In view of the ever-increasing medical expenses, it is prudent to take a medical policy as soon as possible. Akshat Rastogi’s leg was fractured in a bike accident a few days ago.
When he reached the hospital, he came to know that there was also a hairline fracture in his head. The cost of treatment can be two or three lakh rupees. Rastogi had to spend this money from his pocket.
Manav Bajaj, CEO of Consumer Partner, a firm providing legal advice, said, “Health spending is constantly increasing and now millions of rupees are being spent on treatment of minor ailments as well. In such a situation, it is important to get health insurance on time. It helps in reducing the load on your pocket.
What is the need for a health insurance policy?
Statistics from the Central Health Department show that 80 percent of cases in medical emergency cases go bad due to money problems. In the event of an accident, not only do you have to spend money on treatment, but your earning capacity also decreases. Accordingly, an accidental person is double killed.
Health insurance proves helpful for you in this situation. Certified Financial Planner and Sipan Financial founder Dipali Sen said, “You can arrange medical expenses for yourself by paying a small premium for health insurance at regular intervals. This is necessary in today’s era.”
We are telling you 7 important things related to health insurance:
1. Money is not wasted.
Many people consider taking medical or health insurance a waste of money.
Certified financial planner Samant Sikka said, ‘If you do not need to take the claim, then it is a very good thing. There is no option to stay healthy and stable, but if you ever need it, it can save you from getting holes in your pocket. After paying a nominal premium, it is sensible to take a health cover of five to seven lakh rupees.
2. Compare, then buy health insurance
carefully understand its condition before taking a health plan. If you do not understand yourself by reading, then seek help from someone you know. Comparison is available on the online site and details of the plans of all companies.
Understand every clause in the health policy carefully, then pay the premium. Buy the plan by understanding the liability of the company in case of critical illness, pre-existing disease and accident.
3. In the case of early investment,
less premium is said that it helps to build a large property from the beginning. In the case of health cover, it is said that if you take cover soon, you will have to pay a lower premium.
If you take cover before the age of 40, then you can get maximum benefit without any condition. Deepali said, ‘Young people usually have fewer illnesses. In this sense, the insurance companies keep the premiums low for them.
By renewing it on time every year, you will continue to get the benefit of no claim bonus. A middle-income married person should get a cover of at least five lakh rupees.
4. Honesty is the best policy,
while taking health insurance, inform the insurance company about your medical records accurately. If you give some wrong information, then the health insurance company can refuse to give you the claim, due to which you will face problems during the treatment.
Sikka said, ‘It is wrong to hide chronic diseases while taking a health plan. Tell the insurance company clearly even if you have to pay more premiums. Take all the information and then make decisions with thought.
Sikka said that the claim of indigestion during or after treatment has a bad effect on the brain, so do not let it happen.
5. What is not included
it is necessary to know that some things are not included in medical insurance. Every insurance company has its own rules and accordingly designs that company policy.
Before buying a health policy, understand what is not included in it. In some policies, the cover of serious diseases can be taken under the rider, in some, coverage is not available in case of an accident due to domestic reasons. Buy the policy by clearing all these things.
6. Do not take a policy on an already ongoing disease.
If you have taken a critical illness plan that requires long-term treatment, then claiming in this situation means that your premium is constantly increasing. Do not get caught in this trap of taking a new policy. Bajaj said, ‘Take a policy that can be renewed at any time in life.
The purpose of health cover is financial protection from the expenses incurred on the treatment of diseases in old age, keep this in mind. Bajaj said that the attack of diseases is also more at an older age and usually there is no money to get treatment.
7. Do not take the plan with limit / sub-limit
Avoid the limit like room rent limit in the hospital. It is not in your hands which room you should keep during your treatment. It is not right for you to set any sub-limit by the health insurance company for the expenses. Keep this in mind while purchasing a health policy and do not take such a policy.