Life is unpredictable. You might feel well one day and be in excruciating pain the next. While adopting a healthy lifestyle is usually advised, we should also be ready to deal with sickness. Hospitalisation can occur for a variety of causes, including sedentary lifestyles, tainted food, stress and anxiety, genetic disorders, and accidents. Health insurance has always been important, but it is now a requirement that you cannot ignore.
Why is Health Insurance Required?
Some people depend on their company’s health insurance, yet the coverage might not be sufficient. Therefore, to reap the many advantages, you should not only purchase one individually but also sooner. But despite extensive market research, many still choose a health insurance plan that inadequately meets their needs. It’s good to know that the Insurance Regulatory and Development Authority of India (IRDAI) permits policy portability for people considering changing insurers. #
Signs That You Should Change Your Health Insurance Plan
- Premium in terms of coverage: The amount insured under the insurance and the premium charged should be checked first. Switch if you find a better offer with more coverage for a lower premium. ##
- Exclusions and inclusions: Occasionally, you may fail to read all the information in the policy’s wording. You could notice the insured amount when making a purchase, but each comes with a long list of restrictions. Change to an insurer that is more open about how it operates and does not impose restrictions like room rent caps or co-payment requirements. Even creche operations or medical care that requires less than a 24-hour hospital stay are covered by superior insurance. Verify whether it includes costs for AYUSH therapy, organ donation, mental illness, etc. Always make sure to compare health insurance plans.
- Reputation and claim settlement ratio: Plenty of insurance companies are good for reputation and claim settlement ratio. Choose a well-known brand and check to see if it has IRDAI registration. You can browse reviews and get feedback from the company’s previous and present clients. Inquire if they were treated cashlessly. Change to a company with a better reputation and a far higher ratio of settled claims. *
- Network of hospitals: What good is a higher coverage limit and a lower premium if you can’t find a respectable hospital in your insurer’s network? Choose a package that allows you to visit some of the best hospitals in the area.
- Top-up plans: These plans assist you if the amount covered is insufficient or used up. Choose an insurer that provides this extra protection on top of your current health insurance or employee health plan.
Check the policy to see if it offers free health examinations, daily hospital cash, and, more crucially, an income tax exemption certificate for the premiums paid. Under section 80D, you can save up to 75,000 in taxes. **
A health insurance premium calculator is a tool you may use online to determine the amount of coverage required based on your needs.
* Standard T&C Apply
**Tax benefit is subject to change in prevalent tax laws
# Visit the official website of IRDAI for further details.
## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.