Find out why health insurance is one of the necessities of today and who should start thinking about buying a health insurance policy.
In the midst of the many dreams and goals that a responsible citizen has for themselves as well as their family, is the requirement for the best healthcare and treatment for ones that are close to you. The best possible way to achieve this goal is to go for a health insurance policy. A health insurance or mediclaim policy is a service that allows a person to claim medical expenses from an insurance company in exchange for annual premiums.
How does mediclaim work?
If you’re looking to buy a mediclaim policy, it is wise to know how it works. As soon as your mediclaim policy comes into effect, you and any other person included in your policy are eligible for the sum assured by the insurance company in any medical event or emergency. Today’s cashless system has allowed one to approach an affiliated hospital directly, get the required treatment done after prior authorisation from the insurer and not pay a single penny. Your insurance company settles the hospital bills as per the terms of your health insurance policy.
Should you buy a mediclaim policy?
A lot depends on whether you should buy a mediclaim policy or not. Given below are some of the factors that you should look into before buying a mediclaim policy.
Your age has a very vital relation with the kind of health insurance that you’ll eventually go for. The younger you are, the less likely you’re to fall ill and claim your insurance and the older you get, your chances of medical treatment goes up. Since insurance providers are businesses and their eventual goal is to make profits, they’re more eager to allow low premiums for younger individuals knowing that claims from ages between 25-35 are less likely to occur. So the best time for anyone to get health insurance is between the ages of 25-30 years. The sum assured will be good while at the same time, the premiums will be low.
Do you already have health insurance?
Before you buy an individual health insurance plan, check whether you already have health insurance. Chances are that your parents may have already signed up for a family floater plan or a mediclaim policy for family that includes you, your siblings and sometimes your grandparents. If you do read the terms of the insurance plan carefully to find out what it covers and what it doesn’t. If you feel your existing health insurance is inadequate or limited, then you can go for a new individual mediclaim policy that is much more comprehensive.
If you’re a salaried individual, then you may already have employer insurance which is paid for by your employer. Again, you can check how strong your employer health insurance is before going for another health insurance.
Thus, the best person to buy a mediclaim policy is a healthy individual in the 25 to 35 years age bracket and one that doesn’t have an existing health insurance. This is an ideal scenario since the premiums are low and the sum assured for medical expenses is quite significant. If someone already has employer insurance or is a member of a family floater plan, then a separate insurance can also provide added benefits and greater coverage since they can use both insurances in case of higher medical expenses.