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10 Tips To Choose The Right Health Insurance Plan

Updated On May 10, 2021

When it comes to buying health insurance, people often purchase it to save tax, but override the actual health concerns and treatment costs that can pinch a hole in their pockets. Therefore, it is mandatory to have a health insurance policy to ensure complete fiscal protection for an unforeseen circumstance or medical emergency. In this article, we are going to tell you about the top 10 tips that will help you to buy the right health insurance.  

 10 Tips To Choose The Right Health Insurance Plan

10 Tips To Choose The Right Health Insurance Plan 

The following are a list of 10 tips that will help you to buy the right insurance plan. 

  • Choose The Right Sum Insured 

Your sum insured should be10 times your annual income to offer you maximum compensation in times of need. 

  • Choose Lifetime Renewability 

Select a health insurance policy that comes with a lifetime renewability feature that will allow you to have a health cover for critical ailments during your post-retirement days. 

  • Don’t Choose Claim Loading 

Avoid buying insurance plans that come with a claim loading feature where your premiums keep increasing even if you make a critical illness claim, making your policy unaffordable.  

  • Choose Restore Limit 

Settle for a health insurance policy that comes with a restore limit feature and adds coverage to your sum insured amount. For example, if your sum assured amount is INR 5 Lakh and you have a restore limit of INR 5 Lakh, your total critical illness coverage will be INR 10 Lakh at no extra cost. 

  • Don’t Provide Misinformation 

You must never provide misinformation to your insurance company as it can lead to the cancellation of your policy as fraud. If you are not truthful about any illnesses or underlying medical conditions, you can get your claims rejected for lack of justification.

  • Select Short Waiting Period 

Most insurance policies come with a waiting period of 2 to 5 years during which you are not allowed to make any claims to your insurance provider. However, shorter waiting periods of about 4 to 6 months are also provided and be wise to select a policy with the shortest waiting period to avail maximum benefits. 

  • Choose Minimal Sub Limit 

Buy an  insurance plan that offers you a minimal sub limit and reduces the  restriction on your medical expenses. It is not possible to pre-decide the required hospital room facilities or drugs that will be administered to you and your family and you must check this before you buy a policy.

  • Compare Online 

Do not forget to compare your policy online for a different perspective. It gives you an idea of different quotes, premium rates and benefits and allows you to choose the best plan suited to your financial capacities. 

  • Choose Early Protection 

Buying life insurance early comes with benefits. Since you are likely to make less claims as a young person, your no-claim bonus and other benefits will add up to your original coverage every year and you will receive a lump sum amount at the end of your policy tenure. 

  • Choose The Right Rider 

Riders are additional options that you receive with your comprehensive health insurance plan at the payment of a slightly higher premium. They offer extra protection for specific cases such as an accident, critical illness or a disability. Choose the right rider that will boost your coverage.  

Take Away 

You should take heed of these different options to secure the maximum protection for yourself and your loved ones, However, this list is only suggestive and the plan that you buy will ultimately conform to your financial and medical requirements. 

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

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