BattRE signs with Bounce Infinity for smart and careful battery swap solutions for their electric two-wheelers
Choosing the best health insurance plan for yourself in 2022
Posted on March 25, 2022
Even those who buy health insurance often have a whole host of misconceptions about it. For example, many people think of health insurance as a one-time purchase where you pay one tax and get coverage for the entire term. However, this is not the case. Likewise, many people do not need health insurance. As long as they follow the advice of their family, loved ones, and the wellness app, they should be fine. It’s important to be aware of these misconceptions and the different nuances of health insurance, then buy a policy. This is simply because medical costs will continue to rise and your savings may not be enough to cover hospital costs in the event of a medical emergency.
However, buying a new policy means going through the whole process of buying health insurance. So before you go through this tedious process, you should at least have a clear idea of the coverage you’re looking for. Here are some aspects of health insurance you can focus on when selecting a good health insurance plan for you:
Medical expenses are increasing significantly every year and are expected to follow the same trend in the future. Therefore, the level of adequate coverage today may not be sufficient to meet medical needs next year. The sum insured is the maximum amount that the insurer will pay for you. Therefore, you have paid a lot of attention on what this amount will be for you. Ideally, the higher your sum insured, the better. However, you should be aware that high coverage leads to high premium. So you need to strike the right balance between getting the right amount of coverage and paying a reasonable premium.
- Family coverage needs
You may have a policy, but you’re not the only person in your home with medical needs. Your family members may suffer an injury or illness at some point. Your policy should include them in coverage. In addition, your coverage must also meet their specific medical needs. For example, if you and your spouse are planning to have a baby, you must purchase maternity coverage with the policy. While it’s true that you can’t predict when a medical condition will occur, it’s good to be prepared. Moreover, it will ensure that there are no problems when you make a health insurance claim.
In the event that you or a family member are hospitalized, poor claims service from your insurance provider is the last issue you want to deal with. Delays or problems in processing claims can put you in a bad position. If your medical needs require immediate attention, poor service from your insurer may cause you to wait or pay your medical bills out of pocket. Therefore, you should review the informational claims settlement ratio and read online reviews before purchasing a policy. In addition, you should check whether the insurer has a health insurance app in india.
The biggest concern when buying health insurance is coverage. As medical needs increase, your coverage should be able to meet them. However, taking a higher sum assured only solves half the problem. There may be a specific situation that the policy’s basic health insurance coverage does not include. To avoid such a situation, you can resort to add-ons. For a minimal increase in premium, you can obtain additional coverage for specific situations.
However, purchasing add-ons can be complicated. Buying too many add-ons means you end up paying for more coverage than you need. On the other hand, the lack of suitable add-ons means that you are not covered for certain situations that may come true. Therefore, you need to choose the right add-ons.
The compulsory deductible is compulsory according to the policy regulations. However, you can choose to include or omit the voluntary deduction. Voluntary deductions are a good tool if you want high medical coverage for low premiums. Even if your coverage remains the same, you will have to pay a lower premium if you opt for voluntary withdrawal. However, the deduction is the amount you must pay at the time of the claim. Therefore, you must consider the deductible amount you choose.
For all your insurance and wellness needs, download ICICI Lombard’s ILTakeCare app today from Playstore and Appstore.