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Why Doesn’t A Traditional Approach To Buying Health Insurance Work Anymore?

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By Author: Rahul Kumar
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Although health insurance has always been necessary, its importance has grown considerably over the decades. Along with it, the real estate plans have evolved and so has the approach necessary for buying an insurance policy. There are a number of added factors you would have to pay attention in order to find the best health insurance plan or combination of plans. Let us explore the differences between the traditional and contemporary approaches.

Sufficiency of group health insurance
Companies often go for group health insurance plans to provide their employees with insurance coverage. In the past, this was considered to be adequate. The individuals covered by such a plan usually didn’t opt for an individual insurance. It is possible to include family members under these plans by paying an added premium and many used to go for this option.
However, owing to the skyrocketing medical costs, a group health insurance plan might be able to cover only a fraction of the treatment costs. The expenses for a major surgery might exceed the coverage from your group health insurance plan considerably. It is therefore now better to go for family floater and individual insurance options for added coverage.

Coverage of pre-existing conditions
The notion that pre-existing medical conditions wouldn’t be covered by an insurance plan is false. However, the reason behind this belief is that previously, insurers didn’t provide coverage in such cases. Most of the leading insurance companies now cover these cases with their plans. The policyholders have to either:
Undergo a waiting period during which they cannot claim the insured sum for that ailment
Pay a loading premium to get coverage instantly
Pay a loading premium and undergo a waiting period
All you need to do is find the best health insurance policy by exploring the options offered by Vital and find a suitable plan to cover your pre-existing condition with it.

Adequacy of family-floater plans
Family-floater plans have always been the most common form of family health insurance. Indeed, it is a wise choice to go for a family floater plan, as these plans cover most of the ailments for which you might require an insurance policy. Only a single premium amount is needed and this amount depends on the age of the eldest family member. However, a nowadays a family floater might not be adequate anymore because:
The coverage might not be sufficient in case of major ailments. For example, cancer treatment or heart surgeries are quite expensive and the family floater may not be enough, depending on the insured sum you go for.
One of the family members falling sick with a critical illness might end up in the consumption of most of the insured sum, leaving almost nothing for the rest of the family members.
Hence, the need for critical illness insurance has risen. It is recommended to get the family members, especially, the elderly ones covered by a critical illness plan. These plans are relatively cheap and provide a lumpsum amount of coverage in case of critical illnesses.

What should the current approach of buying insurance plans be like?
Evidently, one needs to take a new approach now when looking forward to buy health insurance online, to adapt to the evolving times. It is advisable to choose a combination of insurance plans rather than relying on only one. In case of you have any pre-existing medical condition, make your insurer aware about it and get necessary arrangements done.
You might want to go for an insurance plan which comes with added benefits. For example, a leading insurance company, Vital offers features like:
Wellness packages
Discounts on various consultations and tests
Dedicated care managers
Easy EMI options
To make sure that you and your loved ones are covered adequately, you need to adapt to the new approach and make the right choices.

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