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Money Matters

How to Choose your Health Insurance Policy Wisely - YES BANK

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A health insurance policy acts as safety net at the times of sickness and ill health. Having a health insurance plan is very important to ensure that timely medical care is accessible without any delay. Nonetheless, choosing a health insurance policy often involves many multifaceted and complex decisions as there are numerous medical insurance plans available in the market. Choosing a health insurance that suits your needs, will ensure a trouble free recovery without worrying about unnecessary expenditures. Hence, to make best choice there a few things you need to keep in mind before buying a health insurance policy:-

  • Start young: Financial advisors often recommend buying a medical insurance plan while you are young and healthy. Most people consider the prospect of health insurance only when they are in their forties and fifties. This might prove detrimental in the long run, as health problems increase with age and health insurance plans have a waiting period of 2- 3 years. Furthermore, buying medical cover at a young age will decrease the amount of insurance premium significantly.

  • Compare policies online: There are numerous health insurance policies available in the market. Therefore it is a good idea to do a bit of research before choosing a policy. Online policy comparison websites are a great way to compare various health insurance policies at the same time.

  • Choosing the right category: You also need to reflect on choosing the right type of health insurance policy. You can opt for an individual policy for all the members of your family or a family floater policy that is meant for the family as a whole. In case of a small families, it is better to choose a family health insurance plan rather than individual policy for each member. 

  • Choose cashless policies: Cashless health insurance policies are the most convenient and popular form of health insurance. Under a cashless health insurance policy you are not required to pay with cash in case of hospitalization during a medical emergency. The insurance company pays the required amount directly to the hospital. Hence, the policyholder is saved from the trouble of making payments to the hospital or pursing insurance companies for reimbursement.

  • Additional coverage: Most health insurance plans provide additional coverage for specific needs. Add on plans like maternity cover, critical illness etc. can be bought additionally. Under a Maternity cover you will be covered against expenses that occur during the time of pregnancy as well as the delivery. And under a critical illness cover, illnesses such as kidney failure, organ transplant paralysis heart attack, cancer, and diabetes are covered. 

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