Health insurance absorbs multiple risks if chosen prudently

Health insurance is a must right from an early age as it covers multiple risks if chosen prudently. After Coronavirus, many have recognised the importance of health covers. But some are still questioning the necessity. Insurance comes to your rescue not just during illnesses but also in times of unforeseen accidents. A peep into benefits it gives.

Hyderabad: After Coronavirus, many have recognised the importance of health insurance. But still, there are some myths. It is no use to take health covers after one falls sick. Caution should be taken much in advance. Know that insurance comes to your rescue not just during illnesses but also in times of unforeseen accidents.

Many are of the feeling that paying premium is a waste when one has not got the need to admit in a hospital till then. Everybody should have health insurance and it should begin right from early days. Nobody would like to foresee a situation that would require a claim to be made. But when the circumstances demand, one should be in a position to claim insurance. Needless financial crisis should be avoided with due diligence.

One important thing is to check how much benefit a health insurance firm will give during hospitalisation. In low-paid premium covers, there will be some conditions, sub limits, co-pay and so on. As a result, the insured will have to pay some part of the hospital costs. This is why one should go for suitable health insurance that will not prove to be an additional burden.

Health insurance is not like life insurance. Term life covers will provide higher security with lower premium. The same policy cannot be applicable to health covers. Additional costs will have to be incurred if a suitable health insurance is not taken. Then that will become an additional burden. Moreover, policies of no two companies can be compared simply based on premium.

In today's uncertainties, career makers are frequently changing jobs. There are some who are leaving their present careers and preferring jobs that suit their interests and preferred lifestyles. Such persons should compulsorily go for separate health covers in addition to the group insurance policy provided by their companies.

Of late, companies are offering policies that cover over 60 types of critical illnesses. These are applicable to cancer, heart attack, kidney failures, organ transplantation, paralysis and so on. Some policies are providing up to Rs. 1 crore compensation. Usually, health policies cover just 8 to 20 diseases. The policy amount will be paid towards hospitalisation and treatment costs.

Before taking a policy, one has to thoroughly check terms and conditions, exemptions and sub limits. Better to consult experts if there is any confusion on this. Family doctor should also be taken into confidence. Caution should be there always regarding conditions like the one that pays compensation only when a patient lives for 30 to 90 days after falling ill.