Tips for buying medical insurance

With the changes in lifestyle and eating habits, individuals are becoming more vulnerable to diseases and critical illnesses at a younger age. A health insurance policy is similar to a torchlight in a tunnel that safeguards you financially against any medical emergency that may happen in the future. It will not only protect you against healthcare sector inflation but also let you have high-quality medical facilities. There are numerous health insurance companies that provide various health plans. Therefore, it becomes challenging for us to choose the best ones for ourselves. In this article, we’ll share tips for buying medical insurance to get insured under the best plan. 

Tips For Buying Medical Insurance in India

Choosing the right medical insurance plan is an important decision that will provide you with mental peace against any financial contingencies that may arise due to medical emergencies. Therefore, while purchasing medical insurance in India, the following factors should be taken into consideration: 

• Choose the Right Coverage:

Compare various health insurance programs and pick the one that offers coverage for pre- and post-hospitalization care, daycare services, and a variety of other advantages while providing protection against a wide range of medical issues. Make sure that your plan covers critical illnesses for which you may be at risk due to your family’s medical history. You must purchase individual health insurance if you have any pre-existing conditions to ensure adequate coverage when necessary. 

• Buy Health Insurance at an Early Age: 

It is a smart move to invest in a health insurance plan at an early age to save the premium amount. For instance, an individual purchasing a health insurance policy at age 25 would have to pay a lower premium compared to those who buy at age 35 or above. Additionally, as you get older, you'll be more susceptible to getting sick. As a result, buying health insurance early will ensure that you complete the policy's waiting period when you are not at risk of facing  serious illnesses. 

• Choose Cost-Effective Health Plans: 

While it is imperative to get a health plan that meets your needs, it is also critical that it fits your budget. When purchasing health insurance, the budget is an important factor that should be taken into consideration. However, you should examine the plan benefits before the plan pricing. It is a wise option to purchase a reasonably priced health insurance policy during the initial days to guarantee that you are appropriately insured and that the premiums are also affordable. With time, you can review your plan and extend coverage as your income, family size, and needs change.

• Prefer Plan With Lifetime Renewability: 

Consider a health insurance plan with lifelong renewability to keep you and your loved ones covered for the coming years.  Keeping healthcare inflation in mind, it is recommended to select a plan with lifetime renewability. This will let you live worry-free in your later years.

• Check Hospital Network Coverage: 

When you have a list of selected plans, check for network hospitals affiliated with the insurance company.  Examine the insurers' hospital network list to see if your preferred hospitals and physicians are on it. Remember that choosing a health insurance provider with a large network of hospitals will help you save a lot of money as well as a lot of time when filing a claim.

• Compare Claim Settlement Ratio: 

A health insurance company with a high claim settlement ratio is thought to be extremely competent in settling claims. Choose insurance with a high CSR so that you never have to worry about your claim being denied. Furthermore, make certain that the insurance resolves claims in a cashless way or offers a refund facility. It is suggested that you choose the cashless claim settlement option to avoid hefty medical bills. 

Final Words

In a nutshell, it is crucial to compare numerous health insurance plans. When you make the final decision to purchase a specific policy, remember to offer your health insurance company every piece of information. Your proposal form should include a thorough and correct disclosure to avoid any policy rejection later. Therefore, do not attempt to disguise your medical history while acquiring a health insurance policy.

Also read: How to increase health insurance coverage?