You may not care about your health, but you
sure do care about your finances. With healthcare costs rising by more than 15 percent a year, having
health insurance is becoming a necessity.
These policies are of three types: the first covers basic
hospitalization needs; the second covers critical illnesses; and the third covers daily hospital cash
reimbursements. Even life insurers offer health coverage with defined benefits. Under these, a
pre-specified amount is paid as compensation, irrespective of the expenses incurred. With or without a
family, you need health insurance.
For those who have a family, we
recommend a family floater instead of a standalone policy since the
probability of all family members needing hospitalization at once is remote.
Even if your employer offers group
medical insurance, get your own coverage. A change of job could leave you
without insurance, and so could retirement. And getting a fresh cover after 45
Think of insurance as "hardship avoidance," not "convenience" or "hitting the
jackpot." Contrary to some common perceptions, insurance is not a rip-off. For
most people, it is a necessary and valuable financial service.
Buy a Floater Plan to Cover the Entire Family.
Opt for a Cashless Plan and Keep Cashless Mediclaim Cards At Hand.
Ask insurers for premium rates to find the cheapest policy.
Keep an eye on the exclusions and inclusions in the policy.
Undergo medical tests, if required.
Buy health insurance even if you have one from your employer.