Do you have Proper
Health Insurance?
Health insurance
is the vital part of every individual financial plan. We also call it mediclaim
policy also. In India, it comes under general insurance category. In our
country the penetration and awareness of health insurance is still very poor.
In metro and big cities now people are considering it. In my personal opinion,
it should be compulsory for every individual as without good health all wealth
have no mean.
Why it is so important?
Healthcare
costs are increasing day by day in our country. The annual growth rate of
increasing cost is around 15% to 20% YoY. Any emergency hospitalization due to
any illness or accident makes a big hole in your pocket. I feel very surprise
when people say purchasing health insurance is wasting your money as there is
no return if you do not get hospitalized. Health insurance is a protection
tool, it is not for investment. It should be your first priority that protect
your family and yourself with proper amount of mediclaim policy.
How to choose good health insurance?
Choosing
good and proper health insurance is not easy task for everyone. If you do not
have enough time and resources, contact any IRDA certified and skilled health
insurance planner. There are more than 25 general insurance companies exist in
our countries so it becomes very difficult to choose the best one. For health
insurance buyer premium would be the first criteria to judge the policy. But
your focus should not be only on premium amount there is another important
factor you must judge that is claim settlement ratio. You should check the
claims settlement ratio of particular insurance company. There is no mean of
cheap premium if company do not settle the claim in proper time. If settlement
happens after a long waiting period that is also the concern.
Health
insurance companies publish this data quarterly or annual basis. IRDA does not
report the claims settlement ratio in its annual report whereas in case of life
insurance IRDA publish the same. Choosing a health insurance is vital for your
financial plan and choose it very carefully. Only cheap premium should not be parameter
for purchasing the health insurance. You should consider the other important
factor like settlement time taken by the company, settlement ratio etc. After
all it is for you and your family’s wellness.
If you want more information
regarding investment or you have any other query about investment feel free to
ask us.
Warm regards,
Arvind Trivedi
Certified
Financial Planner
Awesome post you have here! You've summed up all the important factors on choosing an insurance. A very helpful one. Thanks for sharing! Anyway, We really should be very careful when selecting accident and health insurance.
ReplyDelete