Things to keep in mind while choosing health insurance

Different people like to do different things with their money. Some people think it is a smart choice to save, some think it is smarter to invest. What we believe, however, is that putting your hard earned money into a Health Insurance plan is the most important steps one can take with it.

As Mahatma Gandhi rightly said – "It is Health that is real wealth and not pieces of gold and silver". This holds true to this day, perhaps more than it ever did. With the cost of medical treatment rising exponentially, healthcare is becoming a major challenge for the common man. Getting a health insurance henceforth becomes more so important. Here's a few things you should keep in mind before signing up for a health insurance plan:

• It is best to opt for a company that deals in health insurance exclusively, rather than a life insurance company. This is because the cost of health insurance is likely to go up when purchased from a life insurance company.
• It is very important to make a note if the health insurance plan excludes any pre-existing diseases from the insurance cover. Also, keep a check if any medical cases such as dental surgery, hernia, etc. are excluded from the insurance cover.
• There are certain sublimit costs that health insurance companies have applied on things such as the room rent, doctor's fees, diagnostics, etc. Your insurance may provide cover worth up to Rs. 1,00,000, but if the sublimit for room rent is Rs. 1,500, then you have to bear any additional cost for the room.
• Certain diseases come under the co-payment clause and you have to bear a certain percentage of the cost for the treatment. This may vary from 10%, 20%, or even 40% of the total cost.
• The renewal age for companies that provide health insurance is another important factor. As it is more likely that a person contracts diseases at an older age, it should be possible for you to renew your policy after 70 or 80 years of age.
• The coverage your policy provides should have a possibility to be extended to other members of the family. If you have a child at a later stage, then you should be able to give them a cover as well.
• The cost of the policy should be the last thing you should look at. Do not compromise on the finer details of the health insurance plan just to cut down on the cost of the plan.

Aviva India, MaxLife, etc. are some of the best companies when it comes to health insurance in India.

Source : articlesbase.com