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How to choose the right health insurance cover

The following article is an initiative of Apollo Munich Health Insurance and is intended to create awareness among the readers.

March 27, 2018 / 07:16 PM IST

Many people avoid taking a health insurance as they don’t like to spend on products they never hope to use.

As per a joint report by FICCI and KPMG, titled ‘heath savings account in India’, only 27% of Indians have health insurance cover. This figure is abnormally low.

In the present day scenario, health insurance policy has become inevitable. In the backdrop of rising lifestyle diseases due to lack of exercise, erratic eating habits, increase in stress levels and poor sleep patterns, people are prone to illness. People should also not ignore nature of their job; whether it’s a hazardous profession or not; as it has health effects.
And, with rising healthcare costs and medical inflation, one trip to a doctor/hospital can impact your wallet. Here, the basic step is to buy a health insurance policy, which covers your healthcare needs.

Meanwhile, wading through a barrage of insurance plans can be frustrating too. You have to look for a policy that is more involved in customer health.

If you are overwhelmed with the options available, here are 5 points that will guide you to buy a suitable health insurance policy.

1. Insurance cover:


As per a study by Apollo Munich, around seven lakh health insurance policyholders spread across 82 cities in India, were underinsured. The lesson: Don’t be too focussed over lowest-priced plan as medicines, medical tests, procedures, add up quickly to the bill. Find an insurance policy, which covers you and your family sufficiently.

2. Medical history:

You and your family’s medical history plays an important role. Find an insurance policy that covers the specific disease. Also, look for a policy which covers maternity with low waiting period. The Optima Vital policy covers critical illnesses as well.

3.Diseases, medical bills covered:

Read the fine print carefully. Many a times, the patient doesn’t know what all is covered, such as post hospitalisation, ambulance, and doctor’s visit expenses. Also, a policy should also cover frequent medical check-ups. Check what all is excluded too.

4Can you restore?

What if you exhaust your sum insured in a year and a medical emergency crops up in the same tenure? Who will pay the bill? There are policies that have a restore option and the sum automatically gets restored, in case you have used it up. For instance, Apollo Munich’s Optima Restore health insurance policy has this facility.

5Hospitals covered, treatments abroad:
See how many hospitals are covered in the policy. Apart from Indian cities, look for options abroad. Travelling overseas for treatments is a huge step and can be an expensive affair. A policy that covers you abroad too can be an added advantage.Health insurance policies also have tax advantage but that should not be your sole purpose to buy one. One more factor that should be considered is age. The early you start, you avoid giving huge premiums. Health insurance is, indeed, a responsible decision.
first published: Mar 26, 2018 08:48 am

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