When considering health insurance, several important factors should be considered, as they will be beneficial in the future.
Health insurance is essential, especially in today’s world, where the costs associated with medical treatments can be overwhelming.
Health insurance plays a crucial role in managing unexpected medical expenses. Any illness can arise at any time, leading to significant financial burdens.
However, having health insurance can help you navigate these situations more easily. Here are some key points to consider when purchasing a health insurance policy.
Medical expenses in India are rising alarmingly, increasing by approximately 10 to 12 percent yearly. Therefore, having a medical insurance policy has become more critical than ever.
As you search for an insurance policy, you might need clarification about the various benefits and plans. In such cases, it is essential to know the following:
Given the rising medical costs, more than today’s policies may be needed for future expenses. To protect yourself from inflation and unexpected medical emergencies, it’s advisable to opt for insurance coverage of at least 10 to 15 lakh rupees. Additionally, maintaining an emergency fund is essential.
Look for health insurance plans that offer a top-up option. A top-up plan supplements your basic coverage by taking care of hospital expenses after reaching a specific limit.
This approach allows you to increase your family’s health coverage without significantly increasing premiums.
While purchasing a health insurance policy, disclose any pre-existing conditions accurately. This ensures you know what coverage you need.
Please disclose health conditions to avoid legal issues. It’s crucial to carefully review your application to confirm that all details are accurate and to check how many items are covered in your policy.
Remember that tax deductions under Section 80D can be an added benefit. However, prioritize selecting a plan to safeguard your family rather than solely maximizing tax savings.
Submitting relevant documents is vital when buying any health insurance plan. Proof of age is necessary, as most policies have specific entry-age requirements.
You must provide proof of age for all individuals to be insured under the selected health insurance policy. Acceptable documents include a voter ID card, PAN card, Aadhar card, driving license, passport, birth certificate, or a 10th or 12th-grade mark sheet.
Also, address proof is required since the health insurance company will send essential documents to your postal address, making your address information crucial.
You will also need passport-sized photographs of yourself and the insured members for the insurer’s records. Some insurance companies may also request a medical certificate for the applicants and insured members.