As costs of healthcare are shooting up, more people are taking refuge in health insurance policies to protect themselves from financial disasters. Health insurance plans provide financial coverage in times of health crisis, thus saving you the trouble of having to empty your pocket. But what if these saviours themselves start weighing heavy on your bank balance? Should you go for a low-cost health insurance plan that is available at low premiums?
Cheap health insurance is ideally not what your target should be. Your choice should not be based on how much a policy costs; rather, it should be a value-based choice. What coverage are you getting for your investment? If you go for cheap health insurance plans, will you have to sacrifice certain benefits you might otherwise get with a costlier one?
Here are some things to check for before taking a cheap health insurance policy:
It is important to check the medical conditions covered by the plan, and the conditions that are excluded from it. Since it is available at a lower premium, certain expensive conditions might be left out.
Note how many hospitals are covered in the cashless network and if it is available at all. Some policies only provide the cash reimbursement facility.
Even if a plan is cheap, it may not suit all your needs. Figure out the requirements of your family before you take the decision.
Check out if the low premium allows for any additional facilities. If not, you will have to buy add on covers to meet these requirements.
If you’re now convinced that ‘cheap’ actually translates to ‘value-based’, here are some benefits given by affordable health insurance plans:
1. Even cost-effective policies provide lifetime renewal facility, ensuring you as long as you live.
2. While hospitalised, some affordable policies provide AYUSH cover, that is, alternative modes of treatment such as Ayurveda, Homeopathy, Unani, etc.
3. Tax benefits are available under section 80D on the premium amount paid, no matter how low or high it is.
4. 100% reload of sum insured is available at no extra cost.
Here are some benefits that you will not get for a cheap health insurance policy:
There can be no truncation of waiting period at a low premium.
Some benefits such as maternity benefits, diabetes cover, pre-existing disease cover, etc. are not available at low costs.
Additional benefits such as recover expenses, domiciliary treatment, food and commutation expenses, etc. may not be provided since they come only with customised, high-premium policies.
Consider all these pros and cons before you go for a cheap health insurance policy. It is important to arm yourself with the facts and read the fine print, including the terms and conditions, exclusions clause, etc. And remember, it is better to opt for a plan that will give you value for money, rather than just a low-premium one. To browse through ManipalCigna’s wide range of easy-EMI, easy-return plans, go ahead and visit their website.