Top tips to consider when buying health insurance.

Choosing the perfect health insurance for yourself can be a pretty daunting task, and may take up a lot of your time and concern, but it doesn’t necessarily have to be that way. Before purchasing a health insurance plan one must consider the best alternative for themselves, depending on certain parameters. The following are some of the primary things one must consider:

Individual coverage: Health insurances that provide coverage for a single individual are some of the most commonly availed insurance plans. Since there is only one individual being covered, the plans can be customized and tuned to the needs of the insured. The costs of premiums for individual health insurance is also low, with no compromise in medical benefits.

Covered members: Health insurance can be highly customizable and one can insure themselves individually and if need be, get a common insurance plan for their entire family. In most cases of family insurances commonly known as family floater plans, one can get themselves, their spouse and their children insured against general illnesses. The major advantage one gets in a family floater plan is that the sum insured is shared by the entire family, thus allowing each member of the family a higher claim in times of medical treatment.

Several illnesses that one can face during their lifetime tend to be genetic. An individual’s family medical history plays an important role in determining what a person gets themselves covered against.

Sum Insured: To get the best sum insured for the premium you pay is an obvious requirement in a health insurance policy one is considering. But determining the correct sum can be a difficulty. Depending on a person’s region, requirements and ability, an insurance sum can be calculated fairly simply. Although there is no real way of determining the correct sum, simple rules of thumb can be applied. For example: For a person living in a Tier-1 city like Mumbai, Delhi, Kolkata, etc. the cost of living is fairly high compared to tier-2 & 3 cities, thus cost of medical care is bound to be higher. Which is why average sum insured for tier-1 cities is around 10 Lakhs, where as it is 4-5 lakhs for tier-2 cities.

Family history: Several illnesses that one can face during their lifetime tend to be genetic. An individual’s family medical history plays an important role in determining what a person gets themselves covered against. Illnesses and ailments like blood pressure irregularity, diabetes, genetic diseases, and even cancer are known to cross generations and thus are important while you consider your health insurance and the conditions it covers.

Covered members: Health insurance can be highly customizable and one can insure themselves individually and if need be, get a common insurance plan for their entire family. In most cases of family insurances commonly known as family floater plans, one can get themselves, their spouse and their children insured against general illnesses. The major advantage one gets in a family floater plan is that the sum insured is shared by the entire family, thus allowing each member of the family a higher claim in times of medical treatment.

Tax benefit: Along with being a highly beneficial measure of health security to a person, health insurances provide great benefit in the financial arena as well. Under Section 80D of the Income Tax Act, health insurance premiums are tax deductible expenses, and thus one can avail up to Rs.65,000 as income tax returns in a fiscal year. Based on all of the above parameters, a person can select an appropriate health insurance that suffices all their needs and makes their life better.

Other Articles

Add on covers one can consider while buying motor insurance.

Riders to your motor insurance are essentially add ons you can avail along with your... Know More

Top tips to consider when buying car insurance.

Car insurances usually do not receive a lot of attention from car owners in India, and... Know More

Riders one can consider while buying health insurance

With the ever increasing costs of heath care, having a health insurance has become... Know More

Let us call you back

Please provide your details. We will get back to you in a short time.

Name*
Mobile Number*
  • Hour
  • Minutes