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How to choose the right insurance plan for yourself and your family?

We all strive hard to maintain a healthy lifestyle for ourselves and our family to avoid any health issues. But we often face certain unavoidable health-related problems or accidents that require immediate hand-on care and hospitalization.

Image depicting the importance of health insurance to avoid medical expenses.

To curb such health diseases and accidents, one must not only ensure to consult the best doctor but the medical expenses as well. This makes it mandatory to have health insurance that has become an essential buy in today’s era.  

Millennials know the benefits that come with buying health insurance and make it a point to have one whether a medical emergency prevails or not.  

Why should you get health insurance?

As suggested by various studies, medical inflation in India is around 15-20% annually, which is much more than the general inflation calculated yearly. This rising medical inflation makes it imperative to have health insurance.

A large population around the globe consider health insurance an ultimate instrument for saving tax, but believe it or not; it comes with many more health benefits.

A single time hospitalization can wipe out your savings because of the drastically increased medical expenses. So, it’s better to get health insurance rather than ruining yourselves because of such medical expenses. 

Here’s a list of reasons that are valid enough to answer why you need health insurance –

  • Protects you from the loss of any unplanned extremity or emergency
  • Help you bear all the high-cost medical expenses
  • Group covers allow coverage for not just an individual but the entire family
  • The process is quite simple and hassle-free
  • Health insurance premiums are often quite less (as compared to costs of healthcare)
  • Health insurance is also a very effective instrument for tax saving

What to look at while choosing the health insurance plan?

Buying an insurance plan is essential but what is critically important is choosing the right insurance plan. While choosing insurance, here are some parameter or features that you should look for to make the right choice:

  • Smartly choose the coverage amount

Try to opt for a plan that offers the maximum amount for treatment and maximum health coverage. Such policies will cover the major part of your medical expenses.

For instance, simple heart surgery costs 4-5 lakhs, and for middle-class families, such fees often wipe a considerable amount of their savings. But, having a health cover at an early age is the most optimal solution for such problems.

  • Choose a plan with a minimum waiting period or pre-existing illness

Always choose the plan with the least waiting period. Waiting period refers to the time (usually 2-4 years) after which you can claim the insured amount for medical expenses. So, it is critically important to look for a plan that doesn’t include a longer wait period.

Though every plan has its own set of terms and conditions and in most cases, the waiting period ranges from 2-4 years. However, the more you get into research of the plan, the better the results are. 

  • Make sure to look for the NCB feature

Another critical feature that should not be avoided while making the selection is NCB that stands for “No Claim Bonus”. This feature acts as a cherry on the cake that fills your pocket with a bonus that is offered for not claiming your insured amount during the policy year.

By this we mean, the number of years you keep the policy without claiming the insured money, you get the bonus amount for that many years. So, more the number of years without claiming, more the bonus.

  • Free health check-up feature

There exist certain plans that cater to the fitness conscious people as well by offering them free regular checkups and discounts on premium when they achieve specific pre-defined fitness goals. These plans are highly beneficial for the young generation. 

  • Don’t forget to compare the premium

Comparison while choosing health insurance plans is really important and helps you make the right decision. Use the online platforms that can help you compare different plans on the basis of the features embedded in them.

All you need to do is select the plans, compare their features and most importantly, their premium and then make a wise decision by choosing the right plan.

  • Consider network hospital

While choosing an insurance plan, it’s important to check for network hospitals in your area. Typically, network hospitals provide cheaper treatments and also qualify under cashless hospitalization. This is extremely important as at the time of an emergency, you don’t want to run into a situation where you have to arrange cash, and eventually follow up with insurance companies for reimbursement.

While looking at the list of hospitals covered, pay special attention towards ensuring the needs of your entire family are met.

  • Consider the type of plan

To broadly categorise, there exist two programs to choose from – comprehensive, or disease-specific health insurance plans.

Comprehensive plans are the traditional plans covering almost every health issue. Depending on your health condition, you choose a specific course of action and pay for the particular treatment you avail. Under such a plan you can combine your 2-3 policies which will turn to be highly beneficial for you and your family. Combination of policies lets you exercise several benefits. 

Disease-specific health plans are the ones that don’t let you wait like regular insurance. Catering to a specific disease, these health plans provide cover on any and every stage of illness, whether you are in the dominant or critical stage of the particular condition. 

A combination of the two types of plans can often be useful as you can choose a low / moderate premium plan for regular diseases and a specific plan for a disease you or your family feel you might be at a higher risk of.

About Ayu Health

Ayu Health is India’s most trusted network of hospitals. Our specialists provide unmatched care across a range of specialties. Our hospitals typically accept all major insurance schemes and provide cashless coverage to patients.

To book a consultation with a doctor, please visit Ayu Health or call us on 08069489584.

Our Hospital Locations

General Surgery Hospitals in Chandigarh | General Surgery Hospitals in Bangalore | General Surgery Hospitals in Jaipur | General Surgery Hospitals in NCR | General Surgery Hospitals in Hyderabad

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About the Author

Dr goel
Dr. S. Goel
MBBS PGDCM FID MBAHHM at Ayu Health | Website | + posts

Dr. S. Goel  is a renowned Internal Medicine Specialist currently practicing at Ayu Health, Bangalore.  He is a Specialist in Internal Medicine, Diabetes HTN, Paediatric Care, and Family Medicine.

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