TIPS TO CHOOSE THE BEST HEALTH INSURANCE

Tips To Choose The Best Health Insurance: Cheap is a very relative term, especially when it comes to Health Insurance. It’s no secret that hospitals today charge room tariffs that can make 5-star hotels seem like budget hotels in comparison! And, God forbid if a small surgery is involved, your purse will feel lighter by a neat lakh or two.

Medical costs have skyrocketed so much in the recent times that it won’t be a surprise if ISRO and other space research communities start considering space technology to be cheaper. Your only option against such meteoric inflation in healthcare expenses is a Health Insurance plan. But, choosing the right plan is as important as getting one. So, how do you zero in on the best plan? Here are the questions you should be asking yourself.

Getting adequate coverage is the first thing you need to consider. As you know, the more the sum assured, the more the premium will be. However, paying a slightly higher premium is better than saving on premium but paying ten times more for hospitalisation expenses. Moreover, the premium paid for Health Insurance brings you tax benefits of up to Rs. 75,000. This will apply if you buy plans for the whole family, including your parents. So, what is the ideal sum assured? There are several parameters to consider, but as a rule of thumb, if you are young and healthy, a sum assured of Rs.5 lakhs will be a good start. As you renew the policies, take advantage of the No Claim Bonus and increase your sum assured proportionately.

Adequate cover and complete cover for your healthcare expenses are two different things. An optimum sum assured covers you adequately, whereas complete coverage includes other things that come within the ambit of medical expenses. This will include things like pre- and post-hospitalisation expenses, hospital room charges, nursing expenses, ambulance charges, etc.Am I completely covered?