Essential Information to Help You Secure The Best Health Insurance Coverage
There is no doubt that health insurance is very important from a financial perspective considering the fact that you can lose a lot of money due to an unexpected medical condition or injury if you are not covered under a health insurance scheme. It is because of the risk that you may end up losing all of your savings in a blink of an eye, many financial planners are of the opinion that you should secure an adequate insurance scheme to avoid any unforeseen losses.
But that is not the only reason to secure a health insurance plan as soon as possible. Medical costs are rising with each passing day, and it is becoming increasingly difficult to cover medical expenses out-of-pocket. According to studies, in India, inflation pertaining to medical costs is approximately 17% per year at the moment, which is way more than the inflation in other categories.
Do You Need A Health Coverage At All?
For millennials, health insurance seems to be a secondary priority as we are young and believe it is not a very necessary expenditure to incur since the possibility that we would need to visit a doctor is quite remote. Many of us who choose not to opt for a health insurance plan are cash-crunched and simply cannot afford an adequate health insurance plan to meet our needs.
But, whatever you do, you must prioritize getting health insurance, because if you don’t secure health insurance plan and encounter an unforeseen medical condition, such as a road accident which puts you in debt worth thousands of dollars, then you will find yourself in a much tougher financial situation compared to simply paying the premium for health insurance.
Assess Your Requirements
There are two types of plans which exist in the market, the indemnity plans and the defined-benefit ones. The difference between the two pertains to the way they reimburse the funds for any medical expenses which you may incur. With indemnity plans, you can expect that whatever charges you incur at the hospital will be covered by the plan, while with defined-benefit plans a lump-sum will be paid out regardless of the amount which you are actually charged by the hospital.
The best practice is to secure an indemnity plan for yourself as that offers you the basic coverage you should have in case you do have to visit the hospital for any medical emergency. A plan covering critical illnesses comes next, and acts as an adequate ad-on to the indemnity plan as it is based on the defined-benefit system. Although not necessary, but if you want to be fully covered then you may also opt for a plan called the Hospital Daily Cash, which would basically cover costs pertaining to hospitalization in case you run into an accident and need to spend a few days under medical care and supervision.
Which Plan Should You Go For?
Making the decision to opt for insurance coverage is only the first step. Now you need to assess the most suitable plan considering your individual needs and also the needs of your family. An individual plan offers a very extensive coverage; hence it is best to secure that to cover most bases. Even if you have a family and are more tempted to opt for the Family Floater coverage, the individual coverage plan may be more suitable as that way you can be sure that every member of the family will always have adequate coverage without one compromising the coverage of the other.
This may happen because in the Family Floater plans, the coverage amount is shared by all members of the family. So if one member falls ill and uses up the mutual family insurance, other members of the family will be left with little to no coverage. However, proponents of this scheme are of the opinion that the probability of everyone falling ill and needing more than the total coverage amount in a single time period is quite less, so the chance that one member’s ailment will impact the insurance coverage of everyone in the family does not stand.
However, circumstances are different for everyone, so make sure to choose a plan that is the best fit for your needs.
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