How to Choose the Right Health Insurance Plan?

A health insurance plan is the most practical way to counter the rising healthcare cost that can set you back by a substantial amount during medical emergencies. Gone are the days when diseases were associated only with the degenerative forces of ageing. Now you can treat pretty much any ailment if you can afford it. This is why health insurance is important as it reduces financial implications by tackling the associated costs.

 

But the confusion lies in choosing the right policy as the requirements differ from one individual to another. For instance, a young professional may have different expectations from their health insurance plan vis-à-vis a family man supporting his spouse, children, and dependent parents. Let’s look at how to choose the right health insurance plan for you.

 

Health insurance for a young professional

 

The primary goal during your initial working years is to earn and save. Saving on taxes is a key step towards that. A health insurance plan not only provides the standard deduction under Section 80D. But a plan like Niva Bupa GoActive health insurance policy also rewards you for being healthy by offering a discount on renewals for reaching your health goals! A premium discount of maximum up to 20% of the base premium may apply during renewals if you meet your health goals. A Health Coach will guide you through the app and daily conversations on how to go about planning a healthy lifestyle.

 

Health insurance for a nuclear family

 

Somewhere in between an individual plan and health insurance for a larger family, the needs of the nuclear family get side-lined. When you have lesser number of dependents, it may not be financially viable to opt for a large cover while an individual plan with a limited member inclusion may not provide adequate coverage to safeguard the entire family.

 

Niva Bupa’s Health Companion Family Floater Plan is apt for covering your healthcare cost along with that of your spouse, and up to four children. Plus, the top-up option available through Health Recharge health insurance plan gives you the peace of mind by bridging the gap between the claim amount and the actual treatment or hospitalisation cost.

 

Health insurance for larger families

 

A large family comes with larger responsibilities as well. You need a comprehensive family health insurance plan with a high claim amount to take care of those around you. Niva Bupa’s Heartbeat Family Floater Health Insurance plan has been specifically designed for Indian joint families.

 

The plan covers up to 19 relationships, starting from the oldest to new-born babies right from the day of birth. It covers vaccination expenses for the child too! As far as the initial medical check-up is concerned, you may have to undergo one before buying a policy. However, no check-up is required for renewal.

 

Staying prepared

 

With over 24,00,000 Indians suffering from heart diseases, it’s not just the number of patients that’s rising, but the treatment cost is inching up too.

 

While critical illnesses are hard on the patient, it’s also hard on the family. Safeguarding yourself and your family against the financial ramifications of falling prey to a critical illness has become extremely important.Niva Bupa’s Criticare plan is a critical illness insurance that covers a total of twenty such illnesses and provides the option of getting the entire amount as a lump sum. Plus, you get an additional 10% of the insured amount year-on-year for the subsequent five years.

 

Remember, you can’t always see an illness coming but you can prepare for it. Accidents too can be unpredictable which requires you to be prepared for them. After all, the toll they take on you is much more than just physical. With the AccidentCare plan, you will get protection against accidental death, permanent total disability and permanent partial disability to support your family even if you aren’t there.

 

With the dual advantage of safeguarding your health and tax benefits, health insurance has become an absolute must for every individual. But to reap the most out of your plan, be sure to pick one that is aligned to your needs.