Are Cheaper Premiums the Deciding Factor When Buying Health Insurance? Think Twice

Are Cheaper Premiums the Deciding Factor When Buying Health Insurance? Think Twice

A health plan with a low premium is not always the best plan. You have to consider other important factors and features before you finalise on it.

Are Cheaper Premiums the Deciding Factor When Buying Health Insurance? Think Twice

A penny saved is a penny earned. But, is saving the penny always a good idea? With health insurance, it is not. Health is a fragile topic. With many factors affecting your health and welfare, you must always aim for good health. Getting a good mediclaim policy is one step ahead. Healthcare costs are rising. Buying health insurance is the only way to rid yourself of financial burdens. But, you must look at many factors and not only the price, when buying a plan.

The cheapest plan is often not the best option for you. So, what are the factors you must look out for? Read on to know more.

Why Is a Good Health Plan Expensive?

First, let us understand what we mean by a good health plan. A good health plan provides maximum coverage every time. Since insurance needs are people-centric, there are no common health plans for everyone. You must get a custom-made plan for yourself. If you have a family history of cancer, opting for a critical illness rider is a wise choice. If you have elderly parents, look for a policy with lifelong renewability options. These add-on benefits increase the cost of the health insurance plans. But, no matter how expensive they are, you must include necessary covers in your plan.

Benefits and Features of the Perfect Health Plan

  • Reduced healthcare costs: There are some healthcare costs you cannot avoid. From common allergies to sudden complicated illnesses, we suffer from some physical breakdowns. A health plan assists you by paying off your medical bills in return for a premium you pay.
  • Specific to your needs: You may have a painful hip requiring replacement, while your friend may have a heart condition requiring surgery. Health plans address specific problems for everyone. A good cover provides an umbrella of benefits specific to your needs.
  • Tax benefits: The premiums you pay towards health insurance are tax exempted. So, don’t feel bad when you pay a large amount as your health insurance premium. Think about the larger tax benefits you are getting out of it.

Riders and Add-ons

Basic health plans are always cheaper. But, like mentioned above, you may need some riders and add-on covers to make the plan your own. A rider is an extra cover you get at an added cost. There are many beneficial riders such as critical illness rider, maternity rider, room rent waiver rider, personal accident rider and the hospital cash rider. Choose the riders with care to ensure you get the highest claim amount when needed. Adding a rider to your basic plan may prove to be an expensive move, but later, you will gain much from it.

Conclusion

Choosing the cheapest health plan is not always a good idea. The main aim for health insurance is to get a high cover and pay less out of your own pocket when the medical need arises. Choose your health policy with care. Do not look only at the price. Consider your health condition, pre-existing illnesses, family health records and general medical expenses before buying the plan. Make sure you don’t become penny-wise and pound foolish.

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