Medical costs keep rising, and one hospital stay can use up years of savings. A good health policy is what stands between you and that. But with so many plans on offer, it is easy to buy on price alone and be disappointed at claim time.
Decide the sum insured
A small cover looks cheap until a serious treatment exhausts it. For a family in a metro city, a base cover that feels comfortable today may not be enough in ten years. Many people combine a base policy with a super top-up, which raises the cover at a much lower cost.
Check the network hospitals
Cashless treatment is only useful if good hospitals near you are on the insurer's network. Look up the hospitals you would actually go to.
Read these clauses carefully
- Waiting periods: how long before pre-existing conditions and specific treatments are covered.
- Room rent limit: a cap on room rent can reduce the whole claim proportionately, not just the room charge.
- Co-payment: the share of the bill you pay yourself.
- Sub-limits: caps on specific treatments or procedures.
- Exclusions: what the policy will never pay for.
Useful features worth having
- Restoration or reload of the sum insured after a claim.
- No-claim bonus that increases your cover for each claim-free year.
- Cover for day-care procedures and for pre and post hospitalisation costs.
- Free annual health check-ups.
Family floater or individual policies?
A floater shares one cover among all members and is usually cheaper for a young family. If parents are older, a separate policy for them often works better so their claims do not drain the family's cover and their premium does not push up everyone's.
Buy early and disclose honestly
Premiums rise with age, and waiting periods start only once you buy. Declare existing conditions truthfully, because hiding them is the most common reason for rejected claims.
Insurance is a subject matter of solicitation. Please read the policy wordings and brochure carefully before buying. Our team can compare plans from 51+ insurers and support you at the time of a claim as well.
FinMighty TeamInvestment, loan & insurance advisors, JaipurThis article is for general information only and is not personalised financial, tax or legal advice. Please see our Disclaimer.
