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Health Insurance Checklist for First Time Buyers

Published On Jan 10, 2021, Updated On Apr 23, 2021

Especially during the COVID-19 pandemic, when the need for health insurance is increasing with each day, it is important for all to get themselves covered timely under a reliable insurance policy. But if you are someone who is buying health insurance for the first time, then you may get confused, because the options presented to you are vast. Nevertheless, firstly, you need to understand what you actually require, and what you would like your insurance plan to cover.

Health Insurance Checklist for First Time Buyers

Here is a checklist for all those buying health insurance for the first time.

1. Find the Right Coverage

To find the right coverage, you must know what your medical policy should include. You must know how much coverage should be sufficient for you and your family on the basis of the age of the members, health history, etc. Some people are covered under group health insurance policies offered by their respective employees, but they find it insufficient so go for individual health insurance plans too. It is a wise choice as you never know the chances of contracting a disease in the future. So, it is better to find the right and enough coverage beforehand for safety.

2. Invest Early

Some people believe that only old or middle-aged people need a health insurance plan, which is not true at all. It is better to invest early in life as emergencies can arise at any time. Also, the premium of health insurance plans depends on the age of the insured. So, if you buy a health insurance plan timely in life, then you will be required to pay a lesser premium and vice versa.

3. Evaluate And Then Buy

It is always recommended to buy a health insurance policy after evaluating all of its terms and conditions instead of settling for a policy that someone suggests or offers you. Enlist your requirements and look for a suitable medical policy. If you go for a basic health insurance policy, then you may not be covered for all the illnesses that you may contract in the future. Also, consider the medical history of your family, current health status, etc. when analyzing your requirements.

4. Compare Several Health Insurance Plans

Knowing what type of healthcare coverage you require means that you have come halfway through. The next step is to go online and compare several health insurance plans offered by different insurance companies, that suit your requirements. During the process, you will learn about the different benefits offered by different insurance companies at different premiums, which will help you make the best choice for yourself. Note that you should not settle for the first policy that you see. Instead, look for Claim Settlement Ratios, customer reviews, etc. of different plans and then select the right one.

5. Go Through the Terms And Conditions

Last but not least is to go through the policy terms and conditions thoroughly. You must be aware of what your policy covers you for and what it does not. This not only helps you make an informed decision but saves you from last-minute hassle at the time of claim settlement. So, before making the final purchase, understand all the inclusion, exclusions, and other features of your health insurance policy.

Bottom Line

If you are a first-time health insurance policy buyer, then it is recommended for you to go for an extensive policy that covers you and your family members at all times, thereby offering you utmost financial security in case of an emergency. In case you need to make a claim, then you can avail cashless treatment at a network hospital and the insurance company will compensate you for the same.

At InsuranceDekho, you can choose from various health insurance plans such as individual health insurance plans, family health insurance plans, critical illnesses plans, senior citizen insurance plans, etc. You can go online and select the best policy.

As a first time buyer, you should not let anyone fool you because you know your health requirements better than anyone else. So, do your best to make an informed choice.

Also Read

List of Documents required at the time of Buying Health Insurance

10 Benefits of Buying Health Insurance In 2021

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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