Health insurance has gained tremendous significance in recent years. COVID-19 scares notwithstanding, the incidence of serious infections and various types of cancers, to name just a few, is on the rise. Even seemingly fit people have been struck down by sudden heart attack episodes, or the onset of critical illnesses. It seems that nobody is spared from ill health, but it helps to be financially prepared to meet hospital and treatment expenses when the event occurs.
The following are 3 of the most important health insurance policies every person must buy in 2022:
#1 Family health insurance.
You might have an individual health insurance plan purchased a few years ago, but now it makes better financial sense to buy a family health plan. A family floater health insurance policy covers all the members of your family – you, your spouse, your parents and dependent children – so that every family member is protected against future health events. Meanwhile, the best plans offer No Claims Bonuses, tax benefits against the premiums paid every year, affordable premiums (you pay a single premium as opposed to multiple premiums for each family’s member’s individual health plan), easy renewal process, sum insured enhancement, and a host of benefits like daily hospital cash, ambulance coverage, day care procedure coverage, etc. If the policy coverage seems inadequate based on the growing needs of your family, you can get a super top up plan to supplement it.
#2 Critical illness insurance.
Critical illness insurance is a necessity at a time when a lot of people are falling prey to lifestyle diseases, serious illnesses like cancer and even hereditary diseases like certain cancers and heart problems. Younger age groups are also at risk, and there is no way to predict who will fall ill with a serious illness like cancer or end stage renal failure. Critical illness insurance plans offer a lump sum pay-out upon diagnosis of the listed critical illness, so that you can begin treatment at once. Treating a serious illness can take a lot of money and time, so having this policy under your belt helps your financial situation tremendously – all you need to worry about is getting better with the right treatment.
#3 Personal accident insurance.
This is a type of health insurance plan that offers coverage against the financial perils of experiencing an accident. Accidents can occur any time and anywhere, and it helps to be prepared against its pitfalls, especially if you drive a car or ride a bike frequently. However, this policy can be taken even by non-motorists. In essence, it assists you and your family members in case an accident occurs that results in serious injuries which make it impossible for you to work temporarily or permanently. In case of the unfortunate death of the insured person, the family members get the sum assured on the policy so that they may be recompensed for the loss of income. The personal accident insurance plan broadly covers total or partial disability resulting in loss of income, loss of the use of limbs or vital organs like eyes.
How to buy health insurance
Buying health insurance plans is simple if you partner with a reputed health insurance provider. Do ask for quotes from at least three top insurance providers, and compare the plan benefits, inclusions, premiums payable and other features. You must also calculate how much money you need to set aside for premiums when you buy all of the above plans, and make your purchase accordingly.
We recommend buying health insurance as early in life as possible to get lower premiums and lifetime coverage.