Hectic lifestyles, increasing diseases, unhealthy food habits, and rising pollution are just some of the many things that have put a lot of risk to our health. Though innovations and advancements in the medical sciences are helping in finding cures, the ever-increasing treatment costs can often be rather hard to afford. A skyrocketing medical inflation of 14% further makes hospitalisation land heavily on finances. In such a scenario, health insurance can indeed be the saving grace. Buying health insurance can be the ideal solution in dealing with a medical emergency.
But are you buying the right plan?
Not sure? Let us help you!
Important Tips for Buying Health Insurance in India
When looking for the best health insurance in India, you may come across a number of options among which choosing the best one can be tricky. So, whether you are looking for health insurance plans for family or for yourself, a few tips can be very helpful.
Understand the Types of Health Insurance Plans
Having a clear understanding of health insurance is probably one of the most crucial health insurance tips. Those who don’t have family responsibilities can opt for an individual health insurance plan, whereas a person with a family to look after must choose for family floater plan.
Pro Tips:
- Make sure your health insurance plan is in line with your health insurance needs. Make sure your health insurance plan is in line with your health insurance needs. For example, if you wish to buy health insurance for parents, including them in your health insurance policy may increase your premium, and thus buying a separate senior citizen health insurance policy may be more prudent.
- If you are someone who is planning to start a family soon, buying a health plan or an add-on that covers maternity expenses can be a more promising idea.
Look for the Right Kind of Coverage
Before you get set to buy health insurance, you need to analyse your medical condition as well as medical requirements. Your healthcare needs would vary at your different life stages. While most of the insurers provide plans with benefits such as in-hospital expenses cover, pre-and post-hospitalisation cover, ambulance costs, coverage for day-care procedures etc., look for policies that offer coverage for robotic surgeries, organ donor expenses, and domiciliary hospitalisation etc. as well.
Pro Tip:
You should consider buying health insurance separately despite being insured under corporate health insurance offered by your employer. The reason is- most corporate health insurance plans offer limited coverage which may not be enough, especially if you have a family to look after.
Make Sure the Plan Fits Well into Your Budget
A very essential aspect to consider while buying health insurance is the premium to be paid towards your health plan. Buying a plan that offers comprehensive coverage within your budget is the ideal approach.
Pro Tips:
Following a healthy lifestyle, abstaining from drinking alcohol/ smoking etc. can help you get a good deals.
You can also opt for a top-up or a super top-up plan to increase the sum insured without burdening your pocket much.
Buy Health Insurance at the Right Age
While buying health insurance is essential irrespective of age, it is a smart move to buy the right plan at a younger age. Typically, younger people are at a lower risk of being unwell. Medical issues tend to increase after a certain age. Therefore, when you invest in the early years of your life, you can enjoy lower premium rates. Another benefit of buying health insurance early is that you would be able to serve even the longest waiting period, as the risk of claiming health insurance is very low at this age.
Know the Policy Well
There are certain insurance terms, which require your attention while looking for a plan. It is highly recommended that you know the following terms:
Waiting Period
Almost every health plan comes with a waiting period, where coverage for different types of medical issues is offered only after a certain period. The waiting period can range from 2 to 4 years. However, the initial waiting period for claiming your insurance is 30 days, except for accidental claim.
Limits and Caps
A number of features come with restrictions or sub-limits. Try choosing a plan that comes with the limited sub-limits.
Exclusions
Despite comprehensive coverage, there are a number of situations that are not covered under your plan. Hence, make sure you check the list of exclusions well.
No Claim Bonus
Not making a claim during a policy year can help you seek discounts on your upcoming premium.
Co-payment
Many health plans come with a co-payment clause where you need to pay a percentage of the total bill.
Over to You!
In the hunt of the best health insurance plan, knowing your requirements and a thorough comparison go hand in hand to ensure a good deal. While every plan is unique at their offerings, it is your duty to do proper research in advance. Having said that, the aforementioned tips can be helpful in availing the right health insurance policy for you. You can also consider health insurance plans from Care Health Insurance for their robust insurance records. With more than 38 lakh settled claims and 22900+ cashless hospitals, the insurer offers plans to cater to the different needs of the individuals irrespective of their age. You can compare and choose the one that suits you the best.
Disclaimer - The above information is for reference purposes only: Policy Assurance and Claims at the underwriter's discretion.
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