How to choose Health Insurance

Health Insurance :  

Healthcare is one of the most under-penetrated markets in India. According to the India Brand Equity foundation established by the Government of India, the healthcare market is expected to reach $280 billion by 2020. It is driven by rising incomes, better and greater health awareness, lifestyle diseases and increasing access to insurance. Health insurance cover acts as a safety shield against unexpected medical expenses.

 According to Digit Insurance —

 A New General Insurance Startup In India — the sooner you get health insurance, the better. Choosing a health plan can be confusing, with different players and with the intervention of agents and brokers. Your choice of health insurance must reflect your needs, budget and your lifestyle. With more regulations and add-on like specific coverage for an illness like cancer and lifestyle patterns like smoking and drinking, the health insurance umbrella is broadening to include more benefits and protection for everyone.

 You should ask to an investor that what would be the right choice in covering one's health care expenses the Digit Insurance expert team listed out the following tips:

 1. Look beyond the premium: Opting for a health plan based on the premium is the biggest mistake that people commit. The best plan for you depends on your personal needs and lifestyle. In health care, never take a chance and blindly choose the plan with the cheapest premiums. The claim premium varies based on add-ons and benefits, depending on what you want to be covered.

 2. Customize your plan: Always look for more than the basic plan. Some health insurance plans offer additional coverage for specific needs. Customers can buy add-on additionally depending on the need, like maternity cover, critical illness, etc.

 3. Choose the right type of insurance policy: The type of insurance policy that you will choose depends on factors like age and medical condition. The policies for senior citizens vary from the policies for young individuals. For example, youngsters planning a family should add maternity add-on in the policy.

 4. Choose the right sum: Choose the right sum depending on your age, life stage (single, married, parent, etc.), dependents, health conditions (considering hereditary disease like diabetes) and lifestyle. Plans offering the best in market value should be researched to make a wise decision.

 5. Understand the claim process: Always ask questions if you are in doubt. It is important to understand the claim process. Read through the terms and conditions of the claim process and analyse if the process and time taken for claims approval are reasonable. You also need to do your research on the hospitals that accept claims from the company you are choosing. At the time of claims, it plays a major role and helps reduce the costs by a huge margin.

 These factors are essential to understand which is the best suitable health cover for you. so whenever you going to buy a health insurance for yourself or for your family please make sure its beneficial for your future.

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Financial advisors often ask people to buy health insurance at an early age. Here are 5 reasons why it will be known why you should get health insurance before the age of 30 years.

More benefit by buying early:

 It can be noted here that the sooner you buy health insurance, the lower your monthly premium will be. Suppose if you buy medical insurance of Rs 5 lakh at the age of 25, then you have to pay a monthly payment of Rs 5,000. At the same time, at the age of 35 years, you will pay Rs 6 thousand per month for the same insurance and at the age of 45 you will pay Rs 8 thousand per month. This is the reason why financial advisors ask for medical insurance cover soon.

Better Financial Planning: 

It is beneficial to have health insurance, as it provides great relief in case of any medical emergency. Sometimes millions of rupees may be needed for treatment and in such a situation, there will be no significant impact on your pocket if there is health insurance.

Early Purchase Allowances: 

People should note that there are many benefits of buying health insurance in life. After this you will get enough money for specific surgeries, special treatment and illness. At the same time, you also get a bonus by purchasing health insurance at a young age.

Do not depend on employer's insurance: 

Some individuals depend on employers' insurance, most companies give health insurance cover of 2-5 lakh rupees to their employees, which will prove to be less in future given the rising medical costs. It is possible. That is why you should get health insurance for yourself.

Holistic Health Coverage: 

Buying medical insurance at a young age is a good thing as it provides help in any future medical emergencies. Health insurance does not only cover the cost of hospitalization but also the daily expenses and OPD. Health insurance covers all types of diseases and most of the time maternity benefits are also available.

These are the some key reason why you choose health insurance at the earliest age and which health insurance is gonna suit you according to your need.