Thursday, September 29, 2022

3 Health Insurance Resolutions We All Need To Make In 2021


Looking at everything that has happened in 2020, it is natural that we would want to make sure that 2021 goes by with less unpredictability. Besides the usual resolutions about going to the gym and eating healthy, there’s one more matter that requires your attention this year: health insurance. If there is anything that the COVID 19 pandemic has taught us, it is that we should always be prepared for all kinds of unforeseen circumstances. We never know what the future holds, especially when it comes to our health and lifestyle. To avoid unpleasant scenarios, it is best to be equipped with a robust financial safety net.

Keeping that in mind, we have come up with 3 health insurance resolutions that we could all undertake in 2021 for a healthier and financially secure year.

  1. Ensure adequate coverage 

Sure, you may already have a health insurance policy in place, but are you sure that it offers adequate coverage for you and your loved ones? This year, resolve to spend a bit of time reviewing your current health insurance coverage. If you have a family floater policy, you may want to reconsider the coverage your parents are receiving. If their coverage needs are not being met, you may want to look at ensuring them under a senior citizen health insurance policy.

Often, a lot of people skip out on essential coverage to keep their premiums low. This may help them save a bit of money at present during their premium payments. But it can cause immense financial difficulties when an illness that they may not be covered for strikes. It may easily lead to a depletion of their hard-earned savings.

So, make a resolution this year to ensure that you and your loved ones are getting adequate coverage.

  1. Opt for health insurance for vector-borne diseases

Last year, the Insurance and Regulatory Development Authority of India introduced standard health insurance products that cover vector-borne diseases. These diseases – such as malaria, dengue, chikungunya, and many others – spread through vectors such as mosquitoes. Since India is predominantly a tropical country, the chances of getting infected with these vector-borne diseases are quite high. The prevalence of dengue and malaria in India is highly known. The cost of treatment for the dengue itself can range anywhere between Rs 25,000 to Rs 75,000.

This year, ensure that you do not have to fall prey to the high treatment costs for vector-borne diseases. Simply opt for health insurance for vector-borne diseases to get covered. On an average, these policies give you a lump sum payout up to Rs 1 lakh if you get hospitalised for more than 48 hours. This payout can prove immensely helpful at filling any gaps in health insurance coverage. For instance, you may use it to afford co-pay. You may also use the payout as income replacement in case you need to stop working for a week or two while you receive treatment.

  1. Review your insurer

Your health insurance plan might seem comprehensive, but what about your insurer? The insurance company you have a policy with is as important as your coverage and insurance plan. Ideally, a reliable health insurance company should have the following features:

  • A high claim settlement ratio The higher the claim settlement ratio, the higher will be the chances of your claims getting solved. A claim settlement ratio of over 90% is always preferable.
  • Network hospitals Opting for a health insurance company that has a large number of network hospitals ensures that you get extensive access to cashless treatments. 5000 and more would be ideal here.

III. Excellent customer service This is hardly a point you should compromise on.

  • Extensive coverage Look for coverage of hospitalisation, day-care procedures, vaccinations and annual check-ups, pre- and post-hospitalisation, lifelong renewal guarantee, a high daily allowance, critical illness benefit, and so on.

This year, take some time out and review whether your insurance provider is able to offer you these features. If you feel that you are not satisfied with your current insurer, you may consider porting your health insurance policy.

Do bear in mind that the features of several health insurance policies differ as per the insurer.

We hope our suggested resolutions for health insurance prove helpful to you this year.