Balancing Personal and Parental Well-being: Strategic Planning for Health Insurance
Having a private health insurance plan is more important than ever. With healthcare costs skyrocketing, having a medical insurance policy is like having a safety net for you and your loved ones,

Comparison Between Personal and Parental Health Insurance
Personal or Individual Health Insurance
Individual health insurance can provide several advantages and depending on their unique needs and circumstances. You can opt for this insurance plan based on its flexibility, choice of healthcare providers, employment status and portability, tailored benefits, control over coverage and gives access to specialised care. It sometimes covers family members.
This coverage plan provides medical benefits to an individual based on a specific insured amount for just INR 20 per day.
Tax Benefits: Under Section 80D of the Income Tax Act, when you pay your medical insurance premium, you can reduce your taxable income.
Health Insurance for Parents
The best insurance for your parents or other senior family members is medical insurance for parents. When they become sick, this insurance helps cover the expense of their treatment and medical expenditures.
Buy ACKO Health's Best Health Insurance for Parents, which provides extensive coverage for just INR 20 per day. Receive a complimentary annual health check-up and benefit of up to INR 75k under income tax benefits.
Tax Benefits: It can provide tax benefits for both you and your parents. Under Section 80D of the Income Tax Act, you can claim deductions on the premium paid for your parents' health insurance policies.
How to Plan When Considering a Health Insurance Plan?
1.Compare Health Insurance Plans Online
It's crucial to do an online comparison of health insurance plans before deciding on one. Through plan comparison, you can identify the lowest cost plan without compromising on essential features, benefits, or services. Making sure you find the best value and the ideal fit for you or any other family member, is the main goal.
2.Various Factors to Consider Before Buying Your Insurance Plan
Your requirements for medical care
Consider your true needs when it comes to an Indian healthcare policy. You can locate a plan that provides the services and treatments you need by being aware of your healthcare demands.
Healthcare providers’ network
Verify if your primary care physicians are covered by the network. Additionally, confirm that your preferred hospital or medical centre is included as well.
Select the right sum insured
When selecting a plan, take into account many aspects such as your age, medical issues, location, health insurance quote, and healthcare requirements. Choosing a policy with a low sum insured could leave you unprepared in the event of an urgent medical situation.
Deductibles and premiums
Monthly payments for medical insurance are called premiums, and out-of-pocket expenses are called deductibles, which must be paid before benefits begin. Examine the various policies' deductibles and total costs of health insurance coverage to determine which one best suits your budget plan.
Coverage limits and exclusions
It is very crucial to understand the coverage limits and exclusions of the policy. Certain plans may completely exclude certain ailments or place restrictions on the amount they would pay for specific treatments.
Customer assistance and service
Selecting an insurance company with a fantastic reputation for customer service is significant. Check out their track record for managing claims and supporting policyholders.
Renewability for lifetime
It is critical to comprehend how long your medical plan is in effect. You might need a Mediclaim policy as you get older. Therefore, it is advised to choose a plan that may be renewed indefinitely.
Additional benefits
Certain policies include supplementary benefits like mental health care or wellness initiatives. These extra perks have the potential to significantly improve the value of your coverage and your whole healthcare experience.
High CSR, or claim settlement ratio
A higher chance of a settlement for your claim is indicated by high claim settlement ratios. Choose an insurance company with a high CSR since it indicates that it will not deny a claim without good reason.
Minimum time for waiting
There are waiting periods for certain illnesses in many health plans. Choosing a health insurance plan with a shorter waiting period for diseases and ailments that already exist is advised.
Conclusion
Thus, to access the quality medical facilities, protect yourself from unexpected medical costs, avail of the tax benefits and live a peaceful life, it is best to plan and then opt for a health insurance policy.
With ACKO, you can choose the best life insurance plan for you and your family — be it a personal or individual health insurance, medical insurance for parents orhealth insurance for family members.
Disclaimer: No Business Standard Journalist was involved in creation of this content
Topics : Public health insurance
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First Published: Feb 23 2024 | 11:17 PM IST