10 Things to Consider Before Buying Health Insurance

As there are a lot of firms selling health insurance policies in India, selecting one can really become an unsettling task. While buying health insurance is a tough choice, there are a few factors you should consider when zeroing down on a plan. Below are the 10 things to consider before purchasing health insurance:

Claim Process

The uncomplicated claims process is the faster the arrangement of the claims, the better it is for the insured person. Therefore, these two are major factors when it comes to the selection of a policy. Good customer support is an extra advantage one should look for.

Minimum and the maximum sum insured

The minimum sum insured under the health insurance plan will be Rs 1 lakh and the maximum sum insured limit should be Rs 5 lakh (in multiples of 50,000). In the case of an individual health policy, the sum insured will apply to each individual family member and in the case of the floater health insurance plan, the sum insured will apply to the entire family.

Family Health Insurance

When purchasing health insurance plans, make sure that you do so by keeping your family members and their age in mind. Before buying the insurance, consider their present ailments if any as well as the family’s medical history. In addition, check with your family members for any pre-existing diseases before buying a policy.

Selecting the right insurance amount

At the time of selecting health insurance plans, one should select the amount wisely as it covers the medical expenses for a year. Take your age into account; the younger you are, the lower the sum insured you need. One should also take a look at his or her income levels to analyze the premium affordable. Another vital aspect is the add-ons for they impact premium amounts. Make sure you chose a sum insured which won’t fall short in case of an emergency.

Network hospitals

One should always check the cashless network with the insurance company. At the time of a medical emergency or hospitalization, the hospitals in the network offer a cashless option insurer settles the medical bills directly with the insurer. Go for insurers that have a high number of network hospitals that have over 5000 hospitals in their network.

Maternity benefits

With medical expenses on the rise, pregnancy costs have escalated as well. It is vital for women to buy a health insurance plan that offers maternity benefits. For maternity benefits, one should look into the waiting period applicable for claiming maternity expenses and consider the sub-limit. The policy should also cover outpatient expenses and check for exclusions related to the policy.

Pre/post-hospitalization

Before a hospitalization, you visit the doctor, get medicines, and undergo tests. You are hospitalized and after treatment, some expenses occur—the expenses include follow-up with the doctor, medicines to be taken, and many others. Choose an insurance plan which covers these aspects too.

Lifetime Renewal

Look for health policies that offer lifetime renewability. There is a higher chance of suffering from diseases and illnesses when you are old compared to when you are young. A health policy that offers lifetime renewability is what you should buy.

Free Medical Check-up

You should look for a policy that insures the person for a free medical check-up. A health plan is your best help during times of medical emergencies (such as covid-19). 

Cumulative Bonus (CB)

The sum insured (excluding CB) will be increased by 5 percent in respect of each claim-free policy year, provided the policy is renewed without a break subject to a maximum of 50 percent of the sum insured. If a claim is made in any particular year, the cumulative bonus accrued may be reduced at the same rate at which it has accrued.
Consider these 10 points before you buy one.

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