Health insurance is very important, but getting the right coverage is perhaps even more crucial. Many people make the mistake of buying insufficient health insurance, which lands them in a lot of trouble later on.
This is why you need to evaluate your requirements and then select a good health plan that can keep you sufficiently covered. Read on to learn why buying high-value health insurance coverage helps and how to find the perfect policy.
Understanding the correct health insurance coverage
Health insurance is available in various forms and volumes. To correctly understand what is needed for you, you first have to know all about the available options, which include:
1). Individual health insurance
The first type of health insurance option is an individual health plan. Here, one person is covered under the policy and all the benefits are available to the single policyholder only. The benefits are comprehensive, but they cannot be shared by a group of individuals. An individual health plan is suitable for bachelors or elderly people, who have specific and individualistic health needs.
2). Family floater health insurance
The next, and one of the most popular types of health insurance is the family floater health insurance cover. Here, several members of the same family are covered under a common health insurance policy. This is a very handy and useful type of health insurance that extends coverage to the policyholder, his/her spouse, parents and children. You only have to pay one premium while keeping your entire family protected. The floater plans are very comprehensive and have provisions for everyone, from a newborn baby to a senior citizen.
3). Special health insurance
These days, you get some special kinds of health plans such as cancer health covers, critical illness covers and diabetes covers. These target people who are prone to getting specific diseases and disorders. The plans have been designed, keeping in mind the medical and financial needs of the patients suffering from serious illnesses like cancer or cardiovascular problems.
4). Group health insurance
Group Health Insurance is an employment benefit extended to the employees of an organisation by their employer. Under this kind of coverage, all the employees get enrolled under a common health insurance cover. There are fixed benefits and the employee, along with his/her immediate family members, is covered. It is a very useful type of health coverage and is offered free of charge by most organisations to their employees.
5). Top-up health insurance
As the name suggests, a top-up health insurance plan is an additional benefit that you can get over and above your standard health insurance policy. A top-up plan cannot be taken on its own; it needs to come along with a base health plan. It offers compensation when you exhaust the coverage amount available under a basic health plan.
For example, your individual health plan has a sum insured of INR 2 lakhs and your hospital bill totals INR 3.5 lakhs. You will have to pay INR 2 lakhs from the base plan and the remaining INR 1.5 lakhs from your top-up policy. Top-up plans are very affordable and are an excellent way of increasing your coverage amount.
Looking beyond group health insurance
Since a majority of Indians have group health insurance coverage, they do not bother getting separate health plans for themselves. This is a dangerous practice and everyone should look beyond group coverage. Here are some reasons why:
1). Loss of cover with loss of job
While a group health plan is very beneficial, one major drawback is that you lose the coverage as soon as you stop working at the organisation. If you leave your job, retire or get fired, you lose your medical insurance coverage overnight, which proves to be very dangerous. Hence, you always need to back it up with a health insurance plan of your own, which keeps you protected whether you have a job or not!
2). Fresh waiting period
If you buy a health plan after you lose your group health cover, you have to endure a fresh waiting period for several diseases and conditions. This can be a very long and tedious wait, causing serious problems for you as well.
3). Non-flexible coverage
Last but not least, a group health plan is non-flexible. The benefits of the plan are decided by the employer and you cannot have anything customised to suit your exact requirements, something that you can easily do in a personal health insurance plan. Therefore, look to get an individual or floater health plan, simultaneously with your group health insurance policy. Reasons to opt for high-value health coverage
4). Emergencies come unannounced
Whether you get involved in a road accident or your parents suffer an age-related medical condition, health trouble often comes unannounced. This is why you need to have a health insurance plan with a large sum insured which can help pay for every treatment you or your loved ones need.
5). Healthcare is very expensive
As you already know, healthcare is extremely expensive in the present times. You cannot get the best treatment at the best hospital unless you have a good and substantial health insurance cover in place. Therefore, get high-value health insurance coverage and ensure you can get the best treatment each time there is a requirement, without having to worry about anything else.
6). Economic in the long run
A health insurance plan proves to be very economical in the long run. The premium you pay is a fraction of the claim amount you get at the time of an emergency. Hence, you end up saving money and keeping your financial health sound as well.
The bottom line
You need to get health insurance of the highest value. Do not cut corners when you go shopping for your health insurance coverage. Remember, a health insurance plan is the passport to living a healthy and happy life, and your health is your wealth, so go ahead and get the most comprehensive coverage for yourself and your family members.
