When you go for apparel shopping, do you buy any item on the display? Or do you go with the shopkeeper’s suggestions completely or buy the one your friend or neighbour recently bought? The modern day is spoilt for choices, be it appliances, apparel, gadgets, financial products, etc., you name it and the choice is endless. Most of us or rather all of us buy any product after a lot of consideration. Suitability, affordability, durability, attractiveness, and so on is measuring yardsticks.
Therefore, when it comes to buying insurance, why do we suddenly become ignorant? I agree that the technical juggernaut clearly stumps a layman’s understanding but it is no reason to invest in just any plan either propagated by your advisor or bought by your dearest friend. Just like a simple dress is not universal for everyone, a health insurance plan also cannot be universally bought.
Every individual’s need is unique and so is the requirement of a health plan. With the rising awareness among the masses, more and more people are investing in a health insurance policy but are they buying the right plan as per their requirements? Choosing the best health plan depends mainly on the actual requirements, and here, I have tried to categorize certain groups and the corresponding types of plans most suited to such groups to help you choose a better Health Insurance plan.
This is not an exhaustive categorization but covers more or less everything. However, the following points should be checked before buying any plan:
Renewability - Look for a lifelong renewal plan to retain coverage in older age
Claim process - Check whether the plan has cashless or Reimbursement type of claim settlement process and go for the former one because reimbursements tend to cause a lot of financial strain initially
Sub-limits - Look for room rent and other sub-limits and make sure the limits meet your requirement
Day-care procedures covered - Needless to say, the higher the numbers of processes covered the more secure you are against the rejection of the claim.
So, go ahead and choose the best plan that suits your requirements and enjoy your life without any worries because planning ahead always benefits.
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