For every individual, an insurance policy is a must because it protects them against the medical expenses they may face anytime. This is the most important part of investment one must inevitably need to do.
Getting a health cover is really important. You may now be healthy, but accident may occur anytime without prior notice. So, getting yourself a health insurance cover that can cover the expense is much important. Choosing the right medical insurance policy is really important because that will help in the long term.
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Here are some points on choosing the right medical insurance policy-
- Check the type of health cover you need-
Different insurance companies offer different health coverage. In fact, health insurance plans are categorized as indemnity plans and defined-benefit. The former reimburses hospital expenses, while the latter pays a lump-sum amount irrespective of the hospital expense.
- Estimate how much cover you need-
There is no fixed rule on how much cover you need to have. People living in Class A cities can take up policy of more than Rs 10 lakh. Similarly, class B and C cities can go for up to Rs 5 lakh.
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- Checking for Co-payment Feature-
No every policy will have co-payment feature, but will have in senior citizen insurance plan. Generally in higher age group the premium rates are quite high, so the co-payment will give some relief in terms of affordability.
Other points to consider are-
- Checking sub-limits in the plan
- Premium amount to pay
- Pre-existing ailments covered
