Best Medical Insurance Policy

What Are the Best Medical Insurance Policies Available to Us?

In today’s world, falling sick or getting hospitalized has become a common sight due to the spread of the deadly and extremely contagious Coronavirus. Certainly, the medical bills are the next worse thing, followed by getting infected and then admitted to a hospital. Thus, purchasing the best medical insurance policy that covers up all the medical expenses from pre to post hospitalization might be the best decision you can make to help yourself.

With a variety of policies available in the market, purchasing the best medical insurance policy can be a task but worry not! As it will all be worth it in the time of a medical emergency or an unfortunate event.

Financial stability:

The best medical insurance policy provides the policyholder with financial security during an unexpected medical emergency. Otherwise, a non-policyholder would have to dip into the life savings or sell assets to meet such high expenses during such times. Having enough savings for the future might mean financial stability for many people but getting insured also plays an equally crucial part. In addition, the insured member has the privilege of obtaining money upfront for all the pre and post hospitalization payments for the diagnosed illness covered under the plan.

Free check-ups and health maintenance:

The long hours of working and tiring travel have left people with no time to take care of themselves and their health. Also, most people have started ignoring the minor signs of a critical health problem or a chronic illness, leading to severe complications in the future. A health insurance policy does not only provide you with financial cover to treat/cure an illness but also helps in maintaining your health as it offers regular, timely health check-ups as well.

Tax benefits and family coverage:

Health insurance policies are of many types, and choosing the family floater plan will provide several benefits to the whole family at a reasonable cost. The premium plan for individual health insurance depends on various factors, and with your age, the premium rate of the plan will also increase. So, buying a family plan for a slightly higher price will prove helpful in terms of the premium amount. Moreover, purchasing the best medical insurance policy can offer tax benefits that allow you to obtain certain deductions from your taxable income.

Types Of Health Insurance Policies

  • Individual: This type of health plan will cover all the medical benefits of the individual mentioned in the policy. The premium price is relatively low and will increase on various parameters like age and medical condition.
  • Family Floater: The health plan will cover the entire family under one plan that consists of parents and children (up to 2 children). The premium price is a bit high but comparatively cheaper than purchasing individual plans for all the family members separately.
  • Senior Citizen: The health plan will cater to all the senior citizen’s needs (60 years of age or above) when prone to any diseases or illnesses. The premium rates are much higher than the younger customers due to their age and vulnerable health conditions.
  • Critical Illness: The health plan will cover various life-threatening illnesses like kidney failure and heart attacks, as mentioned in the policy. The premium rates are quite reasonable, and the policyholder can buy the plan, especially if he has a history of critical illness running in the family.
  • Maternity: The health plan is an exclusive plan for women to cover their pregnancy and childbirth procedure expenses. The policyholder can only add it to the existing plan for a reasonable price.

How To Compare Medical Insurance Policies

The primary areas to focus on when purchasing the best medical insurance policy are:

  • Limitations or exclusions on specific medical treatments
  • Waiting period
  • Coverage on pre-existing medical conditions
  • Policy renewal charges
  • Premium amount
  • Lifetime Renewable options
  • Add-ons, bonuses, and discounts

The medical insurance policy is an essential component in everyone’s lives as one cannot predict the medical conditions or illnesses they would face in the future years. So, purchasing a health insurance policy will give all the insured members a great advantage and offer financial stability during medical emergencies. Apart from that, you can also benefit from the tax exemptions that come along with a health insurance policy!

Article written by admin

By Profession, he is an SEO Expert. From heart, he is a Fitness Freak. He writes on Health and Fitness at MyBeautyGym. He also likes to write about latest trends on various Categories at TrendsBuzzer. Follow Trendsbuzzer on Facebook, Twitter and Google+.