Life is full of uncertainties even in a modern highly interconnected society that boasts of high level social media communication and gadgetry. It is obvious that you would one day die due to illness or accidents or ripe old age. Yet the idea that a person could have easily lived a longer and more fruitful life if he or she had been given that financial freedom to undergo a surgery or proper top notch medication is what worries the present generation.
The problem seems to be compounded with most people unable to afford good medical help with wages they earn. In most people the idea of having a medical insurance policy means that they get tax benefits. For majority however never get any such benefits as they are far below tax brackets and they think that this is yet another way to waste their hard earned money.
Why Should You Get Health Cover?
No matter who you are and how much you earn you must take medical insurance cover the moment you are at initial earning stage. If you are young and healthy it is fine. Yet there is no guarantee as to how suddenly your life may change and how your body responds to different diseases or suffer accidents of which a few may be life threatening. It is natural that no ordinary working person can bear large expense of hospitalization and medication and especially for long periods.
Many average folks find it really hard to make ends meet with what they get as wages. Hence, for these people allocating small sums of money as periodical payouts for medical insurance can help them in sustaining large medical expenses at a later date with ease.
Hence, while taking an indemnity plan you must know as to what is covered and what is not. There are also individual and family policies that allow you to claim for critical illness and hospitalization. Then there are medical cash re-imbursement plans too.
Estimating Overall Medical Cover
You will find that there is no fixed rule as to how much insurance you and your family would need. It actually depends upon your family’s history of illnesses, area where you reside and cost of living of that area. In other words, if you are living in A-class cities or suburban your plan may change likewise. This is because the cost of medication in cities goes up. Again, medical expenses go down if you move to B-class, C-class and even further down if you go to villages.
You may therefore talk matter over with your health insurance agent including sub-limits of plans where certain expenses like hospital room rents are capped.
You may also find out about pre-existing ailments cover as most health insurance plans cover these for a period of 48 months.
Payments for Policies
You must never go for low premium plans as there may be some aspects that may not help you in future. Your plan should be to cover major diseases or illness and not restrictive with imposed conditions by insurance company. If you go through several such plans or talk over matter with a professional health expert then you may find a suitable plan to cover your whole family.
If you opt for co-payment route especially if you are middle aged then you may keep premium low and affordable. This is advantageous if you do treatment in a different city where plan was bought.
Above all always compare plans in order to get the best medical insurance plan available. It should be borne in mind that every person in your family needs a health insurance as no one can predict any future emergency.