Choosing the Right Coverage: - A cover between ₹10–20 lakhs is generally recommended to avoid the risk of inadequate coverage. - Medical costs, rising at a rate of 10+% due to inflation, make lower coverage less effective over time. - Policies may offer higher protection through features like base cover, no-claim bonus, and restoration benefits.
Buying a Health Insurance Policy: - Consider key factors before purchasing, such as selecting a reputable insurer based on claim settlement ratio, network hospitals, track record, and product portfolio. - Essential features in a good policy include : * no room rent restrictions, * no co-payment clause, a * no-claim bonus of at least 50%, a restoration benefit of at least 100%, * short waiting periods for pre-existing conditions, * pre and post-hospitalization care, * coverage for daycare treatments, and a * free annual health checkup.
Choosing Health Insurance for Families: - Family floater plans are recommended for families, covering all members under a single contract. - While some insurers restrict dependents to spouses and children, a family floater plan is operationally less intensive, cost-effective, and generally extends the benefits of individual health policies. - It's a suitable option for insuring children under 18 and provides comprehensive coverage for the entire family.
Note: Do your due diligence before choosing an insurance.
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