For novice health insurance shoppers, this is a conflicting decision. Beware! The wrong choice could have devastating outcomes. It’s advisable to thoroughly evaluate your health and financial circumstances before browsing through health insurance available in the market. To choose the ideal policy for yourself and your dependants, identify your personal requirements and study the benefits and coverage offered by insurers.
Choosing unsuitable health insurance has inevitable consequences that could be fatal or financially constricting. These mistakes include purchasing policies with inadequate coverage, insufficient research on covers and policies without considering lifestyle ranges, etc. Unfortunately, you will have to pay out of your pocket for medical expenses incurred from diseases not covered by the policy.
This plan covers different diseases, including critical ailments and seasonal illnesses. A type of traditional health insurance that covers illnesses listed under the policy selected. While browsing through the plans offered by different insurers, choose one that best matches your coverage needs with good benefits.
This plan usually covers the following,
Most experts recommend purchasing comprehensive covers for their spectrum of coverages. Also, these extensive coverages come with a lifetime of renewability. However, you can decide for yourself by checking out these four benefits typically offered!
Ideal for: Opt for this plan if you suffer from high stress, sedentary lifestyles, financial crunches, or have no medical family history. A comprehensive cover provides medical and financial support for a host of illnesses, ensuring that you receive timely treatment.
Also known as a Niche Plan, it only covers the particular disease it’s designed. Built for specific conditions, the range of policies consists of cancer, heart diseases, diabetes, etc. Fortunately, these policies have shorter waiting periods, and they cover diseases at any stage - whether it’s the initial or critical stage.
Depending on the policy’s terms, you might receive a pre-determined lump-sum payout or reimbursement. In some cases, the insurer may waive off future premium payments.
Disease-specific policies have a number of advantages, especially for those with pre-existing conditions. If you’ve been contemplating purchasing this policy, here are a few factors to help make up your mind.
Ideal for: Choose this policy if you have a family history of specific diseases like diabetes or cardiac conditions. Those living in regions with outbreaks of particular illnesses, like dengue or COVID-19, should opt for this plan.
While recommended to choose a policy that suits you the best, most experts suggest purchasing a comprehensive cover instead. However, if you have a family medical history of ailments, use the disease-specific policy to boost your sum insured. If your comprehensive cover sum insured falls short, the remaining is covered by a disease-specific policy.