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Why it is important to have medical insurance with high sum insured.

Strap: Policyholders should look at all the exclusions and inclusions before buying the policy.

Recent Kerala floods not only destroyed lives of people but also displaced thousands of them in one of the worst floods in over 100 years. The government along with people of the state have managed to restore life back to normal, but even now hundreds of people are still in relief camps. The major cause of concern once evacuation got over is to stop the outbreak of epidemics and it seems government has managed to successfully overcome this major hurdle.

However, as an individual, we should take care in such situation as flood affected areas are home to many water-borne diseases like typhoid Fever, Cholera, Hepatitis A and even Dengue fever. These diseases might not only spread and  infect the people  in relief camp but can affect even in the homes where flood water was logged.

Individuals not only have to take care of their health but should also have an adequate health insurance plan so that they can tide over such crises. “Kerala floods teach one of the most important lessons that, every member should have a medical insurance. It’s not like the next floods are going to hit your home,but one should have  decent health insurance plans so that in case of an emergency it doesn’t impact your pocket adversely, “said Sarita Joshi, Product Head at Probus Insurance.

With the rise of online platforms and web aggregators, it’s very easy to choose and buy best health insurance plans for an individual or family members. Before buying  medical insurance,one should also note other  insurances like vehicle insurance or even travel insurance.One has to compare the price between insurers and select the policy after looking at all the inclusions and exclusions in the policy.

It is also important that policyholders who hold a  group health plan covered by their employer should  look at buying medical insurance which will provide an added safety net. Another major factor to be considered here is that a policyholder should take care after buying pure health insurance plans which cover hospitalization and other expenses. Nowadays there are several standalone critical illnesses plans that cover illness such as Cancer or even dengue or malaria. 

However, one should have a basic medical insurance before venturing into buying standalone critical illness cover. Health insurance plans are not as simple as other product such as term plan or travel insurance as in health insurance one has to look at several factors such as waiting period, coverage of the policy, pre-existing conditions and premiums.

It is always better to have a proper medical insurance at a young age as premiums are little lower and one can even get tax benefits on premium payments. Finally, it’s not important to buy health insurance just for the sake of buying, it should have a decent cover (Rs 10 lakh and above of sum insured) for the family. Even Indian government has started giving health insurance free of charge upto Rs 5 lakh for people below poverty line (BPL). With rising changes in lifestyle and cost of medication in Indian hitting the roof, it is even more important to buy health insurance plans for entire financial planning 

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