Getting a basic health insurance plan ticks off the most crucial box - providing financial protection against medical emergencies. But here's the thing - healthcare costs are so ridiculously high these days that a basic plan may just not cut it. This is why you should examine plans that go beyond basic hospitalisation.
Most basic health insurance plans cover yourself, your spouse, and your children. Look for policies that allow coverage for:
Opt for family floater plans that cover your parents/in-laws under one sum insured. This offers better value than individual plans.
Some insurers offer sibling floater plans to cover unmarried and financially dependent siblings. This can be more affordable than separate policies.
Few insurers provide coverage for grandchildren, in-laws' parents, and sisters-in-law under family definitions.
While basic health plans include maternity coverage, the sub-limits may fall short. Go for policies with:
Basic health insurance in India still focuses more on hospitalisation. However, look for plans that offer:
While basic health plans offer adequate protection for common illnesses, you may need focused insurance if prone to specific conditions, such as:
If you frequently travel abroad, get enhanced overseas insurance with:
Finally, most insurers offer add-ons to customise plans as per unique needs:
With countless options, choosing appropriate add-ons that align with your needs can be confusing. Here are some useful tips:
Review what current base, corporate or group insurance policies cover to identify gaps in coverage. This determines what add-ons are necessary.
Consider pre-existing diseases lifestyle diseases you are prone to while opting for critical illness or specialised covers.
Compare available family floater plans from leading insurers on sub-limits, definitions, etc., before zeroing down on one.
Using too many plans for the same condition amounts to insurance duplication and overpayment of premiums.
Life stages like marriage or new babies change insurance needs. Review chosen plans annually and enhance or reduce covers accordingly.
Certain health plans have beneficial tie-ups with pharmacies, healthcare providers, etc. Leverage these for better claim settlements.
Evaluate not just the basics but also additional benefits when choosing health plans. Opting for policies more aligned with your lifestyle and risks ensures you get well-rounded coverage with fewer gaps. This offers superior financial security and peace of mind.