Health is unpredictable and it can cost a fortune in atrocious circumstances. It’s best to have a back-up plan. This is where the medical insurance comes in handy since it saves you from the burden of bills for medical expenses.
Medical insurance is the agreement between an insurer and an individual. In the case of an accident or illness, the insurer compensates the insured. One has to pay monthly premiums to the company and they will provide the monetary help when needed. Since, There’s a huge competition in this sector as well, providing insurance. But before all that, you have to look at the company that provides you the best of services and policies.
Here are the few pointers that you must consider before getting the medical insurance policy.
1.) Look for any exemptions in the policy. Policies differ from company to company and so does exemptions. Ensure that you and your family end up enjoying the full benefits of the insurance cover that you settle for. Hence, least exemptions work the best.
2.) Pick a plan according to all your needs. There are different types of insurance you can choose from: medical insurance for an individual, medical insurance for family or group, international medical insurance and travel insurance. They all have their own rules and regulations and prices. This makes it important for you to go through them all before making a final decision.
3.) Use online tools and calculator to compare the costs and premiums of different plans. This makes it really easier for an individual to compare the kind of coverage they want along with the monthly installments they could afford. In case, you’re finding it tough to understand the policies online, call the representative and they will be happy to help.
4.) It’s best to have a separate account for health care expenses. This will also help you keep an account of your expenses such as prescription, laboratory tests etc. Apart from the advantage of providing a cover, medical insurance helps in a tax deduction.
5.) Consulting with an NRI service providers is never a bad option. These companies are masters at handling tasks related to Non-Resident Indians, and provide them with options that are extremely good.
Since, most individuals get medical insurance from the corporate they work for, but that doesn’t cover parents. What if you’re working in London or New York City, and your parents stay in India. Who’s going to take care of them and their needs? Of course, it’s your responsibility to cater for their needs.
NRI (Non-Residential Indian) living abroad, prefer to pay cover for their family members staying back home. Since, it becomes really difficult to leave work constantly for minor problems. Paying EMI is an easier way to help the family with such low monthly installments and not only that, NRI service providers provide services like home health assistance, health check-up, medical consultancy and medicine delivery, all that for a very low charge.