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Insurance Article

Closely look at all Health Insurance schemes around you and make a wise decision

May 04 2010

People have more spending power and are eager to protect their future health at any cost. More and more new developments have taken place in the health sector due to this. The Medical Insurance sector is closely allied with the health sector. Growth in one sector affects the other and so the Indian Medical Insurance sector is one of the fastest growing segments of the Indian economy.

This means that a lot of new Medical Insurance companies have come up and there is stiff competition in the market to provide people with what they want. There are various Health Insurance schemes in the market, and every new Health plan has a different set of benefits and coverage detail. In the face of so many options it is very important that you look at all Health Insurance schemes around you closely to make a wise decision.

After all, Health Insurance schemes are supposed to provide you support at the time you need it and if they fail to do that then they are actually worth nothing to you, no matter what you are paying for them. Here are a few pointers that can help you make a wise decision.

  • Despite there being many companies, many different plans and many different benefits, you have to keep in mind your needs and expectations out of a Health plan. All Health Insurance schemes will look almost the same unless you are sure of your exact requirements.
  • It is a good idea to ask yourself certain questions like: what kind of benefits do you need? Are you looking to cover just yourself or your entire family? Do you have any specific requirements from your Health plan?
  • The monetary aspect of a Medical Insuranceis also important. It is important that the premiums are within your budget and that you are not stretched thin every single time you have to pay one. The true value of a Medical Insurance can be measured by comparing the premiums with the total coverage amount.
  • Many companies offer bonus benefits if you are a long term Health plan holder. These benefits are very advantageous and it is wise to check if the company offers them. Some of the bonus benefits offered by companies are “inclusion of previous illnesses”, “additional sum insured” for every claim, free health check ups etc.
  • Lastly, when you are investing in a Medical Insurance you should check the network of healthcare providers that the company has and its name and reliability in the market.
Summary

The Medical Insurance sector is one of the fastest growing segments of the Indian economy. This has lead to fierce competition and there are various Health plans or Health Insurance schemes in the market today. It is very important to choose Health Insurance schemes wisely. A Medical Insurance policy should cover all your expectations from a Health plan.

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