What women should look for when buying health insurance – Credihealth Blog
Although women and men can have similar health problems, their effects on women can be different. Therefore, women should take the necessary steps to keep medical emergencies at bay, which includes getting health insurance. However, there are a number of health insurances in India and it is often difficult to choose. Therefore, we recommend that you consider a number of factors when purchasing a policy.
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Factors Women Should Consider When Buying Health Insurance
Determine adequate inflation coverage and factoring
With the emergence of so many insurers offering a wide variety of comprehensive coverage, it is important to rationalize “adequate” health insurance. We can’t predict future illnesses, but a quick guide is to find out which hospital to go to in the event of a medical emergency and then find out what the basic and largest hospital costs are. Plan and choose health insurances wisely while overcoming and maintaining inflation. Plan in this way that will help you get things covered while you are on the lookout for health insurance purchase.
Maternity Insurance Protection
With spending on obstetrics skyrocketing today, a Maternity insurance is a must for women, so choose health insurance that covers this benefit. In addition, anyone with a new or existing plan can purchase additional maternity insurance.
In addition, the top maternity insurances cover, among other things, the cost of childbirth, treatments related to infertility and newborn insurance.
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Insurance that covers family health
As the name suggests, this plan covers the entire family with a single amount of insurance. The policy can be used by any family member up to the insured amount. Unlike individual plans, which do not cover an insured person’s parents, family health insurance provides coverage for them and covers their various health care costs.
In addition, taking out family health insurance is cheaper than taking out an individual policy for each family member.
Analyze the insurance amount
Interestingly, there is no ideal sum insured for health insurance. However, personal finance experts recommend health insurance of at least Rs.5 lakhs. In addition, individuals should have around 50 to 100% coverage of their annual income. Here is a simple formula you can use to find your health insurance amount:
100% of the hospital costs of the last 3 years + 50% of the income = sum insured
Additionally, financial stability in order to pay premiums is another factor to consider. In general, a person should pay around 2% of annual income in premiums. In order to derive the exact numbers and to simplify the calculation, it is best to use a health insurance premium calculator to ensure a smooth process.
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Choose network hospitals for cashless transactions
In the event of medical emergencies, the top insurers in India offer cashless hospitalization in their network hospitals. As a result, an insured does not have to worry about raising funds for an advance payment and then requesting a reimbursement later. So when choosing a plan, make sure that the insurance company has a wide network of hospitals, and preferably one in your area.
Pre- and post-hospital fees
Most health insurance companies cover the costs that an insured person incurs during a hospital stay. Therefore, it is wise to decide on a plan that also covers post-hospital expenses, such as:
Free medical check-up options
The costs of preventive medical checkups have also increased over the years. So if a plan includes free medical exams, you can make significant savings while protecting you from various diseases.
Now that you know the factors that you need to evaluate before taking out health insurance, choose a plan that suits your specific needs. In addition, you should go through the age criteria, the waiting period clause, the NCBs and the co-payments.
Here is an alternative to fully comprehensive insurance:
Although comprehensive policies provide comprehensive and well-rounded coverage, some individuals may find it difficult to pay the premium amount. Instead, you can go for an alternative to full coverage and go for budget options like the Arogya Sanjeevani policy. This cover was developed by the Insurance Supervisory and Development Authority (IRDAI). It includes standard and base hospitalization costs as well as COVID-19 treatment coverage. This policy offers individuals and families financial assistance in medical emergencies at affordable premiums. You can get up to a maximum of Rs. 5 lakh under the Arogya Sanjeevani Policy. However, if you are looking for extended coverage at reasonable premiums, new age insurers like Digit offer higher amounts insured up to Rs. 2 crores.
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