Much like investing in mutual funds, buying a health insurance cover early can help reduce the financial burden pertaining to medical expenses for the long term. If you are planning to invest in a health cover, here’s how you can get started.
These days, staying healthy and fit is the mantra of life for many people. While constant monitoring and regular check-ups can help to keep health issues at bay, it is also significant that your and your family are covered under a health insurance plan to cover the unexpected medical expenditures. Health insurance is necessary considering the rising medical costs and the spurt of lifestyle diseases.
Health insurance is a plan that provides financial assistance to the insured person to cover pre & post hospitalization, daycare expenses, ambulance charges, ICU charges, among others. Buying a policy also makes you eligible for tax benefits on premium under Section 80D of the IT Act. Before you begin to invest in a health plan, you must know that there are two categories of health insurance. These include:
- Mediclaim or indemnity medical cover:
Under this mediclaim insurance policy, the hospital treatment costs are covered up to the sum insured amount. If you are admitted to a hospital listed under the insurance company’s network, then you do not need to bear any expenses. In case you are admitted to a hospital outside the network, the policyholder is required to pay the bills, which later gets reimbursed by the insurance company. You can buy health insurance either for self, family or senior citizens.
- Critical Illness health cover:
This type of health insurance typically covers life-threatening diseases such as cancer, Cardiac, Livo and Neuro, that require prolong treatment and regular check-ups. Such diseases may drain your lifelong savings. These fixed-benefit policies provide a pre-decided lump-sum payout upfront on the first diagnosis of the listed diseases. You need not submit any medical bills. A medical test report proving the diagnosis suffices. The critical illness health insurance plan covers doctor’s fees, follow-up session charges, medicines, physiotherapy, monitoring devices, others.
Now that you have an understanding of the health insurance plans, let’s get to know how you can invest in a health insurance plan:
Buying a health insurance plan is easy if you approach the right channel. If you are using the online medium, make sure you research and compare policy features that meet your requirements. To get the insurance policy from the comfort of your home, follow the below steps:
Step 1: Visit your preferred insurance company’s website
Step 2: Select the online health insurance plan that best fulfils your needs
Step 3: Fill in your details – Full Name, Mobile Number, Email ID and City.
Step 4: Click on “Get a Call Bank”
Step 5: Once you submit the details, you will soon receive a call bank from the company’s representative.
For young working professionals, buying a health insurance plan is usually not an immediate priority. However, health insurance is one of the major financial responsibilities that can help you cover unpredictable medical expenses. Therefore, buying health insurance early in life is key for the secured future of your loved ones.