Health Insurance In India: Choosing The Right Policy

Did you know that in India, healthcare expenses are one of the leading causes of poverty?

According to a study by the National Sample Survey Office, 55 million Indians were pushed into poverty in a single year due to healthcare expenses. Moreover, the COVID-19 pandemic has highlighted the importance of having a robust health insurance policy in place. But, with so many options available, choosing the right health insurance policy can be overwhelming.

Here are some key factors that you should consider while choosing a health insurance policy in India, to ensure that you and your loved ones are protected from the financial burden of medical expenses:

1. Types of Health Insurance Policies:
This is the first thing you need to know. There are several types of health insurance policies available in India, and it’s important to understand the differences between them to choose the right one for yourself. The main types of health insurance policies in India are:

• Individual Health Insurance: This policy covers the medical expenses of an individual.
• Family Floater Health Insurance: This policy covers the medical expenses of the entire family under a single plan.
• Senior Citizen Health Insurance: This policy is specifically designed for senior citizens and covers medical expenses related to age-related illnesses.
• Critical Illness Health Insurance: This policy covers the expenses related to critical illnesses like cancer, heart attack, and kidney failure, among others.
• Group Health Insurance: This policy is provided by employers to their employees and covers the medical expenses of the employees and their families.

2. Coverage:
The coverage provided by health insurance policies varies from policy to policy. It is important to choose a policy that provides comprehensive coverage for your medical expenses. Some policies cover only hospitalization expenses, while others cover pre and post-hospitalization expenses, ambulance charges, and day-care procedures. It’s important to carefully review the coverage of the policy before making a decision.

3. Waiting Period:
Health insurance policies come with a waiting period, which is the time period during which you cannot claim any benefits from the policy. The waiting period varies from policy to policy and can range from a few months to a few years. It’s important to choose a policy with a shorter waiting period to ensure that you are covered as soon as possible.

4. Network Hospitals:
Health insurance policies usually have a list of network hospitals where you can avail cashless treatment. It’s important to choose a policy that has a wide network of hospitals near your residence or workplace. This will ensure that you can avail cashless treatment without worrying about expenses.

5. Premiums:
The premium is the amount that you pay to the insurance company for your health insurance policy. The premium amount varies depending on the coverage, age, and medical history of the insured. It’s important to choose a policy that provides comprehensive coverage at an affordable premium. You can also compare the premiums of different policies online to make an informed decision.

6. Exclusions:
Every health insurance policy has certain exclusions, which are medical conditions or treatments that are not covered by the policy. It’s important to carefully review the list of exclusions before choosing a policy to avoid any surprises later.

7. Renewability:
Health insurance policies come with a validity period, and it’s important to choose a policy that can be renewed easily. Some policies have lifetime renewability, while others have a maximum age limit for renewal. It’s important to choose a policy with lifetime renewability to ensure that you are covered for your entire life.

Conclusion:
Choosing the right health insurance policy is an important decision that should be made after careful consideration of your needs and budget. It’s important to choose a policy that provides comprehensive coverage at an affordable premium and has a shorter waiting period, a wide network of hospitals, and lifetime renewability. Remember to read the fine print and review the list of exclusions before making a decision. With the right health insurance policy, you can secure your future and protect yourself and your loved ones from the financial burden of medical expenses.

These tips are brought to you by the Experts and Financial Planners at HappyWise Financial Services. For any assistance in planning for your financial future, feel free to reach out to the Experts at HappyWise Financial Services on Whatsapp.