Medical Insurance: Compare Medical Insurance Plans in India

Medical expenses are rising at a quick pace. These expenses can put you under a huge financial burden if you don’t take protection against them. One of the options that can secure you from such costs is medical insurance.

Medical insurance provides you with coverage against pre-defined medical expenses. In case the healthcare expenses incurred by you are covered under the policy, then you’ll receive financial assistance to pay for them.Thus, by purchasing medical insurance , you can avoid paying for healthcare costs from your pocket. It can reduce the financial strain that such expenses might cause.

Here are some types of medical insurance-

Individual Medical Insurance

Individual medical insurance plans provide cover to one individual. You can file a claim if you incur expenses covered under this plan.

Family Medical Insurance

You, along with your family members, are covered under this plan. You can add your spouse, parents, and children to this policy.

Many young individuals tend to think they don’t need medical insurance as they are healthy. This can be a huge mistake.It’s recommended to purchase medical insurance as soon as you can. As you get older, you become more susceptible to health issues. Therefore, the likelihood of you requiring medical treatment increases. Thus, your medical insurance premiums also increase. To avoid this, you must buy medical insurance as early as possible.Furthermore, you might have to undergo various medical tests to get medical insurance if you get older. Therefore, it’s wise to get insurance when young.

While the coverage might vary from one policy to another, most policies will cover hospitalisation expenses. They will also cover treatment expenses.You must keep in mind that medical insurance will not cover every healthcare expense. Therefore, it’s essential to check the coverage before purchasing a policy.

Financial Protection Against Medical Expenses

The most important reason that makes people purchase medical insurance is getting financial protection against significant medical expenses. Without this policy, you’ll have to pay for the expenses from your pocket, which can lead to financial stress.Medical insurance is a cost-effective way to avoid this problem. Also, as healthcare expenses are rising every year, buying medical insurance has become a necessity.

Cover Against Critical Illnesses

A lot of medical insurance policies cover specific critical illnesses . In case you suffer from a critical illness, then the insurer can pay you a lumpsum amount.

Tax Benefits

One of the most important benefits that medical insurance offers is tax benefits. By purchasing medical insurance, you can get a tax deduction of up to Rs. 25,000 under Section 80D . The tax deduction limit for you increases to Rs. 50,000 if you are above the age of 60.If you add your parents to the policy, then you can get an additional tax deduction of Rs. 25,000. If your parents are above the age of 60, then the deduction limit is Rs. 50,000.

When purchasing medical insurance, it’s essential to compare different policies before choosing one. This will help you select the policy that suits you. Also, it’ll become easy for you to choose an affordable plan.Here are things to keep in mind when purchasing medical insurance-

Coverage

The first thing that you need to compare is the coverage of the plans. You must check the sum insured amount and the treatments covered in the policy to assess the coverage of a policy.

Waiting Period

In case you suffer from a pre-existing illness, then the insurers might levy a waiting period for a few years. The waiting period is the time during which you must pay the premiums of the policy but will not be eligible to make any claims. Once the waiting period is over, you can file a claim. Check for policies with lowest waiting period.

The Claim Process

One of the purposes of medical insurance is to provide financial assistance quickly. If an insurer has a slow claim settlement process , then it will lead to more problems for you. Therefore, you must check the reviews of the insurer before selecting a policy.

Medical insurance has become a necessity due to the increasing medical expenses. Without insurance, you’ll have no financial cover to protect yourself from the significant healthcare costs you might incur in case you need medical treatment. It’s recommended to buy medical insurance as early as possible to get sufficient financial protection.

• You must compare various plans based on factors like coverage amount, premium, waiting period, etc.
• Medical treatments can cost a huge amount of money. However, medical insurance can lower the financial burden caused by such expenses.
• Buy medical insurance at a young age to save on the premium amount.

The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.