It is crucial to understand the significance of investing in the right medical insurance to ensure financial security for your family. Any medical emergency can cost you your savings, especially when you don’t have a health insurance policy.
Medical facilities and treatments have grown dearer over the years, and a comprehensive mediclaim policy for family is an indispensable instrument. It is a good idea to buy family health insurance, especially if you are scouting for insurance that offers coverage to you and your entire family against any medical expenses incurred during an emergency. When purchasing a policy, check out all the chosen plan’s features and benefits.
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Which insurance policy can best secure your future medical emergency needs?
While the market has many insurance companies offering varied medical plans, including regular health insurance, buying a plan that complements your health needs is essential. For instance, families requiring cover for prolonged treatment and hospitalization may be able to ensure optimum security only with a critical illness insurance policy.
Most insurance companies provide top-ups that can be tagged with your existing insurance policy offering extra protection. However, a critical insurance policy can provide a lump sum to the insured if diagnosed with a critical illness listed on the cover.
In the incidence of loss of income due to hospitalization for long periods, the critical insurance policy can pay out the sum assured. However, once that payout is done, the policy lapses.
Things to consider when purchasing a critical illness cover
- Draw up an estimate of the required cover
Are you searching for a critical illness plan? Well, first, work out an estimate of the amount you would need to be covered. While doing so, you must consider everything from your regular expenses to non-discretionary expenses.
While the payment of the mortgage, EMI, and rental payments need to be calculated, you would need to include expected expenses that may crop up from a loss of income during hospitalization. This will help you predict the total amount you may need to claim to completely secure yourself and your family members in a medical emergency.
On the other hand, make sure you buy a plan that fits your budget so you don’t pressure your finances with the premium to be paid.
- Look for the extent of cover: ailments covered
Every insurance company covers different diseases. Depending on the policy, some pay the assured amount based on the gravity of the disease, while others may pay the covered sum irrespective of the seriousness of the illness.
Most top-notch critical illness plans cover diseases such as cancer, heart attack, coronary diseases, strokes, etc., as major ailments, you can check out if your shortlisted policy offers that you think you could be genetically susceptible to. It is best to run through the comprehensive list of ailments covered under the Mediclaim policy for the family.
- Take note of the waiting period
Critical insurance plans come with a waiting and survival period. While the waiting period refers to the time gap between the purchase of an insurance policy and the diagnosed disease, the survival period is the number of days one survives after diagnosing a critical illness insurance. It is best to check these features and their duration before investing in a policy. You will not be eligible to claim the sum assured if you are diagnosed with a critical ailment against which you claim the completion of the waiting period.
In case a policyholder passes away before the completion of your survival period, the family will not be able to claim any benefits.
- Scrutinize your critical illness insurance policy
Every critical illness policy is unique and likely to pay a lump sum at the time of diagnosis of an ailment regardless of the hospitalization cost or the medical expenses incurred.
As a critical insurance policy aims to compensate for the loss of income of an insurance holder, it ensures that the family can meet their necessary expenses without any hardship. You can always opt for a critical illness cover and an adequate mediclaim policy. If your health insurance does not offer an add-on, you can invest in separate critical illness insurance.
As a policyholder, it is essential to know about the settlement process. Some companies also provide a complete cashless facility and insist on the submission of all documents by the insured individual after the event is over. From finding out the settlement history to the network of hospitals, ensure you know all about the insurance company and its critical illness medical cover.