Best Travel Insurance For seniors over 70 India

“People loses their health to make wealth and then loses all their wealth to regain health”.  This indicates that health and wealth dwell side-by-side. Possession of good health is a fundamental virtue that paves your way to earn wealth and lead a wholesome life. There is a popular proverb by Mahatma Gandhi, it is not the piece of gold and silver but Health that is real Wealth. All these words of wisdom prove that good health is of great importance that could not be forsaken.

Hence, it becomes our moral responsibility and a necessity to do the needful for safeguarding our health.  Despite our best effort, the possibility of a critical illness or accident always looms over.  Thus, it becomes necessary to remain always prepared for facing medical contingencies with confidence.  In such an unfortunate yet unforeseen situation, we are most troubled by our health and financial crisis. First, our professional life is hampered because we cannot work due to our poor health; next, we have to bear a substantial healthcare expense. It is really a painful experience to see our hard-earned money going away in a whisker for treating our illness.  This is where the best Health Insurance policy can help you to live with dignity instead of borrowing money from within or outside the family.

According to World Health Organization, in the face of rising cost of health service in India, more than 40 percent of the low-income families are compelled to borrow money from outside the families to in the bid to meet the associated expenditure. As a result, more than 16 percent of them have thrust down the poverty line. Therefore, it becomes imperative to be from health-related eventuality with a health insurance policy for appropriate cover.

In contemporary times, the market is teeming with health insurance products provided by various companies that are having a fair name in the industry.  You need to be proactive in comparing them for making a viable choice that will cater to your needs.  Manual comparison of these is infeasible as there are hundreds of products to choose from which can be quite intimidating. Now all the health insurance products can be compared through our website “Cover360.in”.

While buying the best health insurance policy in India, you need to keep the following points in mind:

Premium and Coverage:  It will be wrong to associate cost with the quality of insurance policies.  If you come across several companies that are offering policies with similar premium then you need to review the benefits that are provided such as Room rent, OPD, Hospitalization Cash Benefit, Coverage of Critical Illness, etc.  You need to have a profound idea of your requirements and choose the appropriate cover. Shortlist 3 to 4 products and compare them for finding the ideal policy that will suffice your requirements.

Cost sharing: Cost sharing refers to the part of the costs of health services covered by an insurance plan that is paid by the consumer. Deductibles, coinsurance, and copayments are examples of cost sharing.

A deductible is a minimum amount that is paid to the insurers before your plan begins as part of the medical expenses.  This amount is paid annually.

In Co-Payment policyholders are asked to pay a fixed sum for availing the medical services for certain insurance plans especially the ones that make the policyholder entitled to getting expensive medical procedures.

In Co-Insurance, many insurers keep a clause where the policyholder has to pay a certain percentage of the expenditure covered by the health care services. It may vary between 20 and 30 percent.

Basic hospitalization cover: If you have financial constraints that deter you from buying a comprehensive health insurance policy do not step back from buying the best health insurance plan which will pay expenses incurred out of an accident or illness.

Sum Assured:  While purchasing an insurance policy you need to consider the sum assured based on the city you live in and the family size.   You need to remember that health care cost is more in big cities in comparison to smaller cities. Hence, it becomes necessary to determine the sum accordingly.  Generally, an appropriate amount of Rs 2 to 6 lakh is considered good for a family of 3 to 4 members in small and big cities respectively.

Family Floater Policy: Experts recommend buying a family floater health insurance policy. The main advantage is that each member can utilize the sum assured either individually or collectively.  Hence, it is a more cost-effective option as you can save on premium.

A separate policy for parents: With a family floater policy, the amount of premium to be paid is calculated based on the age of the eldest member.  Hence, to have the best deal you are best at having a separate policy for your parents.

Special Features: Floater facility, Room rent capping, ICU capping, ambulance charges for transportation of the patient, bonus for claim free years, health check up for claim free years are the special features which vary from plant plan.

Daycare procedures: Prior to buying a health insurance policy do not forget to consider the list of diseases that are covered under Day Care Procedures.

Conclusion

While comparing the options, you will likely have more choices. Narrowing down the plan offerings by comparing coverage and cost, will make it easier to pick the plan that is best for you. This article gives you the tools you need to choose the plan for you and your family.

The bottom line is to make a well-informed decision. Thus, you should not hesitate to seek expert advice.