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Health insurance to manage high cost of medical treatment in India
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The benefits of health insurance are not unknown to anyone. The illness can come to anyone without notice. The cost of hospitalization can ruin your lifetime savings. Many times, hospitalization bills are as high as your annual salary. Hence, it is essential to avail health insurance to protect your financials. You can avail quality medical treatment without huge expenditure by paying a small annual premium. Below are the key considerations before you can decide the right medical insurance policy for you.
The coverage
There is no point in availing Rs. 50,000 mediclaim amount when your medical bills is Rs. 10 lacs ! Nowadays, the cost of hospitalization is very high. You may have to pay around rupees five lacs for nominal heart surgery. The covid treatment also costs about rupees five to ten lacs depending on severity of the symptoms and city of treatment. It is recommended to avail enough cover for you and your family. You can consider the factors like medical history, your profession, family circumstances and other similar factors to decide the right coverage (sum insured) of your medical insurance.
The scope
Usually, your medical insurance does not cover any pre-existing disease. There is a waiting period of 1-3 years before you can avail the benefit of certain diseases. It is advisable to avail the comprehensive health insuranceplan at a young age, so you don’t have to exclude any disease and you can pass the waiting period in the young and healthy phase of life. In today’s pandemic situation, you can ensure that Covid treatment is part of your medical policy.
Family Floater Plans
The family floater plans are very cost effective when you calculate the per member cost of insurance. Moreover, you don’t have to manage individual policy for each member of the family. You can include your spouse, children and dependent parents under a single policy of family floater plan. Any member of the family can avail the benefit in case of hospitalization.