Health Insurance Buying Guide For 2021

Choosing the right kind of health insurance policy, whether for your own self as an individual or for the entire family, can be a tricky affair. Worst of all, it should never be looked at as yet another investment option. The article highlights the salient aspects of covering your health with the best financial deal

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One of the scariest things that we do these days is to rely heavily on our financial advisors or planners for our finances. This could be about investment or insurance and it becomes more frightening when we don’t bother about things other than returns. Whether it is investment or insurance, it is your ultimate responsibility to carefully analyse and take appropriate actions. In the current situation when the world is facing one of the worst health crises in a century, the first thing that comes to our mind is health insurance. If you zero down on a plan with what the agent says or are happy that you have just got the cheapest one, then there is a bit of a gap between your understanding about the health plan and the need to fill the same with proper knowledge.

Hospitalisation expenses are sky-rocketing and its inflation is somewhere around 10 per cent. Therefore, it is quite important to have health insurance to cover you and your family in the likelihood of any hospitalisation expenses. That said, among the plethora of options available in health insurance it becomes difficult for people to choose the right one. In this article, we would try to find out the best health insurance policies. However, before that we need to understand what different kinds of health insurance covers are available.

There are majorly two kinds of health plans: one is individual health insurance policy and the other is family floater.

Individual Health Insurance: As the name suggests, individual health insurance covers only a single person. This means that an individual cannot share his sum assured with his or her family or dependents. Such policies are more suitable to people who do not have financial dependents.