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health insurance

How to choose a right health insurance plan

by Holistic Leave a Comment | Filed Under: Insurance

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With the ever widening spectrum of health insurance options available, is it a development that will prove to be encouraging or alarming at the consumers’ end? Choosing the most feasible health insurance plan can be a complex process.

In order to ensure that you get the best option out of endless choices available, always be sure about prioritizing your needs and necessities well ahead of time. Along with this, you should also figure out how each plan adds up to your benefits. Therefore, here we present the following steps that will help you sail through the decision-making process when making a plan purchase.

1. Ascertain your requirements

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What do the consumers generally look for, at the time of considering a health insurance plan? A majority of decisions are based upon a single criterion that is to identify the lowest premium plans. However, insurance plans are all about getting only what you pay for. A deduction plan also looks attractive only at first, but that too turns out to be costly when unable to cover a certain test or hospital.

Thus, before starting your search, you should list

out the most important things. This can include considering a particular doctor you like, or a procedure that you are considering but is optional and thought-out by a few.

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2. Learn about what all is covered

Insurance plans are largely variant from each other in terms of the services covered under them. Therefore, buying an insurance plan is never same as buying any other necessary commodity where you merely have to compare the prices.
Basically, insurance policies vary depending upon the hospitals and doctors included. Certain policies allow you to virtually choose any provider. On the contrary, other policies can be more restricted. In case you have a set of preferences for certain doctors or specialists, a research done well ahead of time to check its coverage will be greatly beneficial.

3. Be well aware of the alternatives

If you are working for an employer that offers a health insurance, keep in mind that not always is your employer’s plan the best deal.

The moment you move out of the company or retire, these insurance poilcies are not going to help you. Some companies don’t cover their employees who are in their notice period.

It is better to have your own /separate health insurance for a smaller sum assured as a back-up. You will renew this every year for an increased sum assured. When you are about to retire, you can increase the corpus.

If this back-up is not there, after retirement you need to go for a separate policy. When you go for a fresh policy after retirement, insurance companies may reject or charge higher premium because of your health condition. Also there will be some waiting period for the fresh policies to get coverage for major diseases.

You can avoid all these hassles by taking a separate health insurance when you are hale and healthy.

4. Analyze the complete expense

While you evaluate various options, chances are that you get carried away by the policies with least monthly premiums. However, there is a lot more to bear in mind at the time of comparing various policy prices. Let us learn about these five basic aspects. These include the monthly premium, medical service deductible, coinsurance, copayments, and the upper limit for out-of-pocket expenses.

Out-of-pocket includes everything where one has to personally pay for health related services. These factors are essential in order to grab the best possible deals. Therefore, the coverage level and the overall cost will be a determinant of what plan should one invest into.

As we reach the conclusion of this learning exercise on how to choose the right health insurance plan, always remember that plans offering the best value should be worth considering in order making a wise decision. To take the right health insurance, critical illness insurance, life insurance and other investments, preparing a fundamentally strong, fool proof financial plan is required.To understand our unique Holistic Financial Planning Process we offer

If you have any comments or questions, write them in the comment box below.

Or are you interested in creating a Comprehensive Financial Plan for your financial goals?

Skip the queue by registering for your 30 Minute FREE Financial Plan Consultation. Click the ‘‘BOOK YOUR SLOT NOW!’’ button below. 

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Jey S
Jey S
24. September, 2021.
I have been using Holistic Investment Planners for the last three years. Mr. Srinivasavaradhan answered all my questions and doubts very patiently during the first free consultation. I was able to clearly define my short-, medium- and long-term goals once I signed up for the comprehensive plan and got their investment plan suggestion to achieve my goals. They are very polite and highly professional whenever I contact them for any queries or make investments. They never pressurize you to invest on their recommended financial products. I would have been lost money by investing directly without their help since I do not have time and knowledge about different financial products. Risk planning is also done as part of financial planning. Truly, they are holistic planners when it comes to your financial planning. They help you to define your life goals, understand your financial resources and establish a plan to invest towards reaching those goals. They do review your plan as you progress to make sure that you are on correct path to achieve those goals. Kudos to the team and keep up the good work!!! I am happy that I found holistic investment planners for my financial planning and management.
aksaswadkar
aksaswadkar
24. September, 2021.
I was about to retire and really not understanding how to invest money to have financial freedom and fulfilling my goals. Was desperately searching on internet way out and fortunately came across Holistic Investment Planners. I read number of articles on their website and realized that this is the agency which I want and engaged their services for my retirement planning. It is an excellent experience to be associated with Holistic. Right from day one our interaction was fantastic and they gave me such a wonderful plan that I had never imagined. I am fortunate enough to be in the client list of Holistic. I have recommended Holistic to my friends as well.
Lionel Faber
Lionel Faber
16. September, 2021.
I've been availing their services for the past year. They are highly knowledgeable in the field and are very patient with all doubts and queries. Personalized financial planning is provided keeping your short term, medium term and long term goals in mind. They do not pressurize you to purchase schemes of their choice. They provide their input and suggestions and leave the decision up to you which shows their honesty and high principle.
Sridhar
Sridhar
8. September, 2021.
Financial planning brings peace in life. Holistic Investment have supported in arriving financial plan based on future goals. My investments are regular since then. They are professionals in their business, will recommend others.
Nitesh Agrawal
Nitesh Agrawal
6. September, 2021.
I have been using Holistic Investment Planners from last one year. The journey has been fantastic. Being a finance person myself I always thought we can look after and plan own finances also. However, due to lack of time and deciplain the things are not always as desired. After joining with Holistic Investment for the first time Icame to know the Financial goals and quantified them. Some dreams were unrealistic based on the earnings and savings so had a reality check. Also got the information and deciplain of investing on regular and more rewarding securities. I definetly suggest to use Holistic Investment Planners. They are professionals, available and hear youor full story before presenting plans. They are flexile in the sense if there are some urgent deviations required, they help to plan the same. For all professionals/individuals I would suggest using professional help of Holistic Investment Planners for best results in long term investment and financial goals achivements. Last advise will be to start early in your life. It really pays well to start in the beginning itself else the dreams needs to adjust :)
Swetha Vasanth
Swetha Vasanth
6. September, 2021.
This is my first year service with the Holistic Team and I would say that they are very much helpful in creating a financial plan and follow ups during the year. I would definitely suggest them if anyone who is willing to proceed with their savings professionally.
Joseph Mathias
Joseph Mathias
6. September, 2021.
I came to know about Holistic Investment Planners online while searching for different investment ideas. Once I contacted them the journey was very smooth. Mr. Ramalingam explained all the aspects of Financial planning in detail and it opened my mind. I realized how important it is to have a Financial planning. Mr. Rajan suggested all the requirements as per my goals and made a Investment plan keeping in mind of my goals. I started my Investment journey with them. I wish I had done it some years back then it would have been in a different level. Review meetings were held every six month to check the implementation of the plan and check the results as per the requirements and to check if any changes required. Overall it was a good experience with Holistic Investment team and would like to continue in the years to come.
Srinvas Kannan
Srinvas Kannan
30. July, 2021.
I came across Holistic investment planners almost 5-6 years back, but I did not have the trust since I had met a few of them who did not sound promising. Then I started investing through a financial advisor of my friend. After 4 years of investing the returns were very low. I was disappointed and started looking for financial advisors when I came across Holistic investment. I had a detailed discussion about my goals and the way they would approach achieving my goal before deciding to switch my investments to them. After a thorough analysis of my then existing portfolios, they suggested new ones and we zeroed-in on 6 schemes/funds where our investment would be split. I am glad I made the decision of switching over and taking Holistic planner's advise, my returns are handsome and I only wish I could have taken their help/advise 5 years back itself. Neverthless, I would like to recommend their services for investment and financial advise if someone is serious about their investments.
Shivaram Andiappan Selvaraj
Shivaram Andiappan Selvaraj
3. July, 2021.
I got a free first time consultation. I got my doubts resolved. They also gave additional advises for investment planning which was also useful.
Nellai B
Nellai B
26. June, 2021.
I have been associated with them for the past three years. They are very professional and polite in answering all our questions. I have complete trust in their suggestions. I strongly recommend for anyone. I am looking forward to have strong and successful association with them.
Google rating score: 4.4 of 5,
based on 61 reviews

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