Right health insurance can be a saving grace

Express

Medical inflation is a cause of concern for each one of us today. India lags behind its global counterparts in offering a state sponsored health insurance system to a large section of the population. As a result, it has one of the highest out-of-pocket spends at 61 per cent, putting a lot of stress on family budgets in case of a medical treatment.

Given the uncertainty associated with medical emergencies, it is best to be prepared by availing a health insurance policy. Choosing the correct health insurance plan is a very perplexing process for several people given that there are so many products available today. Also, each policy offers different options, add-ons which tend to further complicate the purchase process.

Before you zero in on a policy, you need to be clear about your requirements as well as your existing medical history and your family's. Having zeroed in on a policy, it is very critical to thoroughly understand the same including the caveats. 

The following factors will help you choose a health insurance policy in line with your needs:

Adequate sum insured

It is essential to take sufficient cover which protects you and your entire family. It is important to choose the right amount of sum insured depending on the past medical history of the elderly family members as they would require higher health insurance coverage. Similarly, the location where you reside should be taken into consideration. A person staying in a tier I city would require a higher sum insured compared to a person who lives in a small town since the hospitalisation costs are higher in metros.

Cashless mediclaim

Most health insurers provide cashless facility to insured individuals. It is necessary to check the list of network hospitals that are offered to the policy holder. Cashless facility offers convenience to the insured as it avoids the hassle of making payments and then claiming reimbursement. Some of the companies have their own claims processing unit which makes direct payment to the customers.

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