Given the rising costs of medical expenses, it is crucial that you have an adequate financial back up for an unforeseen event like hospitalization. Health Insurance does exactly this. It pays for medical and surgical expenses arising out of sickness or injury.

With health insurance by your side, you need not worry about any of the following expenses:

• Hospital room rent
• ICU charges
• Operation theatre charges
• Doctor and surgeon fees
• Nursing charges
• Medicine expenses

Generally, a health insurance plan also covers pre- and post-hospitalization expenses up to 90 and 180 days respectively.

If you have a valid health insurance policy, then you’re eligible for a number of benefits. A typical health insurance plan provides the following benefits:

• Cashless medical treatment in network hospitals (OR) Reimbursement of the medical expenses incurred in non-network hospitals
• Timely and better quality of medical treatment
• Regular medical attention
• Better lifestyle
• Tax benefits U/S 80C against the premiums paid

Apart from these, there might be other benefits as well depending on the plan you have chosen.

To decide the amount of health cover, the following aspects must be taken into account:

• Medical treatment costs in the network hospitals
• Your age (the older you are, the higher should be your health cover)
• Inflation (along with other goods, cost of healthcare too rises year on year)
• Smoking habits
• Number of people to be covered (in case of Family Floater plans)

Ideally, one should opt for a minimum of Rs 5 lakhs cover for both individual and Family Floater plans.

Pre-existing diseases are those medical conditions that have begun before the benefits of the health insurance policy come into effect. The policyholder is liable to bring to the insurer’s notice any such medical conditions under the Doctrine of Utmost Good Faith. It is advisable that the policyholder abides by this in order to prevent a possible claim rejection in the future. Generally, in case of a pre-existing disease, the insurers put a waiting period of 3 – 4 years.

Pre-existing diseases include:

• High blood pressure
• Diabetes
• Asthma
• Cancer

Some of the most sought-after health insurance riders that you can consider with your basic health insurance policy are:

• Personal Accident rider
• Critical Illness rider
• Maternity Cover
• Out Patient Department rider
• Hospital Cash rider
• Worldwide Emergency rider
• Cumulative Bonus Booster
• Unlimited Recharge rider
• Reduction in Maternity Waiting Period
• Convalescence Benefit rider
• Restoration of Sum Insured rider

You must choose riders based on your requirements. For example, if you’re a married couple who is planning to start a family in the next few years, then you can consider getting a Maternity Cover rider.