What do you mean by health insurance? (2023)

1.What is the right age to buy health insurance?

first of all, what are the right age and the right time to buy health insurance?

The definition of insurance is that if X happens give me financial protection for health insurance, this x becomes If hospitalization happens then give me financial protection. hospitalization is never planned, there are very and friends, there are so many examples 

where all the saving and investments of families have been wiped out because there was hospitalization needed without any warning, without any planning, that is health insurance is important. 

now, if you are young and healthy and you take health insurance at that point, then that is for me the right time to do that 

why? Three reasons:

1.Maximum cover at the least premium

 

Because you are young and healthy, your risk of hospitalization is so little that the insurance company would give you maximum cover at the least premium, 

2.You can get 'no claim bonus'

 

Since the likelihood of your hospitalization is so low, you can get claim bonus year on year 

No claim bonus means that if you haven't 

claimed anything in one year from insurance you did not get hospitalized and did not claim any insurance, then at the time of renewal at the year and you will get a no claim bonus, through which you get more coverage on the same premium. So, over your cover keeps increasing for the same premium, which can only happen if the chances of your claim are very less, which is possible when we are healthy and young.

3. Lower rejection rates

If you take insurance at a healthy and young age, then God forbid, even If you get hospitalized then your rejection rate would be very low, because it is quite possible that there was nothing to suggest that you hid something, or you did not disclose a per-existing

disease, so on and forth.

Don't combine your health insurance with parents 'health insurance

 your parents 'health insurance plan should not be combined with your family health insurance plan. your parents in them. Take a separate 

Then comes the corporate health plan.

Many working professionals get a corporate health insurance plan as part of their corporate benefits, and a lot of people think that since there is a corporate health plan so it's great then what is a need to buy a separate plan, because in that plan you, your partner, your children, your parents, and in some cases your in-laws are also covered, so it seems like the best plan ever you don't even have to bear its expense the company is bearing it, so it feels even better but 

it has some limitations which going to share right now.

1.This plan will terminate 

This health insurance plan will terminate as soon as you leave the company. That means if you are not ready to work in a company for all  of your life, then please be sensible, take a plan well for yourself.

2.Co-pay

A concept of co-pay. the concept of co-pay is given so that people do not misuse this corporate insurance, which means a certain percentage of your total bill would be covered by the company but a certain percentage will have to covered by you yourself. usually, companies keep a co-pay of  10-20% which means, your bill is 4 lakhs and your corporate cover is for 4 lakhs, then all of it of it would not be borne by the corporate cover instead, if your co-pay is 10% than only 3,60,000 will go from the corporate cover and you will have to give 40,000 from your own pocket to make up for these 4 lakhs bill. so, please check if your corporate health plan has a clause of co-pay or not, if yes then again it is a limitation which you should not have ideally in a health insurance plan

3.Limited coverage

Is limited. usually, I have seen that per life give a plan of 1-2 lakhs, if there are you, your partner, and maybe two kids, then you will get a plan worth 3-4 lakhs or maximum of 6-8 lakhs. but if buy it yourself then you can decide on the coverage you want.

4.Things to keep in mind while buying health insurance 

Then which 4 things you should bear in mind so that you choose the right insurance plan?

1, The right amount 

According to me, 2-2.5 lakhs per adult and 1 lakh per child should be the ideal cover amount, which means if you two people around 5 lakhs if you are 2 adults and 1 child then

5 lakhs plus 1 lakh, 6 lakhs if you 2 adults and 2 children then 7 lakhs. The right amount for yourself, of course.

2.Network hospitals

What is the network of cashless hospitals in it?

Is that cashless network present in your area or not, because many can be far away but how many hospitals are present in your vicinity which give you a cashless service from the insurance company that you have bought it from?

3.Facility for lifetime renewal

Is there a facility for lifetime renewal?

lifetime renewal is very important because as you age, maybe you would like to increase your cover or can continuously  renew it forever and ever, so this should be one option because some insurance policies have a cap that you can renew up to a certain number of years, you cannot renew it for a lifetime.

4.Having medical check-up in plan

When we are young, we easily ignore that,

'What is the need for a medical check-up?

we are young and everything is fine; but that is where if your insurance provides you free medical check-ups per year, then it is an incentive not to waste it and use it, so please go with plans that provide you with a medical check-up.