In the current times when many economies are suffering tremendous loss due to the lockdown, planning for your future is critical. Life is becoming increasingly stressful due to the rising standard of living and general expenses. Additionally, the medical expenses are also growing with time. The treatment cost, doctors’ fees, and hospitalization expenses are increasing with time.
This is why investing in health insurance has become necessary. However, you should first compare health insurance plans being offered by various insurance companies so that you are able to choose the best one for you. A health insurance policy can be expensive and even a small mistake can affect how you can benefit from it. So, consider the following factors when you compare health insurance policies and choose the right one for you.
Individual Health Policy
As you can gather from the name, this policy is meant for a single individual. The premium for this type of health policy is calculated while considering the individual’s medical history, inherent health risk, lifestyle habits (smoking, drinking), current health condition, and age. If you go for an individual health insurance plan for your family, you would have to invest in health insurance for all family members.
This type of policy is designed to fulfil an entire family’s health needs. The sum assured (the maximum amount that can be claimed from the policy) is shared by all family members. This kind of policy will cater to the needs of the proposer, dependent children, spouse, and dependent parents.
To understand how family-floater policy works in a better way, consider this example. After you compare health insurance policies, you select the one that offers you Rs. 10,00,000 as the sum insured. Because of a medical emergency, your spouse gets hospitalized and the total bill is computed to be Rs. 3,00,000. Now, the insurance coverage would be Rs. 10,00,000 and Rs. 3,00,000 would be deducted. The rest of the amount i.e. Rs. 7,00,000 would be the remaining sum assured.
Corporate Medical Insurance Policy
If you are a salaried worker, you would probably be covered by the corporate medical insurance policy of your employer, which covers your dependent children, dependent parents, and spouse. The insurance coverage offered is very basic and does not follow a futuristic approach. Also, the plan lapses as soon as you quit your job or in case your employer does not renew the policy. It is advisable to supplement such plans with personal medical insurance policies.
Comprehensive Insurance Policy
This is suitable for self-employed people. If you cannot afford to pay high premium amounts, you can compare health insurance plans and choose the basic ones and then supplement the cover with a super top-up or top-up according to your needs. Your family requires insurance protection irrespective of your income. If any of the family members face a medical emergency, you can easily bear the expense without washing off your savings.
The Bottom Line
There are numerous insurance companies offering different health insurance policies. Before choosing a suitable policy, you must compare health insurance plans offered by them.