Pick The Best Health Insurance Plan For A Safer Tomorrow

As health expenses continue to rise at a staggering rate, health insurance has become a must-have essential for you and your family. It is not just a tax saving instrument anymore, it has become a necessity. The best health insurance plans can also protect your savings and assets in the future if you will ever have an unfortunate health condition or emergency. While the importance of this type of insurance cannot be over emphasized, it is important to pick the Best health insurance plan to ensure a safer tomorrow.

It is recommended to keep the following points in mind when looking for the Best health insurance policy for you or your family.

1. Coverage Amount

A health insurance floater plan of a few lakhs may be all that you may require in most parts of the country. Medical treatment costs in metropolitan or tier-I cities could be several times that in smaller cities and towns. So, you must consider your location and a number of other factors when determining your coverage requirement.

A cover of a few lakhs can get exhausted within just a few days of getting admitted in the hospital. A standard indemnity policy of 3 to 5 lakhs will not suffice if there is a diagnosis of a serious or critical illness. So, you should choose a health cover of adequate amount and also get a critical illness plan.

Higher coverage translates into higher premiums. Vital makes it possible for you to choose the Best health cover by allowing you to pay the premiums on a monthly basis. Adding a small deductible can further help lower the premiums, almost up to 70%. Thus, you can afford a much larger health cover without the need to pay the full premium in a single go.

2. Sub-Limit

Sub-limit refers to the cap on the reimbursement offered under each cost-head. Almost all health insurance plans will come with specific sub-limits. The Best individual health insurance plan will have higher sub-limits. There are two main types of sub-limits:

· Hospital room rent

· Sum assured against a disease

For example, consider how much room-rent you may have to pay for a hospital. Some policies can have the room-rent sub-limit at 1%, while others can have it capped at a higher percentage. So you should not only consider the amount of health cover, but also the sub-limits. It will not be ideal if you have to pay for such expenses out of your pocket.

3. Type of Health Cover

Health insurance plans are mostly categorized into two main types – Indemnity and Fixed-Benefit plans. Consider the features of both to determine which one is the Best health insurance plan for you.

Indemnity Plan

· Reimburses the cost of medical expenses up to the sum insured

· Flexibility in terms of the facility and doctor

· Covers a wide range of medical treatments and illnesses

Fixed-Benefit Plan

· Fixed amount is paid to cover expenses associated with a predetermined condition or illness that is insured

· Acts as a supplement to provide additional funds

· Covers a wide range of services including hospital cash, personal accident, and/or critical illness cover

Fixed-benefit health insurance plans don’t have the limitations that may be associated with regular health insurance policies.

4. Coverage for Pre-Existing Ailments

If you or your family member has a pre-existing condition, the Best health insurance plan should cover its expenses within the shortest waiting period. Most policies have a waiting period of 48 months, but new age health financing solutions like Vital offers coverage with just a 2-year waiting period for diabetes, cardiac ailments and pre-existing diseases. Some specific and defined ailments may have a waiting period of as low as 1 year. Check different plans to compare this period.

Additional Features

The Best health insurance policy should come to your aid whenever you make a claim. Vital provides exclusive offers on health insurance plans to make them more affordable. With barely any sub limits or co pays, Vital’s health plans offer an almost exhaustive hospitalization coverage (including COVID-19 treatments). What’s more? Their plans go much beyond insurance, with exclusive OPD benefits like doctor consultations, pharmacy offers, mental health packages and much more.

Choosing the Best health insurance plan can be a daunting task in itself for most people. Many find it even more complicated to make a claim in times of need. Having a dedicated care manager can make a huge difference in both these areas. Vital offers special concierge service to make everything a breeze for you.