Choose Your Health Insurance Plan Wisely: Follow this Medical Insurance Guide

4 min read

The health insurance plans available in India are very good and comprehensive. The medical insurance sector is growing rapidly and this is making it very beneficial for all the customers to locate and buy the best policies. But as we all know, the health insurance requirements are individual-specific. This is why you will not find the one-plan-fits-all concept in the world of health insurance. As a result, you need to know what your needs are and then choose a suitable mediclaim policy. If you want to get a plan but are a bit confused about which one to get, we are here to help! Take a look at this article to know more about the different medical insurance covers and find out which one is best suited for you.

Types of Health Insurance

Before understanding health insurance plans, you need to know the different types of covers available to you. Here’s a look at some of the different forms in which you can get a medical insurance plan:

  • Individual health insurance

You can buy a health insurance plan just for yourself. This is the individual health cover that only covers one person.

  • Family floater health insurance

Here, all the members of a family can be covered under a single policy. The sum insured is shared by the family members and a single premium is paid for the entire family floater health insurance cover.

  • Group health insurance

The group health insurance plans are usually offered by the employers to their employees. This is an employment benefit that is available only till the time the person stays employed in the organization.

  • Special health cover

There are some special health insurance plans such as the critical illness plans and the cancer protection plans which offer specific health covers. These policies are handy for those people who are susceptible to such illnesses.

These are the broad ways in which you can get a good health cover for yourself and your loved ones too. Do thorough research and locate the best medical insurance plan and keep yourself and your family protected.

 

How to Select the Best Health Insurance Plan

Here are some easy tips to follow when you look to buy health insurance:

  • Analyze your needs

The first and foremost thing to do is assess your needs. As mentioned above, everyone has different health insurance needs. See how many people in your family require health cover. Then, fix a budget. Get a health insurance plan that is affordable and comprehensive enough to offer adequate health insurance for everyone in the family.

  • Look for riders

Riders are add-on covers that you can add to your medical insurance plan. The add-on covers must be bought at an extra cost but they offer added and flexible coverage. Look to get some of the best riders such as the room rent waiver rider and the critical illness rider, among others.

  • Compare and buy online

Last but not the least, always remember to compare and buy health insurance online. The online plans are very good and economical and prove to be highly beneficial.

Use www.paybima.com to compare and choose the plan which best suits your needs. Follow these tips and you will surely find a very good plan at a very good rate.

 

Benefits of Health Insurance

Understanding health insurance plans and then making a suitable purchase has many benefits. Here is a few of them:

  • Keeps you healthy

The biggest benefit of getting a health insurance plan is that it helps you to stay healthy. If you need treatment due to an illness or injury, you will be able to afford the best hospitals when you have health insurance. This will help you to recover and stay fit.

  • Protects your money

The health insurance plans protect your money by taking care of the huge hospital bills. In the absence of a health plan, your entire bank balance can be wiped out following just one hospital stay. As you know, health care is very expensive these days and so you should get health insurance to ensure you can afford the best treatment when needed.

  • Provides tax benefits

The other big benefit is that you get a very handy tax benefit when you buy a health insurance plan. The premium you pay towards health insurance is tax exempted under Section 80D of the Indian Income Tax Act. 

These are the best benefits you get when you purchase a good medical insurance plan.

 

In Conclusion 

As you can clearly see from the points mentioned above, it is very important for you to get health coverage for everyone in your family including yourself. Do your research, compare the options and find the best plan. The good news is that understanding health insurance plans is a very simple job. Also, there are many health insurance plans available in India so you can easily get a good one for yourself.

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Gayatri Prabhu, Head-Digital Business at Mahindra Insurance Brokers Limited (MIBL) is one those few digital leaders who has the width and depth that is required to execute an ROI driven holistic digital strategy. She cuts through the noise, identifies the critical levers and leads her team to successful execution of the defined strategy. Her core mantra to win new and retain existing customers is: understand the consumer behavior and craft experiences around it.

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