health insurance plans
  • Here’s How You Can Decide Which Health Insurance Plan Is The Best Fit For You

  • Published By:
  • Category: Insurance
  • Published Date: August 29, 2019
  • Modified Date: May 11, 2020
  • Reading Time: 5 Minutes

Featured Image Caption: Health Insurance Plans – Here is how you can fix your mind to choose the best health insurance plan to match your priorities for better living.

Here is how you can fix your mind to choose the best health insurance plan to match your priorities for better living. A suitable health insurance will provide one a secured life making sure of providing additional medical security.

Why you need to check to search before selection of appropriate health insurance plan for you

First of all, keep in mind that there are various types of health insurance plans available in the market. So, it is difficult to choose one before knowing details about it. So, why waste your time? Check it out before investing your hard-earned money to select the best way to choose a health insurance policy. There are two areas where you can select your health care plan.

Types of health insurance plans:

Indemnity plan

Conventional health insurance to cover your hospitalization charge up to the sum insured. This plan includes:

  • Mediclaim/ Medical Insurance:

This covers one’s accidental as well as illness-related hospitalization. It includes doctor’s fee, bed charge, oxygen and other medical amenities.

  • Individual Policy:

This is an individual policy for an individual only for claiming insured sum due to hospitalization. An individual is allowed to claim up to the basic sum insured.

  • Family Floater Plan:

This policy is a boon for the entire family. A family man can invest in it to get equal benefits for all family members assigned to this health insurance plan as the sum insured will be distributed equally among all the members. Premium is comparatively much lower than an individual health care plan.

  • Unit Linked Health Plans:

This is known as ULIPs which work in both way providing dual benefits of investment and insurance. This plan is a tool for the stock market as a portion of paid premiums are generated in the stock market. So return is depended on market performance though the insured is offered with insurance benefits and coverage.

  • Group Mediclaim:

This is applicable for larger groups and enterprises where employers aim to provide health coverage plan to gain popularity.

Defined-benefit plan

Here insured get compensation as a certain amount for medical coverage. These include critical illness plan, which aims to cover lifestyle and organ-related diseases to an extent. This plan includes:

  • Major organ transplant
  • Cancer
  • Stroke
  • Aorta graft surgery
  • Multiple sclerosis
  • Kidney failure
  • Paralysis
  • Coronary artery bypass surgery
  • First heart attack
  • Primary pulmonary arterial hypertension

Personal Accident Plan

This health insurance covers any accidental injury or even the death of the owner. A lump sum amount is provided as compensation to the owner/ owner’s family for the loss.

Hospital Daily Cash

A daily cash allowance up to some fixed amount is provided apart from hospitalization charges.

It is time to decide which one fits your need

It is best to choose your own kind of health insurance plan to get optimum benefits within budget. Go through some strategic phases before choosing the affordable medical coverage.

Check your priorities first of all

Priority can be budget based, need-based or benefit based. For example, if you have multiple family members to bring under the umbrella of affordable health insurance go for Family Floater Plan. If you have a risk of heart disease one can opt for Critical Illness Plan.

Get access to any kind of health insurance with proper planning

Getting access to a health insurance plan is necessary for the security of life. Keep an eye about tax benefits due to investment in health insurance.

The budget law

Fixing a budget is important for continuing premium of health insurance. Select that one which will be profitable. For example, if you are sceptical about market return do not opt for Unit Link Health Plans.

Check out for special privileges

There are many kinds of cheap insurance policies available with terms and conditions. There are special facilities in some cases. Private insurance companies offer a lot of benefits for access to medical coverage. Senior citizens might have to pay a greater amount of premium due to the higher risk of critical health issues.

Health insurance in India still needs an authenticity check

It is necessary to check the authenticity of a private insurance company before investing. It will keep the insurer safe for a lifetime. Keep a track on the health insurance agent before jumping into the cycle of payment and all that.

Health insurance ads and advisor are media to keep a trace on new benefits

Health insurance ads and advisor help one to know about upcoming and new benefits they are offering. It can also be about up-gradation of one’s existing health insurance plan.

Health insurance comparison is important

It will help the investor to calculate insurance-related outcome in a smarter way.

Choose your health insurance plan regarding your age

If you are younger and planning family choose for Family Floater Plan. It will secure you and your family members’ health issues in one click.

Be a responsible insurer before underwriting an insurance risk

Go through all the details and policy agreements before signing a paper. Make a stable contract to continue it to a positive extent.

Final words

Always think about those critical health exigencies which might come up in future before underwriting any health insurance plan all of a sudden.

Dinesh Mittal

By Dinesh Mittal
who is a seasoned writer and has over the years contributed quality content on various high-profile websites. He has particularly excelled in niches like Fashion, Business, Entrepreneurship, Education etc. His professionalism, four year’s experience, and expertise make him one of the most sought-after content writers in the field.

Member since August, 2018
View all the articles of Dinesh Mittal.

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