Page 44 - Insurance Times February 2023

How to pick the best Health

Insurance Policy

ll of us seek to have the best for ourselves and opinions etc., are some more benefits offered by many
A our loved ones. In particular, we tend to buy Health Insurance Industries.
the best Health Insurance policy that offers
wide coverage and maximum benefits to
safeguard us from uncertain events. It is quite a task to All of these benefits can come in handy at the needful time,
make sure the policy you choose offers the advantages that
choose a comprehensive Health Insurance policy, while best suit your needs. Moreover, the premium paid towards
there is a wide range of plans available in the market. Health Insurance can be availed as income tax deductions
However, it is important to choose the best Health Insurance under Section 80D of the Income Tax Act, 1961.
policy that suits your needs.
Sum Insured
Here are some useful tips that help to choose the best
Sum Insured refers to the maximum coverage the insured
Health Insurance policy.
is entitled to. Going for a higher Sum Insured is essential
because of the rising medical inflation. Also, remember that
Wide Coverage Sum Insured is crucial in calculating the premium. So, if you
Checking the coverage of the Health Insurance plan should opt for a higher Sum Insured then the premium will be high.
be the first step in purchasing the policy. Always, choose a However, if you choose a lower Sum Insured then it might
policy that offers wide coverage, because such policies will be insufficient to cover the hospitalization expenses and
secure you against a wide range of medical and other leave you vulnerable to further expenses resulting in
associated emergencies. Some benefits might be subjected draining the hard-earned savings.
to sub-limits, while others might have waiting periods.
Reading the policy document is the best approach to make An alternative method for getting high Sum Insured
sure you don't miss these conditions. Additionally, it helps coverage is to opt for a Top Up policy. Top Up Health
to dispel myths about claim settlement. Insurance policies are crafted to provide extended coverage
after the exhaustion of Base Health Insurance policy's
Make sure to choose a Family Floater Health Insurance threshold limits and other benefits at an affordable
coverage that addresses the needs of each family member premium.
if you intend to bring your family under Health Insurance.
Waiting Period
Other Benefits The waiting period in Health Insurance denotes the time

Health Insurance policies offer additional hospitalization and during which the insured has to wait to raise the claim for
related coverage, such as pre-and post-hospitalization, related expenses. Usually, Health Insurance companies
ambulance coverage, day care treatments, modern impose waiting periods on pre-existing diseases, specific
treatments, non-medical items, hospital cash, domiciliary diseases, maternity, etc. The waiting period is plan specific,
treatment, home care treatment, etc. Automatic in general, it may vary between 2 to 4 years. Any admissible
restoration, Cumulative bonuses, Annual health check-ups, claim related to the waiting period is covered after its
Wellness discounts, Renewal discounts, Second medical completion. Thereby, opt for the policy that offers a low

The Insurance Times January 2023 39