The century we are a part of can be said to be the century of insurance. This is because it is in this century only that the concept of insurance has evolved and flourished. One of the most important insurance of our life is the medical insurance. No one, whether fit or unfit, is spared from medical problems. Medical insurance provides support in the form of financial aid to the insured in case of any accident or mishap. People take different insurances like life insurance, child insurance, auto insurance etc. however; here one is forgetting something really important and special. That something really important and special is the individual himself. We take insurance plans for family, home, vehicles but we miss on taking an insurance plan for ourselves.
• With so many accidents, terrorists attacks etc happening around us one is not sure whether he will return home safely or not. If you are the only person in the family who is earning and if you happen to meet with an untoward accident then what about your hospitalization and medication bills? It is difficult to pay all the bills out of ones pocket. At such times if you own a medical insurance then your medical bills are fully paid or mostly paid by the medical insurance company. This atleast eases your financial tension.
• Medical problems occur even at an early age. We see people having cardiac arrest at young age also due to so much of adulteration in food people are more prone to falling sick. At such times one needs medical insurance. Medical insurance doesn’t reduce the chances of the person falling ill but when one does fall ill, his medical expenses are paid fully or reduced by the medical insurance company.
While opting for medical insurance one must be careful. The factors that one must consider are:
• Premium- the amount of money paid to the insurance company in installments is called as premium. The premium that you choose should fit in your budget.
• Upper limit- the upper limit of the coverage that the medical insurance should be appropriate according to the premium paid by you.
• Coverage- the coverage offered by the company for particular illness should be equal or near to the actual medical expenses. Or else there are chances that one might have to pay more out of pocket. This will result in the buying of medical insurance policy to be a total waste of time and money.
• Insurance company- the company from which you buy the insurance policy matters a lot. There exist fraud companies in the market of insurance which provide you with the best deals and then never show up at the time of need. Thus better to survey about the company and its background before purchasing an insurance policy from that company.
• Limitations- every medical insurance policy has its own rules and limitations. The individual willing to buy a medical insurance policy should know and understand all these rules and limitations before buying the medical insurance policy.
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Pranav Sharma a Mumbai based insurance broker assists individuals and corporates in purchasing the right Critical illness policy & often shares his insights about the Mediclaim insurance industry on internet.
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