount of coverage will cost you anywhere between INR 18,000 to 20,000 annually. So, a good insurance policy can be afforded by anyone for no more than INR 1700/month.

Things to Remember When Buying the Best Health Insurance Plan

There are many factors that need to be considered before you sign up and agree with all the terms and conditions of the policy. Here is a brief list of things that you ought to remember when buying the best health insurance plan.

1. Waiting Period

Depending on your situation, you may have to wait for some time before getting your insurance policy sanctioned. If you or any of your family members are suffering from an illness or disorder, you may have to wait for a couple of years to get approved.

2. Coverage

A coverage of INR 3 – 5 lakhs will be sufficient for a family of 3. But it will not be enough for a bigger family. Therefore, ensure that you calculate and buy your policy accordingly.

3. Renewability

Health insurance policies expire every year. Thus, your policy should have a lifetime renewability. Every year as your policy collapses, make sure that you renew it on time for future use.

4. Start Early

Your premiums will cost less if you start at an early age, preferably before 30. A policy that would cost you INR 500 per month at a younger age can go up to INR 800 per month, as you grow older.

Buying health insurance is important for ensuring a safer future. The right health insurance will serve as a lifetime companion so you can live your life without any worries.

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