What is considered a good Health Insurance Policy?

An individual usually buys a medical insurance policy only to save taxes. Thus, they tend to overlook the benefits provided by an insurance provider and look for the cheapest premium or one that saves them the most tax. 

When they purchase just the basic plans, they overlook the chance of getting diagnosed with a life-threatening disease. Thus, losing the opportunity to cover themselves from such an expense in the long term. It commands a higher premium but ensures safety in the long run, and when insurance buyers buy such policies at a young age, they tend to be covered with all diseases that could haunt them in the future. 

You get the deduction when an individual files their Income Tax return. Niva Bupa Health Companion (previously known as Max Bupa) is one of the most comprehensive health insurance plans in the market. You get the deduction when an individual files their Income Tax return.

It was found that around 46% of medical insurance policy buyers bought it to save taxes, with most of them being females. Most of them are unsure or have little to no knowledge about the benefits of insurance policies. It is a good sign that they are buying it, but they should also educate themselves on the actual benefits of an insurance policy. 

Benefits offered by medical insurance policies

Another survey done by Niva Bupa Health Companion (previously known as Max Bupa) found that 48% of the individuals think they don’t need a medical insurance policy because they are fit and healthy. This is a misconception in today’s ever-changing environment and deteriorating lifestyles; we never know when we might need one. It was further found that 50% of the respondents do not renew their policies as they are unaware of its benefits and find little to no use of the one they just purchased. Insurance policies usually reimburse or cover yearly check-ups, which are not known to many consumers. A lack of education and will to understand the benefits of a medical insurance policy leads to insurance buyers not renewing.

A good medical insurance policy meets the person’s need purchasing insurance which could be different from person to person. Therefore, one should also read the policy’s terms and conditions and call the agent or the designated person who can help them understand the policy. This will help them make an informed decision. 

A top-up policy is the best and cheapest way to improve your health cover. They can act as a booster for the policy provided by your employer. If you are restricted from adding a top-up cover, then an independent top-up plan would be the best buy for such an individual. They are a low-cost investment and better than the family floater. 

For an independent business owner, they must choose a plan that not only covers their medical expenses but provides them with the losses in business due to the medical emergency. 

A consumer needs to go through the plan in detail and not just check the premium. Some of the crucial aspects that are ignored are out-of-pocket expenses, prescription drug coverage, network hospitals, claim settlement policy, perks & benefits, claims history and future expectations. A medical insurance policy meets all the present and future needs of the consumer and does not just have a cheap premium. Another aspect is the maternity benefits. While planning a baby, the parents need to invest in a plan that covers the expenses incurred in the process. 

Therefore, the most important point is that your insurance plan should cover all your expenses, including all hospitalisation charges and pre and post hospitalisation expenses, and settle the amount as quickly as possible. 

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