Health Insurance At The Cost Of A Cup Of Tea/Day

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It is not possible to predict what is going to happen the next day, but we can prepare ourselves at least at the financial end. In today’s time, health treatments are getting expensive every day. If you want to get treated by a competent doctor at a good hospital, the medical bills can go beyond your threshold. Thus, subscribing to a health insurance plan is always a good idea. We often think that health insurance is an expensive deal. However, if you breakdown the cost of the premium you pay every year, the price is not more than a cup of tea.

Health insurance provided by the employer

Many companies have included group insurance plans in the list of perks they contribute to the employees. The premium of group health insurance is much lesser than in comparison to the premium you pay for a regular Health Insurance Plan. However, there is a catch. Once you leave the company, the cover will become void, and you have to either wait for the new employer to provide you health benefits or you have to buy individual or family health cover on your own.

Affordable health insurance plans

If we compare the policies, their features, and cost, it is clear that the premium you are going to pay is affected by several factors. From your age to current health condition, your financial position to the medical history of the family, there are a lot of things the insurance company will consider while finalizing the premium you have to pay. Usually, if you get a comprehensive health insurance cover worth Rs.300,000/- it will cost you almost equal to what you pay for a cup of tea. Please note that the premium cost may vary from person to person.

Critical illness cover

There is a misconception in people’s mind that health insurance and critical illness insurance are the same things. They both indeed provide financial support during medical emergencies, but they are different in many ways. The main difference is in health insurance. You do not get cover for diseases like heart failure, kidney failure, cancer, and more.

On the other hand, in critical illness insurance, you only get cover for the essential illnesses described in the documents. At a nominal fee, you can buy riders or add-on with health insurance, which will provide critical illness cover as well. You can get these riders based on your health condition and medical history of the family.

Questions you should ask while buying an affordable health insurance plan

When you decide to buy a health insurance plan, there are some specific questions that you should consider while comparing the policies. Here is a list of such questions:

  1. Is the premium affordable?

The basic health insurance plan will not cost you more than a cup of tea per day. However, the premium depends on the sum assured as well. For those who are young and healthy, opting for a minimum health insurance plan will be the right choice, and as your income increases, you can upgrade the policy.

  1. Is the plan sufficient for your future?

If you are single, you may go for the individual health coverage plan, but in the long term, you will get married, have kids, and the expense on healthcare will increase. Every year review your policy and renew it accordingly.

  1. What is the claim process?

Make sure you understand the claim process beforehand. You should be aware of the documentation which you or your family member will need while filing the claim to speed up the process.

  1. Is the cashless facility available?

If the cashless facility is not available, you have file bills, etc. while filing the claim. On the other hand, if the cashless facility is available, you can get the treatment in the insurance company’s approved hospitals’ list, and the insurance company will directly pay the bills.

  1. Is critical illness covered under the health insurance plan?

As mentioned before, it is generally not. The insurance companies keep health insurance policies and critical illness insurance separate. Thus, you either have to buy a rider or an additional policy for critical illness.

Health insurance at the cost of a cup of tea/day

Every day we spend between Rs.10/- to Rs.35/- on a single cup of tea. If you calculate the premium for minimum coverage of health insurance, the cost will be lesser than the total amount you are going to spend on tea in a year on this rate. Health insurance, despite the misconceptions, is not a luxury, but it is a necessity.

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