Medical costs have been rising in India at almost double the rate of inflation. When you are 22-37 years old, purchasing Health Insurance probably doesn’t top your wish-list. But, having a Medical Insurance Policy can save your finances from going haywire in case of an accident or illness.
If you are employed, you might be part of your company’s group Health Insurance Policy. Many millennials today prefer to explore opportunities for entrepreneurship and self-employment. If you are self-employed, you have to provide for your Medical Insurance.
Millennials today are much more price-conscious than the previous generations. They have more basic expenses to manage. Tax benefit is one of the reasons most millennials buy Medical Insurance.
Factors to consider before purchasing a Health Insurance coverage
Evaluate your circumstances before you buy a Health Insurance Policy. Here are some things a millennial needs to consider before purchasing an HDFC Health Insurance Plan:
- Are you studying or working?
- If you are covered under your parent’s Medical Insurance Policy and live away from home, does their policy cover good hospitals in your current place of stay?
- Are you married? Do you have kids? Are you planning your family?
- If employed, check the benefits under your company’s Group Medical Insurance Policy. Would that be enough to meet your medical insurance needs? If married, does your employer cover maternity?
Further, you can do fact finding on the following points:
- Consider how many times you have been to the doctor in the past 2-3 years.
- What were the health problems for which you availed treatment?
- How much did it all cost?
Health Insurance benefits covered in a Medical Insurance Policy
Most Medical Insurance Plans in India cover in-patient treatments. Out-patient treatments get covered only in case of hospitalisation.
The primary benefits covered are:
- In-patient treatment & day care procedures.
- Pre and post-hospitalisation benefits.
- Emergency ambulance costs.
- Organ donor expenses.
The other important factors to look into are the cashless network and the applicable co-payments. Depending on the plan you select, waiting periods apply before the policy benefits kick in. Waiting periods also apply for maternity, pre-existing health conditions, certain specified diseases and treatment procedures.
For e.g., HDFC Health Insurance Plans have a 30-day waiting period after which you can claim under the policy. There are other waiting periods applicable too, though.
Advances in Technology to Provide Personalised Services Faster
We are entering the age of technology. There is more awareness amongst millennials when it comes to wellness and fitness. To keep up with these advances, most Health Insurance companies offer wellness benefits besides faster claim settlement procedures. These benefits can be taken advantage of using their respective mobile phone applications.
Additionally, the use of chat-bots that offer immediate assistance to clients has made it possible to provide them with instant and personalized services. You can also check the quality of the hospital and the doctor’s expertise before booking an appointment.
Select a Health Insurance Plan that offers a decent trade-off between premiums, benefits and co-payments. Ensure that the co-payments will be manageable for you.