Health Insurance to get or not is no longer a question. It’s a book, which was written in pre-2020 times and now a rule book in these times.

In 2010 as soon as we started working as specialists and could afford it, we took out health insurance. Being young and disease-free meant we paid a minimal premium, and the last ten years of the no-claims bonus have nicely added up.

Then as medical teachers in a Government college, our entire family was under an excellent group insurance scheme. But the private insurance we took out in 2010 continued. We increased it to a family plan once the baby came along. Even with the government cover, we continued our insurance and also expanded it.

The thing was simple. With multiple health insurance covers, you can choose which to use when. That came in useful because, in 2018, our lives and careers took a right turn, and both started our Private practice. As self-employed professionals, we no longer had the excellent Group cover, but our first health cover stayed.

I can tell you that made us mighty grateful for sticking with it.

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One of the most important things at all times is to have a healthy lifestyle. For now, that also includes wearing a mask and maintaining safe social distance. But next comes having a robust health insurance cover.

Many people get confused about what to get and how much to get. While you should do your own research for both, I will share my experience. Just like different people have different medical needs, health insurance is of several kinds. They have various benefits. If you look for oranges in an apple tree, you will be disappointed.

It’s essential you know about having a proper general cover health insurance, which will indemnify your health care costs as needed. With increasing age or risk factors, it’s a good idea to have supplementary cover through fixed benefit health insurance, super top, or top-up health insurance.

While choosing health insurance, what should you check?

• Claim settlement ratio. Higher the better.
• Check online reviews of the company. 
• Check terms and conditions.
• Check waiting period 
• Check about online accessibility. 
• If you don’t want room rent capping, choose accordingly.
• Look for online support, cashless hospitalization

Why do healthy habits matter?

If you are a nonsmoker, you pay a lower premium for the same age.If you are healthy and have several no-claims bonus years, your insurance cover increases, or you can also opt for a lowered premium. At least someone appreciates you taking good care of your health, right?

Some Statistics in India:

Lifestyle disease or non-communicable diseases(NCD) are the leading cause of death (60%).Cardiovascular disease, cancer, diabetes, and chronic lung diseases makeup for 80% of all deaths due to NCDs .They have four common risk factors .They are tobacco, alcohol, unhealthy diet, and lack of physical activities. Unfortunately even the younger generation are guilty of substance abuse and poor lifestyle choices.

This makes critical illness a potential problem in all age groups .Not only senior citizens.

Which is better general health insurance or a fixed benefit health insurance?

Remember, you should not compare apples and oranges. They are two different types of cover, and both have their pros and cons.

Regular health insurance is needed for an overall good cover, including pre-hospitalization tests, OPD visits, room rent, treatment, and post-hospital visits. A good plan will also give cashless cover, ambulance and transportation costs, no room rent capping, periodic health checkups. Plus, it has lifetime renewal. The downside is, you need to avail of the therapy through networked hospitals. You may need additional coverage for senior family members with a critical illness.

Fixed Benefit Health Insurance or critical illness cover is helpful if you need additionally a lump some money for certain specific treatments. Companies like ICICI Prudential have Fixed Benefit insurance using which you get your insurance amount if you are diagnosed with any one of the critical illnesses covered under the policy. You get the cash as soon as your diagnosis is confirmed. 

It can be used anywhere in India at any hospital without thought for a network hospital. That helps. This is useful for senior citizens or those who need specific treatment for heart disease, cancer treatment, organ transplants. There are no worries about hospital bill submission or room rent limits .Look for one with extended coverage of Max 30 years

Premium waivers for special causes and disability. Most critical illness covers will cover for at least eight and up to thirty plus critical illness.

Even when your company has excellent and supportive insurance, it makes sense to have your own private health insurance. Putting all eggs in one basket doesn’t make sense.

Top tips for a Health Cover:

• You should always build and practice healthy habits. 
• Opt for the group insurance your company/employer provides.
• Have an excellent personal (individual/family), Health insurance cover. When people need health insurance, they are at the fag end of their careers. It’s expensive to get new insurance, and there’s waiting time for pre-existing disease. If you change jobs, you don’t want this headache.
• Adding a supplementary fixed benefit insurance plan for additional cover. Super top-up, top-up is other types of health insurance that work in addition to a general one.
• Tax benefits are available under section 80D.
• Read the exclusion conditions, terms and conditions, and a waiting period before buying.

Conclusion

Health insurance is a tricky topic. You want the best inexpensive cover just in case twenty years later, you need it. But at the back of your mind, you never want to use it, right? You want to be forever healthy and one day walk off into the horizon. Yes, that’s my dream too. But I invested in my health on time.

Be clear about your own health needs and accordingly choose a health insurance cover. One thing has no controversy. That you need health insurance.

Insurance is a subject matter of solicitation. I am not a financial advisor and information provided on this website cannot substitute for the advice of a licensed professional. The information and data provided on this website are of a general nature and strictly for informational purposes. Healthwealthbridge accepts no responsibility or liability for decisions based whatsoever with regard to the information on this website. This information is:

• of a general nature only and is not intended to address the specific circumstances of any particular individual or entity;
• not necessarily comprehensive, complete, accurate or up to date; not professional or legal advice (if you need specific advice, you should always consult a suitably qualified professional).