Are Health Insurance Policies from Bank Good
Health costs are rising every year with a high pace and it has become quite essential for anyone to have a health insurance policy. Almost every bank and financial institution in India is offering a health insurance policy. However, there is a variation in the popularity of policies offered by private companies and nationalized banks. Private players are investing much more money in advertising their plans and thus are more popular. On the other hand, nationalized banks too have equally competent plans, but lack customer base due to lack of efficient advertisement.
Advantages of Health Insurance Policies
Health insurance policies are considered to be most cost effective amongst all forms of insurance. Moreover, a health insurance ensures that you are adequately covered for all your medical expenses, which might arise suddenly in future. There are various kinds of coverage you can choose from. Anyone between the ages of 5 months to 80 years can be covered under a health insurance. The total cost of any health insurance is merely a fraction of the total expenses that you are covered within, in case of hospitalization. Moreover, these insurance are also deductible under income tax deductions.
Few disadvantages and limitations of health insurance policies
In spite of being overall advantageous, health insurance has its own limitations and disadvantages. First, the cost can sometimes be too high for some of us to pay comfortably. This becomes more of a problem for people who are either fall in low income group or are self-employed. Moreover, the medical coverage may not be sufficient enough to cover the cost of tests, procedures and surgeries that may be done.
Overall, if you can ensure your well being and complete peace of mind, for just a fraction of your income, it does not sound a bad deal at all. The only thing that you should keep in mind while choosing a health plan is that it should be relevant enough and custom made for you and your family in terms of future uncertainties.