Top Tips to Consider When Buying Health Insurance

Top Tips to Consider When Buying Health Insurance

Choosing the best health insurance policy for yourself can be a difficult task that consumes a lot of your time and energy, but it doesn't have to be that way. Until buying a health insurance policy, one must choose the best option for them based on a number of factors. The following are some of the most important factors to consider:

Individual coverage: Individual health insurance is one of the most widely purchased insurance policies. Since only one person is protected, the policies can be tailored to the insured's specific requirements. Individual health insurance rates are also inexpensive, with no reduction in medical benefits.

Covered members: Health insurance is highly flexible, and individuals can cover themselves personally or, if necessary, obtain an entire family health insurance package. In most family health insurance policies, also known as family floater plans, one may insure themselves, their partner, and their children against general illnesses. The main benefit of a family floater plan is that the sum insured is split among the entire family, allowing each family member to make a larger claim during medical care.

Sum Insured: It is an apparent condition of a health insurance policy that you are considering to get the best sum insured for the premium you pay. However, calculating the right sum can be difficult. An insurance sum can be measured reasonably easily depending on a person's location, needs, and skill. Easy rules of thumb can be used to determine the right sum, even if there is no real way to do so. For example, a person living in a Tier-1 city such as Mumbai, Delhi, Kolkata, or elsewhere has a higher cost of living than someone living in a Tier-2 or Tier-3 city, so the cost of medical care is bound to be higher. As a result, the average amount insured in tier-1 cities is around 10 lakhs, while in tier-2 cities it is around 4-5 lakhs.

Family history: Several diseases that people can develop over their lives are hereditary in nature. The medical history of a person's family plays a significant role in deciding what they are covered for. Illnesses and ailments such as high blood pressure, diabetes, genetic disorders, and even cancer are known to run in families and should be considered when thinking about the health insurance and the conditions it covers.

Tax benefit: Health insurances are not only a great way to protect one's health, but they are also a great way to save money. Health insurance premiums are applicable for tax deductible under Section 80D of the Income Tax Act, and one may claim up to Rs. 65,000 in income tax returns in a fiscal year. An individual may choose a satisfactory health insurance that meets all of their needs and improves their life based on all of the above criteria.

Also Read: Top 5 Health Insurance Plans in India 2021 

You May Also Like: