None
Skip to mainThe premium conundrum
Most of us go for the policies based on premiums - the cheaper one. You should understand that the additional payment is worth for the benefits it gives. While choosing the policy, always make the final decision based on important considerations like the coverage being offered, your individual requirements and whether all your concerns are being covered and addressed by the policy. A comparative analysis of the price tags comes in picture only once the basics are settled and covered; not as the ultimate clinching factor.
Another crucial thing to remember is that premiums change as we age. Hence, while comparison of premiums is not the right way to decide the right policy, it is equally important to understand the changes in the premium with time and to ensure that the premiums remain affordable even after you retire. Premiums that rise exponentially and/or become unaffordable after a point of time are undesirable and should be meticulously avoided.
Simple and substantial
Mediclaims often come with loads of 'added features'. A basic thumb rule is to avoid frills as far as possible and always go for the basic. This is a price effective strategy and makes the selection of the mediclaim a much simpler process.
However, opting for a basic cover doesn't mean one should go for policies that offer a small coverage. Inflation in the health sector is incredibly high and what is an okay-ish cover today may become totally redundant by the time you actually need it.
Always go for the highest coverage that you can afford, taking into account the increase in the premiums over a period of time.
Background check of the insurer
As we had stated earlier, there is no dearth of options when it comes to the availability of the health insurance in the market. However, the more the option, the more is the requirement of vigilance on part of the consumers. Apart from the bare basic of ensuring a trustworthy advisor, a prospective policy holder must himself be involved intricately in the process of choosing the health insurance. Always conduct a background check of the insurer you are about to opt for. Search on the internet for reviews and complaints. Reading enough reviews and complaints will give you a basic idea of how the insurer has fared in the experience of other consumers. This is neither objective nor a foolproof method. However, it is effective enough to raise an alarm if the insurer has a track record of bad services and unfair practices.
A lot of insurance troubles are pure bad luck. However, there are still a substantial number of troubles that can be easily avoided if enough diligence, caution and awareness are exercised. Mediclaim is one of the most basic covers and comes handy in times of dire emergencies. Needless to say, caution is the key and while the issues we have highlighted may not be exclusive, they are enough to get you started on your vigil once you decide to opt for a health cover.
Source : Rediff
🕑 24 Apr, 2024 09:17 AM
DoPT forwards 8th Pay Commission demand by IRTSA forwarded to Fin Min
🕑 23 Apr, 2024 10:01 AM
CGDA: Revision of rates of Allowances with DA rates increased to 50%
🕑 22 Apr, 2024 12:59 PM
CBDT: on DoPT order on regularization of Casual Workers
🕑 21 Apr, 2024 09:54 PM
DoPT Consolidated Instructions on SC, ST, OBC, PwD & EWS reservation
🕑 18 Apr, 2024 11:51 AM
Timeline extended for CGHS Beneficiary ID - ABHA ID linking
🕑 18 Apr, 2024 10:22 AM
APAR timelines for Central Civil Services extended to 30th April
🕑 10 Apr, 2024 08:25 AM
DoPT Guidelines on Departmental Promotion Committees
🕑 10 Apr, 2024 08:35 AM
Kendriya Vidyalaya Sangathan Admission Guidelines 2024-2025
🕑 05 Apr, 2024 01:23 PM
Kendriya Vidyalaya Balvatika Admission Schedule - 2024-25
🕑 02 Apr, 2024 09:25 AM
Kendriya Vidyalaya Admissions Open for 2024-25: Key Dates & Appln Process
🕑 01 Apr, 2024 09:23 AM
Kendriya Vidyalaya (KV) schools where Balvatika is functioning
🕑 14 Mar, 2024 02:07 PM
Govt bans 18 vulgar 18 OTT. See the list here
🕑 08 Mar, 2024 01:49 PM
Pension Scheme Gains Traction Across States, Despite Central Hurdles
🕑 20 Feb, 2024 11:17 PM
CGHS rate for general surgery applicable from February 1, 2024
🕑 08 Feb, 2024 10:19 AM
No loan interst change as RBI maintains repo rate at 6.50% for the 6th time