Monthly Archives: January 2015

Does Your Health Insurance Protect Your Children Appropriately

Stay healthy, fit and fine! Most of the elders bestow us with this blessing as they very well understand the fact that a person can actually be happy if they enjoy good health. Good health is something we can wish for but cannot guarantee. What we can do is, safeguard ourselves and our family from the perils of medical emergency. With the advent of medical emergency finances also go haywire and so does the mental peace as arranging for finance in such a short span is very painstaking. To overcome the immediate financial burden requires financial planning. Purchasing coverage for yourself and your loved one ensures that financially you would be able to meet the medical expenses.

When buying health insurance, it is extremely important that you take good care of your children, too. Surprisingly enough, a number of insurance companies offer insurance plans that do not cover children’s health. This is an extremely worrisome situation as children are likely to fall sick or get injured and require medical attention. It’s also possible that you have had a medical insurance plan for a long time that does not protect your children, and you may not even be aware of it. This can turn out to be a precarious situation if there is an emergency and your child suddenly needs medical attention. That is why it is crucial that you carefully study your insurance documents and check if your children are insured.

Choosing the best health insurance plan
The market is flooded with various plans. It has indeed become a challenging task to select the best plan amidst so many choices. Consider the following before opting for health insurance:

Coverage required as per your financial status: The plans are available for coverage starting from 2 lacs up to 10 lacs or more. The premium depends upon the coverage limit. So evaluate your financial need and decide the coverage extent required.

Your family type: If you are an individual, the individual policy would suffice. But is you have spouse, children and parents then you can think of family floater plan or take individual policies for all.

Age group of your spouse and family members: The age group is one of the major factors in determining the premium. The less the age the lesser the premium, the more the age, more is the premium. Also, as you age the chances of health hazards increase and hence you might be requiring more coverage extent than your children depending upon your financial status.

Critical illness coverage: It is advisable that your policy contains critical illness coverage as in today’s time people as young as in mid 30s are also diagnosed with heart ailments and the medical expenses are constantly on a rise. The critical illness coverage ensures that you get a lump sum amount if diagnosed with critical illness listed in your policy. That amount helps you bear the cost of treatment without compromising on your other financial liabilities.

Easy settlement of claims: The health insurance plans provide cashless facilities in a network hospital. However, they also provide a provision of settling claims if treatment takes place in non-network hospital. Hence, before selecting a health insurance plan ensure that your policy provides easy settlement of health insurance claims.

To sum up, the coverage extent, the premium deductible, the illnesses covered, the claim settlement history and procedures are the key deciding factors before buying any health insurance plan.