June 5, 2017

Health Insurance

You may not care about your health, but you sure do care about your finances. With healthcare costs rising at more than 15 per cent a year, having a health insurance is becoming a necessity.

These policies are of three types — the first covers basic hospitalisation needs; the second critical illness; and the third daily hospital cash reimbursements. Even life insurers offer health covers with defined benefits.

Under these, a pre-specified amount is paid as compensation, irrespective of the expenses incurred.
With or without a family, you need a health cover. For those who have a family, we recommend a family floater instead of a standalone policy since the probability of all family members needing hospitalisation at one go is remote.

Even if your employer offers group medical insurance, get your own cover. A change of job could leave you without insurance, and so could retirement. And, getting a fresh cover after 45 is difficult.

Important points to keep in mind:

  • Buy floater plan to cover entire family
  • Opt for a cashless plan, keep cashless mediclaim cards at hand
  • Ask insurers for premium rates to find the cheapest policy
  • Keep an eye on exclusions and inclusions in the policy
  • Undergo medical tests, if required
  • Buy health insurance even if you have one from your employer