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I am a 32-year-old NRI living in the US. I will be travelling to and fro from US and India for work. I have been previously diagnosed with hypertension and have no separate health insurance policy. Should I consider taking an individual health insurance cover from India? Are there any benefits over taking it from India? Are there insurance plans with shorter waiting periods to ensure immediate coverage? Aside from pre-existing condition coverage, are there any additional features or riders that I should consider to enhance my health insurance plan, especially in view of my travel requirements?
Naveen
Health costs continue to rise in India and the need for a comprehensive health insurance coverage has become paramount. The Indian health insurance market offers various tailored products for different customer segments. The market recognises that one size doesn’t fit all when it comes to health insurance, therefore various products offer a wide range of specialised features that cater to the unique needs of a customer.
As an NRI, you would have plans to settle down in India in a few years. We suggest you consider a comprehensive health insurance plan available in India with deductible feature. One can enjoy low premiums on plans that provide this feature. Once you do decide to settle down in India, you can remove the deductible and enjoy the full coverage of your health insurance plan.
When deciding the right health insurance to purchase, one should also take into consideration the waiting periods. Always opt for a health insurance with the shortest waiting period, provided it offers adequate cover for your needs. All insurance plans come with a waiting period. There are health insurance policies in the market that offer waiting periods as short as 90 days. In the case of pre-existing disease, such as Hypertension in your case, the usual waiting period is 2-4 years.
Riders enhance scope of policy
Further, a health insurance rider helps you customise your policy to suit your needs and avail multiple benefits. Health insurance riders also help you enjoy a better coverage at low cost, cover all bases and prevent depletion of savings. Riders such as critical illness and personal accident coverage can enhance the overall scope of your policy. Hence, you should choose a rider that complements the base cover and your health concerns.
To get a clear idea of your health insurance policy, start by comparing different health insurance products and identifying the one that best suits your needs. By understanding the basics and comparing your policy with the options available, you can get access to quality healthcare and safeguard your long-term financial goals.
The writer is Head of Products, ManipalCigna Health Insurance
Send your queries to insurancequeries@thehindu.co.in
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