Importance of Health Insurance for Common Man


With the advancements in medical science, there is a cure for almost every ailment. However, along with the medical science, the medical bills have also grown tremendously making health insurance an inevitable part of every livelihood.

There are countless benefits of investing in a good health insurance policy. It not only financially secures you against hospitalisation expenses but also takes care of every other peripheral expense you may incur due to your ailment or injury. The only catch here is that you need to really know the kind of coverage you require and understand all that your policy covers to be able to reap all the benefits of your health insurance policy.

How to Choose a Plan?

This is definitely the first thing that would come to your mind when you look at all the available health insurance plans in the market. The process becomes easier if you first introspect and understand what you actually expect from your health insurance. Compare and analyze all your options before choosing one that would fit all your healthcare needs.

#1. Adequate Sum Insured Based on your Age

An ideal plan is one that can take care of you and your family’s medical expenses without having to shell from your pocket. Also, as your medical requirements increase as you age and your family grows, you need to choose your sum insured as per your age and health status of you and your family.

#2. Hospital Network

Look out for health insurance providers who have a good network of hospitals giving you cashless treatment facility.

#3. Coverage for Critical Illness and Pre-Existing Diseases

This is an important aspect which you need to consider before choosing a health insurance plan. Your insurance plan should cover you against any pre-existing ailments that you or your family member has. Also, it must give you coverage against many critical ailments and diseases.

#4. Coverage against Additional Expenses

When you choose a medical insurance plan, ensure that it covers more than just hospitalisation. Your plan should be able to cover you against your medical bills, accommodation, consultation, pre and post-hospitalisation expenses.

While all the above points are restricted to the selection of your health insurance plan, there are certain factors you must consider before choosing the right policy for you and your family.

Factors to be Considered While Choosing Health Insurance

Here are some factors that you must consider before choosing the right health insurance plan for you and your family.

#1. Coverage Amount and Sum Insured

When you start your search for a health insurance policy, look out for policies that give you good health coverage and a decent amount of cash for treatment. Ensure that the plan is enough for the growing inflation and can deal with expensive procedures and treatments which you may have to undergo.

#2. Good Customer Service and Claims Settlement Ratio

When you choose your health insurance policy, ensure that the service provider has a good customer support team and can handle customer queries and claim settlements effectively. Also, check for the past records of claim settlements of the insurance company and the claim settlement ratio it currently has. Going for such an insurance provider would ensure that your claims don’t get rejected without a valid reason.

#3. Age-Renewal

The need for a health insurance policy increases with age and hence you should go for a policy that can be renewed post 70 years of age as well.

#4. Premium

While a low premium can’t be a deciding factor in itself, comparing premiums can help you understand if you are getting the best possible deal. Before you finalise on a health insurance policy, ensure that you have compared and weighed all the available options online. This would ensure that you are getting the best possible deal for the lowest possible premium.

#5. Customer Feedback and Online Reviews

In this age of digitalisation, everything is available online. Make sure that you check for online reviews and customer feedback of the various health insurance policies and service providers before investing in their policy.

#5. Disease Exclusions and Add-ons

While you may like a health insurance package, you need to check for exclusions in the policy which you may need at a later stage in life. You may have purchased a certain policy which excludes coverage for a certain life-threatening disease thinking that you won’t need it. However, you should be able to purchase an add-on rider or additional cover in the future for such ailments as well. Check for health insurance policies which come with minimum exclusions or that which has the possibility of getting add-on riders in future.

Bottom Line

Getting the right health insurance plan essentially means securing yours and your family’s health financially. While you can’t control your health from aging and accidents, you can get a good cover to ensure that you give the best of treatments and healthcare to you andyour family as and when you need it. Before investing in a health insurance plan, ensure that you compare the policies on