Insurance Tips

5 Crucial Tips to Buy the Best Health Insurance Policy in India – Part 1

With the passage of time, every industry in India has undergone a major transformation. Health insurance is no exception. The skyrocketing cost of medical treatment and the changing lifestyle of people has led to a rapid increase in the number of health insurance customers in the last few years. In today’s time, having the right health insurance policy by side is nothing less than a boon. As a matter of fact, health insurance is the ultimate financial and emotional savior an individual can depend on during an unfortunate medical emergency, be it due to a sudden accident or an illness.

If you are ready to take your first step towards the world of health insurance, note that it is important to expand your knowledge level before taking a decision.

First and foremost, learn that the health insurance sector in India is laden with unnumbered health insurance companies and countless health insurance policies. At first, looking for a health insurance policy doesn’t come across as easy. However, with complete awareness of health insurance terms and things to look for in an ideal plan, you can undoubtedly end up making a perfect choice.

Buy health insurance early

Buying a health insurance plan, irrespective of age is a smart move to make. An investment in health insurance in the early years of life serves three major purposes.

  • The first being, enjoying the benefit of low premium amount
  • Secondly, serving the waiting period at an age when you are in the best of your health
  • Lastly, enjoying low chances of rejection.

Wider coverage options, no claim bonus, superior financial planning, and others are also benefits of buying health insurance at a young age.

Invest in health insurance even if you have corporate insurance

Many times, people don’t feel the need to buy health insurance cover if they possess a group health insurance plan or corporate health insurance. Make sure you don’t do the same mistake. Always choose an additional health insurance policy even if you have one from your company’s side. Doing so will always keep you and your family covered even if you leave your job at one point of time.

Look for the right coverage

Analyse your specific medical requirements before starting your search for the right health insurance policy coverage. When exploring your options, look for a plan that covers you against a wide range of medical issues and offers a vast array of benefits.

Prime benefits offered by insurers usually include inpatient hospitalisation, pre and post hospitalisation, daycare procedure coverage, domiciliary hospitalization, organ donor expenses, ambulance cover, maternity cover, newborn baby expenses, and many more.

Compare your chosen plan and its benefits with the precise needs of every family member to come up with an ideal alternative. Remember, compromising on your needs just because of money will serve no purpose in the end.

Make an affordable choice

It is important to consider a health plan that meets your medical requirements as well as budget limit. But, remember to always give priority to the plan benefits over the price of the plan. At the end, choose a reasonably-priced plan with maximum benefits to ensure that you and your loved ones are covered properly in the first place. With time, you will be free to review your plan, increase the cover, add family members, according to your changing needs.

Emphasize policy type

If you are an individual with no family responsibility, opt for an individual health insurance plan. However, if you have a family to look after, always choose a family floater policy with maximum benefits so that each member is taken care of during a tough medical situation.

In case, you already have a health insurance plan, but don’t feel it is enough to cover all your expenses, don’t hesitate in buying a top-up or super top-up plan so as to increase your total sum insured.

At last

Every health insurance policy package is different. Your health insurance policy purchase decision will be a successful one if only you consider every health insurance aspect from every angle.

When you make a final decision of purchasing a specific policy, remember to give away every piece of information to your health insurance company. Your proposal form should contain a complete and accurate declaration so that there is no case of policy rejection afterward. Do not try to hide your medical history while purchasing a health insurance policy at any cost to prevent later regrets.

Before finally buying the policy, go through the policy wordings in detail.

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