Which Health Insurance Plan is best for you ?
Today, when there is a plethora of health plans available it gets a bit difficult to understand which plan suits your requirements. You are truly spoilt for choices. There are health plans for individuals, parents, senior citizens and couples. At times, you fall under all categories as well. However, instead of getting confused with so many health insurance plans and thinking how do I choose my best health insurance plan you need to focus on your requirements, which will ultimately help you buying the right plan for you and your dear ones.
Diseases Specific: These days’ insurance companies offer plans separately for every single disease or combining all life threatening diseases under one plan. For example: Our critical illness insurance plan covers 15 Major illnesses under one policy, so that you don’t have to buy separate cover for every disease. However, some companies offer policies specifically for diabetes, hypertension and cancer. It’s recommended to get one plan for most of the illnesses so that you don’t keep buying diseases specific illnesses related plan. Such plans are usually benefit-plan, which means you will get your entire sum insured in one go. The premium is less as compared to that of usual indemnity insurance; however the treatment expenses are sky rocketing. It’s recommended to have such plans so that if any major illness hits you the expenses are catered without affecting your lifelong savings.
Top up Plans: These plans are much-preferred due to their higher coverage and lower premium. We offer my:health Medisure Super Top up plan, which is a top-up insurance policy. This policy allows you to get a higher cover of suppose Rs. 15 lakhs at a premium of Rs. 1947 including GST for an individual under 25 years with an aggregate deductible. You must be wondering how come the premium for such a huge cover comes down to Rs. 1947 including GST. The catch is aggregate deductible, this term may sound like a fine line, and however it isn’t. How it works? Suppose you choose an aggregate deductible of 5 Lakhs for a 15 lakhs policy, this means that in a year, if all your medical expenses exceed 5 Lakhs rupees then super top up gets activated to cover the rest of the treatment for that year. You can either pay the 5 Lakhs from your pocket or get it covered from your employee health plan or any personal health insurance, the exceeding amount gets covered by super top up. So it’s like an additional safety gear to help you only when you need higher coverage without burning a hole in your pocket.
Indemnity Plan: These plans are the basic health insurance plans, which cover your day to day hospitalization expenses. This is a basic and much-needed plan, without which you will definitely risking your savings. Usually employers provide this plan to employees, however it’s recommended to have this plan at your own disposal. Once you leave the organization your benefits get seized and you lose on the continuity benefits too. So, get one plan for yourself and your family which offers total cover. HDFC ERGO offers Health Suraksha Insurance for taking care of 360 degree medical requirements.
There isn’t one foolproof plan to take care of all your medical needs; since every aspect of your health is different the policies too differ. However, getting a basic health insurance along with a top up plan for additional expenses and a comprehensive critical illness policy will help you cover totally. You also get Tax benefits under section 80 D for buying health insurance and you also get cumulative bonus for not making any claim. So your sum insured keeps rising as a part of your bonus. A perfect combination of benefit plan along with indemnity and critical illness plan will keep you safe, always.
Disclaimer: The above information is for illustrative purpose only .For more details, please refer to policy wordings and prospectus before concluding the sales.