1. As each policy fulfills a certain need, your needs should define the type you buy.
2. The choice depends on your age, family size and structure, and existing cover.
3. Broad types of health insurance are:-
a) Health insurance – Have your medical expenses paid.
b) Hospital cash insurance – Receive a fixed amount of cash when hospitalized.
c) Critical illness insurance – Reduce your financial burden of a major illness.
d) Long term healthcare – Pays the cost of any long-term health problem.
e) Accident disability cover – Protects your income if unable to work after an accident.
4. For a nuclear family, a family floater plan is best, as the cover is shared by the entire family, but do exclude very old parents as premium becomes prohibitive.
5. If newly/getting married, buy a policy that covers maternity costs after marriage.
6. Supplement your employer cover, by buying a new normal policy or a top-up plan.
7. Self-employed professionals should supplement the base cover with a fixed benefit policy, which pays them a certain amount for the period during their inaction.
8. The policies without sub-limits are better although they charge higher premiums.
9. Avoid co-payment as you don't get full coverage, though insurance cost reduces.
10. Opt for the insurer which has tie-ups with reputed hospitals of your preference.
11. Stay away from policies with too many exclusions or long cooling-off periods.
12. Opt for plans that cover the maximum number of day-care procedures.
13. Opt for policies that also cover alternative treatments, though they are costlier.
14. Besides health insurance, set aside/invest in a corpus for medical emergencies.
15. Adopt preventive healthcare measures, healthy lifestyle and exercise regularly.
2. The choice depends on your age, family size and structure, and existing cover.
3. Broad types of health insurance are:-
a) Health insurance – Have your medical expenses paid.
b) Hospital cash insurance – Receive a fixed amount of cash when hospitalized.
c) Critical illness insurance – Reduce your financial burden of a major illness.
d) Long term healthcare – Pays the cost of any long-term health problem.
e) Accident disability cover – Protects your income if unable to work after an accident.
4. For a nuclear family, a family floater plan is best, as the cover is shared by the entire family, but do exclude very old parents as premium becomes prohibitive.
5. If newly/getting married, buy a policy that covers maternity costs after marriage.
6. Supplement your employer cover, by buying a new normal policy or a top-up plan.
7. Self-employed professionals should supplement the base cover with a fixed benefit policy, which pays them a certain amount for the period during their inaction.
8. The policies without sub-limits are better although they charge higher premiums.
9. Avoid co-payment as you don't get full coverage, though insurance cost reduces.
10. Opt for the insurer which has tie-ups with reputed hospitals of your preference.
11. Stay away from policies with too many exclusions or long cooling-off periods.
12. Opt for plans that cover the maximum number of day-care procedures.
13. Opt for policies that also cover alternative treatments, though they are costlier.
14. Besides health insurance, set aside/invest in a corpus for medical emergencies.
15. Adopt preventive healthcare measures, healthy lifestyle and exercise regularly.