How to curb the costs on your medical insurance plan

Medical Insurance Policy

How to curb the costs on your medical insurance plan?

Health is precious for everyone. Whether it’s individual health or family well being we all pray to god each day to keep us away from all the unfortunate incidences, procure a healthy and wealthy life.

But mere praying is not enough and therefore we strive to build some form of financial security for any unfortunate event like accident, critical illnesses, or other health disorders amongst individual or our family including our parents who are almost dependent on us during their old age.

Now that various insurance companies have come up with innovative and customized medical insurance plans, we are sure you must have taken a suitable one for you and your family needs or might be planning to buy one.

However, the rising number of diseases along with the escalating costs on hospitalization, operational costs, medicines etc. has made it necessary for everybody to seek a low cost medical insurance plan to provide required healthcare cover to everyone at optimum cost.

Buying Basics To begin with, you must know that there are two kinds of health insurance policiesindemnity and benefit. While indemnity policies such as individual and family floater pay hospital bills, benefit policies such as critical illness pay a lump sum if you are diagnosed with a disease that you are covered for.

Surgical Cover Experts say more people get admitted to hospitals for treatment of viral infections, diarrhea and digestive ailments than more serious things such as surgery. In order to reduce claims and pass on the savings to policyholders in the form of lower premiums, some companies have introduced a surgical protection plan. It is a benefit plan where a fixed amount is paid on the basis of the grade of the surgery.

Top-Up Plans Medical costs have been rising at staggering rate of around 15-18% a year, which is more than double the inflation rate. It calls for large covers, but not everyone can afford higher premiums of large covers. At such time you should look for top-up plans which can reduce costs through in-built deductibles.

Maternity Expenses This covers proves very beneficial if you are looking out for family planning in near future. It’s not easy to finance the entire delivery costs with the savings that you have. You may never know the complexities generated so it’s better to adopt a suitable women medical insurance policy. Check out the waiting period and try adopting a plan so that you could redeem the benefits in time with the delivery of the baby.

Cover For Treatments Abroad Going abroad for treatment is surely going to be an expensive affair. Besides the high cost of treatment in most developed countries, the money spent on travelling, food and accommodation of the attendant can be huge.

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