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Most of us envision and work towards a secure future for our family. There are various aspects to secure our family’s future and health is one of the most significant factors. Despite various measures that many of us undertake to ensure a balanced and healthy life, sometimes accidents and health emergencies are unavoidable and being prepared with the right Health Insurance for such scenarios is advisable. 

Covid 19 has highlighted the necessity of being financially prepared for unforeseen circumstances. An appropriate health insurance plan enables us to avail quality healthcare facilities without having to face a financial crisis.

While taking a decision to buy a health insurance policy might be easy, it is essential to take a few factors into consideration in order to buy a health insurance plan that is adequate and comprehensive. There are a few things all of us should bear in mind when we decide to purchase a health insurance:

The Right Policy- There are several variants of health insurance in the market that cater to different age groups, financial status, life stages and propensity for health issues. It is therefore important to conduct thorough research before making a final decision. Seek the right information, understand what is best suited for various members of the family and then make the decision. For instance, an indemnity plan is the basic health insurance plan which can be clubbed with some riders like benefit insurance or hospital daily cash, depending to your lifestyle. If necessary, consult the insurance company representative or an insurance intermediary such as an agent who can guide you in this exercise.

Family Floater- This enables covering your immediate family including your spouse and children with one annual payment. Even if there are multiple hospitalizations during the year, all members of the family can get benefits under the policy up to the sum insured limit. Furthermore, under Section 80D of the Income Tax Act, you can claim tax savings of up to 25,000 every year. The chief benefit of a family floater mediclaim policy is that it provides coverage for all the members of the family with relatively affordable premiums. If a family member becomes ill, the entire value of the insurance policy might be used to pay for his or her care. Family Floater offers multiple benefits in a single plan. Using the floater health insurance plans for your family can help you stay stress-free.

Sum Insured and Premium - It's important to understand that the amount of premium you pay could have an impact on the medical coverage you receive. Calculating your health insurance premium can assist you in making an informed decision when selecting the best health insurance plan for your family. Decide on a Sum Insured accordingly and review it periodically. You can also buy top-up plans if required.

Limits and Sub-limits - Some plans may have limits on the treatment coverage and an additional sub-limit as the capping of some certain coverage such as sub-limits on the room rent and AYUSH treatment. Opting for plans which have no or less limits and sub-limits is ideal while choosing a plan for your family.

NETWORK HOSPITAL LIST – Check the list of network hospitals that offer cashless facility, this can be a great help in case of emergency treatments when you are not prepared for the sudden expenses.

Choose the right health insurance plan to ensure that your finances are least affected during a health emergency and such situations do not turn into a financial crisis.

Mr. Subramanyam Brahmajosyula, Head - Reinsurance and Product Development, SBI General Insurance.

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