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Tips to Buy a Health Insurance Policy

Updated On May 04, 2021

Risks associated with health and other medical emergencies are a part of human life. Due to the sedentary lifestyle, unhealthy food habits, and rising pollution, illnesses associated with lifestyle are on a constant rise in India. Moreover, the treatments associated with these health ailments and various other life-threatening diseases like cancer have become quite expensive and difficult to afford for a low income group or middle class person. Owing to the lack of financial backing, a majority of people have to either compromise on good quality of treatment or regular treatment. Therefore, it is important to opt for an optimum health insurance plan in order to be financially prepared in advance against any kind of healthcare emergencies that can arise in future.

 Tips to Buy a Health Insurance Policy

5 Tips to Consider before Purchasing a Health Insurance Plan

Highlighted below are some of the important tips to consider prior to buying an ideal health insurance plan in India:

  • Right Insurance Coverage

Before purchasing a health insurance plan for yourself or your family, you should carefully analyse your specific medical requirements to get the appropriate coverage for yourself and your family. At the time of exploring different health insurance plans offered by different insurance providers, you should look for a plan that offers you coverage against various health ailments and offers various benefits. Make a thorough comparison of your selected insurance plan and the benefits offered with the specific needs of each member of your family. Always remember, in order to save some money by compromising on the needs of your family will backfire in the end. So, opt for a health plan carefully.

  • Sum Assured

Due to ever-rising medical expenses, the sum assured needs to be sufficient to look after all your medical requirements. In order to derive the appropriate value, take into consideration the total family members, any pre-existing disease, and the expected healthcare expenses. Since, a higher sum insured would mean a higher premium amount, you should also calculate the affordability for the same. It is an important factor that needs to be considered in order to get right health insurance coverage for you and your family.

  • Lifelong Renewability Feature

Opting for a health insurance plan that offers the benefit of lifelong renewability will be helpful for you and your family members to stay protected for many years. Also, while considering the rising medical inflation, it will prove to be best in case you opt for a plan with lifelong renewability features. This will help you in staying free from any sort of worry for the coming years of your life.

  • Network Hospital Coverage

After careful examination of all the health insurance plans from various insurance providers, the next step is to check for all the network hospitals that are listed with your respective insurance companies. Look if your preferred doctors and hospitals are included in the list of network hospitals with the insurance company. Always keep a note that choosing a health insurance company with a wide range of network hospitals will be helpful for you in saving a huge amount as well as from the inconvenience that can arise at the time of claim settlement.

  • Look for Claim Settlement Ratio

A health insurance company with a known record for high claim settlement ratio is said to be good and capable enough of settling the claims. Go for an insurance company that has a high claim settlement ratio so that you never fear upon your claim getting rejected. Other than this, make sure that you check whether the claims settled by the insurance company are in a cashless manner or it offers a reimbursement facility. It is highly recommended to opt for a cashless claim option in order to avoid paying huge bills in times of medical emergencies.

Final Words

At the time of buying a health insurance plan, ensure that you tell your insurance provider each and every crucial fact about yourself. The proposal form should consist of accurate and complete declaration so that there is no incidence of claim rejection later. Also, never hide your medical history in order to save a few bucks as it will cost you heavily in future.

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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