A Guide to Buy Health Insurance at any Age

Health Insurance is the best tool one can take to get rid of the fiscal burden in case of medical emergencies. None of us wants to be sick, but we can’t predict unforeseen events. Also with the aggravating inflation, the medical costs are also rising, which will have a huge impact on the finances of an individual. Health insurance protects you from these rising costs and offers many other allied benefits too. Buying a health policy is not easy, we always need a Guide to Buy Health Insurance.

So it really imperative for you to understand your health plan well before paying for it. Here is a guide to suggest to you about the health insurance to be taken at any age.

Guide to Buy Health Insurance

Evaluate Your Needs

Evaluate your needs and requirements before opting for the health plan. You need to analyze the requirement in terms of how much amount of sum assured you need to take. That again depends if you are opting for an individual health plan which will cover you only or a family floater plan which will cover your family as well including your spouse, children, and parents.

It is said that you should be aware of your needs, and if you do not even know about your needs you will do and expect to get from him. Such people are called “Rolling stones” in society, if you are interested in buying a health policy, then you should know why you need that policy and how the health policy could be benefited you. Health policy can prove to be beneficial for us only when we know how and when to use its benefits and coverage.

Analyze Your Budget

It’s important to analyze your budget because there is a varied number of options your health insurance provider will provide you. If you go on increasing your additional covers without actually requiring them. Then your premium will unnecessarily enhance.

See, the decision to buy a health policy may be right, but its premium can become a burden on your pocket, more than half of the Indian population is middle-class family and their monthly expenses are also prepared in a list first. In such a situation, suddenly a load of policy premium makes them think, but one thing is good that this expenditure done by you can prove beneficial for you tomorrow. Before buying any plan, compare the plans of all the companies and then choose the best plan according to your budget, click here for comparing the policy.

Check for Claim Settlement Ratio

It is imperative to study and check the claim settlement ratio of the health insurance company from which you are intending to buy the health insurance plan. Opt for a health insurance provider who has a good claim settlement ratio.

Claim settlement ratio put a clear image of insurance companies that they work in the single financial year, CSR report make choices easy for the customer and this is the basic thing that every person wants to buy the best policy and surprisingly all insurance companies claiming that his company and his policy is best but IRDA don’t want that as a customer you ever regret after buying health policy and that’s why every year IRDA launch CSR report and make things clear for customer.

Cashless Hospital Network

Check if the hospitals or medical facility you regularly visit near your place is covered under the list of network hospitals of the insurer, which provide cashless hospitalization in case of a claim. Because cashless treatments are the most convenient and save you from the financial hassles at the time of claim.

The company from which you are insured, if the network hospital of that company is available in your area, then only you can take advantage of the cashless hospitalization, so before buying the policy, know whether the insurance company has a network hospital or not.

Renewability

The renewability clause is very important to ensure your kind attention. Few health insurers offer renewability for a limited period, which restricts your policy to be renewed at the end of the renewable period. So check on the number of years the plan is allowing the renewability so that you are not left in a condition when you and your family need the benefits of a health plan the most especially at an advanced age. Go for the plan which offers lifetime renewability.

Range of coverage

Don’t take a health plan where you see, you have to pay the minimum premium rather try to analyze the scope of coverage the health plan is offering you. Take a comprehensive plan which covers all your health-related medical emergencies. Take a holistic health plan which covers your family members as well. So check on the range of benefits that your health plan is offering you. So, it’s necessary that your plan should long range of coverage, and the longer coverage you have the more beneficial it will be.

Waiting Period for Pre-Existing Disease

A pre-existing disease is a medical condition that you have before taking the health policy. All pre-existing diseases may not be covered by the health plans. If it is covered it will have a waiting period and not be included from day one of buying the policy. So keenly check on the waiting period timelines before opting for the health insurance plan.

Co-Payment Clause

The Co-payment clause is the fixed percentage of the claim amount to be paid by the policyholder and the remaining amount will be settled by your insurance company. So check on the co-payment clause before buying your health insurance.

Read Carefully the Terms & Conditions

Don’t go just on the face value of the health plan. Take out some time to read those terms & conditions mentioned in the health plan brochure or document. It is vital to know what are those terms & conditions, making the right choice of health plan for you and your family.

Your health is precious and so is your family’s. Any medical emergency can be emotionally disheartening, but don’t make it financially disheartening as well. Buy the right health insurance plan online with the help of ‘Guide to Buy Health Insurance’ and protect yourself and your family too.