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Keep these factors in mind when buying health insurance

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Published on March 31, 2021. EST READ TIME: 3 minutes

2020 has been a whirlwind of a year for all of us. There were many challenges, but they also came with learning. An important learning we can take away from the pandemic is that you can never be fully prepared for an emergency. However, being prepared should be our prerogative. But entering 2021 should be hopeful. With the vaccine rollout and ease on movement restrictions, we can expect to return to normalcy soon. How the year will unfold, nobody knows, but we must take the necessary precautions and steps to safeguard ourselves. It is advised to take precautions even after taking the vaccine. An illness has long-term impact on your health and wellbeing and if you do not take the precautions, you could be left struggling for long, physically and financially. A health insurance policy can make a huge difference here. Let us look at which plan is the most suitable for complete protection from unforeseen medical emergencies.

Which health insurance policy to choose?

To make the most of a health insurance policy, you need to make a well-informed decision and opt for a comprehensive plan. You must choose a plan that extends the coverage to hospitalization expenditure for the treatment of illnesses. If you do not have coverage, now is the right time to buy one.

Considering the situation across the country, there is always a certain amount of risk whenever you step out of the home and a health insurance cover will work as a shield in difficult times. Irrespective of your age and health, a health insurance policy is an investment that should be a part of your financial planning.

Things to consider when buying health insurance

There are a few things you need to keep in mind when buying health insurance for complete protection. Following are some tips.

• Know your budget: Before you look for the available options in the industry, you must know the budget and prioritize for health insurance policy. There was a time when health insurance was considered an extra expense, but with the pandemic, we have realized and understood the importance of health insurance. It is important to factor it when you are planning your finances. Set aside a budget for the premium amount you can pay for the policy.

• Consider your health: Individuals have varying health insurance needs and they will be unique. Based on the type of lifestyle you live, the family construct, and pre-existing conditions, if any. You must consider whether you want to buy an individual policy or a family policy that covers your children and spouse. There are additional needs you may have. You must also consider the pre-existing illnesses or hereditary illnesses in the family. Based on the same, you can additionally opt for a critical illness policy or a disease-specific policy. You must put your needs at the forefront and then consider all the available options.

• Compare the plans: After you understand the needs and have a budget in mind, you can look at the available plans. Do not simply base your decision on the premium amount. Explore different plans and compare the features. It will help gain an understanding of the plans and you will be able to make a well-informed decision.

• Choose a comprehensive plan: The best health insurance policy is the one that provides complete protection. You may have to pay a higher amount, but it will give an extensive cover. The plans also offer the best value for money. There are plans that cover major illnesses, cashless treatment, ambulance cost and preventive health checkup. Most importantly, in case of a pandemic, it will cover the same as well.

Why Optima Restore is best for Complete Protection?

The Optima Restore Policy is the perfect comprehensive cover. It offers extensive coverage with benefits for staying healthy. Here is what its key advantages are-

• 100% Restore Benefit: This unique feature of the policy restores your basic sum insured  back in case of a complete or partial utilization of sum insured #

• Multiplier Benefit: If you do not make a claim, you get a 50% increase in your sum insured as bonus for a claim free year and which can go   up to a maximum of 100 per cent at the end of 2 claim free years 

• Health Check-up: When you purchase this policy, you can get preventive health checkups ranging from INR 1500 up to a maximum of INR 10,000 at the time of renewals as per the sum insured and individual/ Family floater plan opted. This benefit is available for sum insured 5lac and above** .

• Daily Cash for choosing shared Accommodation: Daily cash amount will be payable per day if hospitalized in Shared Accommodation in a Network Hospital for each continuous and completed 24 hours if the Hospitalization exceeds 48 hours Daily cash  ranges from INR 800 to INR 1000 per day  subject to a maximum of INR 4,800 or INR 6000 as per the sum insured opted.

Conclusion

Consider the above-mentioned factors before choosing a health insurance policy for yourself or your family. Never judge the policy simply based on the amount of premium you will have to pay. There is no one-plan-fits all here. You need to choose health insurance that will cover you for all major illnesses and diseases.

Disclaimer- The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

#  subject to the condition that single claim in a Policy Year cannot exceed the sum of Basic Sum Insured andthe Multiplier Benefit (if any ).If the Restored Sum Insured is not utilized in a Policy Year, it will expire. *available sum insured 5 lac and above ** once at the end of a block of every continuous two policy years for sum insured 5 lac and at the end of each year at renewal for Sum insured 10lac and above.  HDFC ERGO General Insurance Company Limited. Registered & Corporate Office: 1st Floor, HDFC House, 165-166 Backbay Reclamation, H. T. Parekh Marg, Churchgate, Mumbai – 400 020. Trade Logo displayed above belongs to HDFC LTD and ERGO International AG and used by HDFC ERGO General Insurance Company Limited under license. For more details on the risk factors, terms and conditions, please read the sales brochure/prospectus before concluding the sale. UIN: Optima Restore UIN: HDHHLIP21322V062021. IRDAI Reg. No.146 CIN: U66030MH2007PLC177117.