A Health Insurance policy is not a financial priority anymore, it has become a necessity in today’s age due to the continuous rise in healthcare risks and prices inflation. Any unplanned hospitalisation would lead to numerous expenses such as medicinal treatment or surgery costs, diagnostics test charges, pharmacy, doctor’s visits, room rents,ambulance transportation charges etc. These costs can easily cripple a family’s financial health in a flash.But with the right health insurance cover, you can protect yourself and your family from these medical expenses without causing much dent in your savings. Do not let the massive costs oftreatment become a hindrance inseeking the right care for a loved one. Get a health insurance for your family now.

Following are some of the key coverages and benefits you get when you buy a health insurance policy:

1. Cost of hospitalization:All the hospitalization expenses incurred due to illness oraccident injuries

2. Pre and posthospitalization expenses: Expenses incurred during a certain number of days before and after hospitalization as long as they are related to the illness/injury

3. Day care procedures: Surgeries and treatments that do not require 24- hour hospitalisation,due to technological advancements, are also covered

4. Ambulance cover: Transportation of the patient to hospital

5. Income Tax benefit: Save upto Rs 75,000 on tax (25,000 for self and family & additional 50,000 if senior citizen parents included) under section 80(D) of Income Tax Act

6. Organ donor expense: Medical expenses of organ donor during an organ transplant.

7. No Claim Bonus: Bonus given to the insured during renewal in case of no claims are filed in the previous policy year. The bonus can be in the form of an increase in the sum insured.

8. Cashless treatment: Can be availed when hospitalised in one of the network hospitals of insurance company

9. Sum insured recharge: Sum insured gets replenished on exhaustion of entire health cover

10. Alternative treatments (AYUSH Benefit): Alternate therapies like Ayurveda, Unaani, Siddha and Homeopathyget covered

11. Free health check-ups: Free health check-up facility given to the insured members upto pre -defined limit in policy.

12. Domiciliary hospitalization (Health homecare): Treatments availed at home on doctor’s recommendation

13. Convalescence Benefit: Lumpsum amount given to the insured person as a recovery benefit in case of a long duration of hospitalisation

It is important to realize that inclusions will vary from one provider to the next and from plan to plan.

Some of the exclusions under a health insurance policy are as follows:

1. Expenses due to pre-existing disease incurred during waiting period

2. Expenses occurred during the waiting period for the disease/ailments having mandatory waiting period

3. Cosmetic and Dental surgery expenses

4. Sexually transmitted diseases

5. Self-inflicted injuriesor adventure sports

6. Injuries caused due to war

Detailed list of exclusions can be found in the policy wordings of the respective health insurance product.

There are two types of health insurance plans available today. They are as follows:

1. Individual health insurance plan: This type of plan suits for individuals who chose to buy a policy for covering one individual.

2. Family health insurance plan: This type of plan provides coverage for the entire family which can include spouse, parents and children. The sum insured can be shared among all the family members or each family member can have an individual sum insured.

Choosing the right health insurance plan is the most important step while purchasing a policy. Following are some of the factors that should be kept in mind while looking for a health insurance:

1. Sum insured: Determining the right coverage is the first step when opting to buy a health insurance. Individuals residing in metro cities may go for higher sum insured. If looking for family health insurance plans, sum insured above 10 lacs can be considered so as to cover multiple claims in a year from different members without exhaustion

2. Sub-limits: Policies that do not have sub-limits on room rents i.e. no higher limit on the rent charges are always recommended.

3. Co-payment: Policies that have co-payment option have lesser annual premiums because the insured individual pays a fraction of the hospital expenses and the rest is borne by the insurance company. Though the premiums are discounted but the co-payment amount could be a significant amount in case of high value claims.

4. Waiting period: Some insurers have shorter waiting periods for pre-existing ailments. Specific covers like maternity benefits are covered after 3 years under policies of few insurance companies. The shorter the waiting period, the better for the insured person.

5. Cashless hospital network: Insurance companies have tie-ups with hospitals across the country. One should always look for the insurer who has more number of hospitals under their cashless service.

There are numerous health insurance plans available in the market. Each plan has its own inclusions and exclusions list, benefits and features, cashless hospital network, sub limits, waiting periods for certain illnesses etc. Hence it becomes imperative to compare these plans first and then choose the one which suits your requirements the most. Policy anchor helps you choose the right plan by showing a detailed comparison of all the health insurance policies available based on the data provided and hence assists you in making an informed choice.

You can compare and buy health insurance online in a few easy steps. Visit Policy anchor website and select health insurance. Then you will be asked to enter few basic details like age, sum insured amount, area of residence, number of members to be insured etc. Based on the details submitted, quotes from various health insurance companies will be displayed. You can select multiple plans and compare the benefits and coverages provided along with the premium. After you have decided on a particular policy that fulfils your requirements, you can select the plan and proceed to the proposal form stage. You have to provide accurate and correct information in the proposal form. After the form is filled, you can review all thedetails shared till now in the summary page. After reviewing, you can proceed to make the payment online through various modes like credit/debit cards, internet banking, wallets etc. Post successful payment, health insurance policy will be generated and emailed to you instantly.