No, No, No! We will not start with products and features, which are widely available in the market today! We will talk about the TITLE in the same way an entrepreneur thinks before molding the idea into action! After all, it’s about “YOURSELF”, it’s about deciding the methodology of choosing the right cover from the insurance market.
It is very important to know the basic definitions and details about the various covers available. For example: We all have motor insurance. But how many of us know what exactly is covered under consumable cover or an engine protection cover.
4 Things You Must Remember While Buying Health Insurance
Age: Age of the person is one of the major aspects to decide the premium. Lesser the age, lower will be the premium.
Location: The zone where you stay defines the probable hospital expenses .It is thus advised to choose wisely. A sum insured of Rs. 3 Lakh might look adequate in a small town but it will not be enough if you are living in a metro.
Sum Insured(SI)Needed: It is important to analyze the sum insured properly. It is advisable to go for a Floater SI in earlier age and Individual SI in older age. Also if you have two health insurance policies then it is advised to go for Individual- Floater combo.
Ailment Specific Features: In today’s times when people suffer from lifestyle diseases, there are covers designed especially for them. So even if you happen to be suffering from diabetes, hypertension or heart ailments, it is certainly possible to cover them with ailment specific features.
Here is some quick advice for you to choose the appropriate health insurance cover:
Take adequate cover depending on your family size.
Always club critical illness, hospital cash and other available benefits to your base cover for compensation of non-payable losses.
Opt for an health insurance when you don’t need it as in needful times, you will not be in a state of mind to buy it.
Don’t depend on your employer’s mediclaim in this world of uncertainties.
Don’t try to save a few bucks. Secure yourself from a financial blow incase of needful times instead.
Keep note of covers and maximum limits.
Declare preexisting diseases and opt for ailment specific covers.
Keep increasing your SI with the increase in medical costs.
As per recent IRDA circular, now the definition of health insurance is going to be standardized across all Insurance companies which will be including modern therapies, immunotherapy, oral chemotherapy, genetic disorders and mental illnesses also..
Also, one can definitely but the standard covid cover which has been named as Corona Kavach policy which covered max upto 5 lac of SI for the maximum period of 9.5 months. This policy can be bought as a cushion policy in case of hospitalization due to Covid.
The most important thing to be taken care of is to disclose and declare all past history and u stances where one have taken treatment from hospital, doctor because non disclosure of material facts can definitely lead to cancellation of the policy and rejections of the claims.
Stay Healthy!
Atit Shah
ACII Chartered Insurer
Fellow of Insurance Institute of India
