Do you have an adequate Health Insurance cover?

Health insurance has become a necessity in today’s day and age. But,  many people (especially youngsters) think that they do not require an Insurance at all and it’s just a waste of their money.

What people do not realize is that, in uncertain times like these, a comprehensive Health Insurance cover would ensure that in case of any kind of hospitalization, the cost incurred doesn’t put any kind of dent on the family’s earnings.

Questions that individuals need to ask themselves to see if they have the right policy or are buying the right health policy:

  • Why do I need Health Insurance in the first place?- Health insurance is a necessity not because an agent told you to buy but because it covers you and your family for unknown events which might occur at a small premium amount. So basically you are planning ahead for any unfortunate incident!!
  • Is my policy with a PSU or Private company?– Almost all Public Sector Companies have a cap of 1% of Sum Insured on Room Rent apart from the servicing issues that an individual faces. If you prefer buying all the important items from private companies then why not your Insurance!!
  • Does my policy have Restoration Benefit?- What if in a year, the whole Sum Insured amount gets used up because of a serious condition, does an individual or their family member.
  • Do I have a Super Top Up policy?- The purpose of a Super Top Up is to get an adequate cover over and above your base cover at a very low cost.
  • Does my policy cover Day Care treatments?- Many policies only cover treatments when hospitalization is for more than 24 hours. What if an individual only gets hospitalized for few hours for a minor treatment? It needs to be covered as well in your policy.
  • Does my policy have a cashless facility? – Cashless facility means that amount will directly be credited to the hospital by the insurance company in case of a claim

Keeping the current lifestyle & inflation costs in mind, a family consisting of husband,wife & children requires following Health Insurance Plan:

  • 5 Lakhs Base policy
  • 20 Lakhs Super Top Up over & above the base policy

Take the below poll to compare your health cover with the people around you:

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Bhushan Sheth
Bhushan Sheth
He started his career as a Banker with Bank of Maharashtra for 12 years. By the year 1994, He had the entrepreneurial urge and the desire to serve individuals not only as a Banker but as a Financial Advisor. He became an entrepreneur for distribution of entire range of financial products. The business growth was immense and simply unstoppable. During his new career he achieved the glorious milestones of becoming MDRT with LIC of India, COT of LIC of India, and MDRT with Birla Sun life Insurance co, and won impeccable reputation of being a financial advisor with Ethics, Efficiency and Excellence. By the year 2005 he felt a need to grow more professionally and serve the ever growing clients on wider scale in more organized manner. So a he created brand new organization ORBIT Financial Services. He moved to a higher ORBIT! Orbit is independent financial advisory company with client base of over 3000 investors. At Orbit, Our objective is to give complete financial planning solution. Financial planning is must in these times of volatile markets, nuclear families, increasing cost of living, educational and medical expenses, uncertain retirement benefits, low returns on deposits and greater life expectancy levels. At Orbit we understand your needs, analyze your risk appetite and plan your investments to meet the financial goals you hope to achieve moving forward.

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