While dealing with the pandemic and living a life around it, health is the most precious wealth that we all should protect. Medical emergencies arise at the most unexpected time, and no financial coverage to address it would mean paying for the treatment from your hard-earned savings. That’s when a health insurance policy comes into the picture.
With a health insurance policy
, you can avail of the right medical treatment, but also not worry about its treatment cost. As medical science has progressed, the treatment costs have increased and paying from your own pocket for these expensive treatments can get challenging. Here’s when health insurance comes in handy.
The medical requirements of every individual differ significantly. Thus, health insurance as a service does not follow the approach of one-size-fits-all. Insurance companies constantly strive to make sure different products are available to cater to the different needs of individuals. This article elucidates how you can customise your health insurance coverage using different policies.
Family floater health insurance policies
Unlike the conventional individual health insurance policy that provides coverage for one individual, a family floater health insurance
policy provides coverage for more than one individual, i.e., all beneficiaries mentioned in the insurance plan. Thus, you can obtain an insurance policy for all your family members, whether dependent or not, by making payment of a single premium amount. A family floater cover is a policy that ‘floats’ among the beneficiaries, whose benefit can be availed by all. There is no limitation on who can avail how much portion of the sum assured. Thus, every beneficiary can benefit from the large amount of available sum assured for any medical treatment. *
Critical illness insurance cover
A critical illness plan is different from a standard insurance policy in terms of payout as well as the coverage it offers. Medical treatments that can either be life-threatening as well terminal in nature are covered by critical illness insurance. Renal failure, heart ailments, and cancers of different types are a few examples of what is covered by this policy. Further, there is a lumpsum payout for a critical illness plan, thereby helping you not only manage the treatment costs, but also other expenses before and after the treatment. In addition, this policy also helps to recover any loss of income during the recovery phase. *
Ailments can strike at any age, and hence, it is advised to get a policy early on in life. But what most buyers miss is understanding that a health insurance plan will be required throughout their life. Thus, choosing a plan with lifetime renewability helps to guarantee an insurance cover for the entire duration, even supporting treatments that are required with increasing age. *
Reading the fine print
When you buy an insurance plan, make sure to customise it for the different types of clauses that may be included. For instance, a plan with a higher waiting period will start its coverage after a few years, whereas a lower waiting period will result in earlier protection by the insurance plan.
Similarly, the co-payment clause in the policy needs to be considered, as it is an out-of-pocket expense at the time of the insurance claim. Also, remember to purchase a policy that offers a limited number of exclusions to take maximum advantage of the insurance cover. *
* Standard T&C Apply
These are some ways via which you can customise the insurance policy’s coverage when buying a health insurance cover. While some of them, like the waiting period and co-payment clause, may affect the premium, you can make use of a health insurance premium calculator
to know the impact on your premium calculation. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.
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