How To Pick & Choose The Right Health Insurance?

When you are planning your financial goals, it is of utmost importance to include the right health insurance plans. As you know, an unfortunate health-related issue can disrupt your financial goals. This is when a health policy can help you. It covers the health-related expenses for you and your family.

Buying the right health insurance plan is important to make sure that you get the best out of your investment.

Factors to Consider When Choosing a Health Insurance Plan

1. Decide What Kind of Cover you Need

There are different kinds of health policies available in the insurance market. You must first decide which plan is suitable for you. Firstly, you have to decide whether you need an individual plan or a family floater plan. Then, you can choose from a basic plan and a comprehensive cover. Just make sure that the policy covers your specific requirements.

2. Calculate the Amount of Cover you Need

There is no specific rule regarding how much cover a person needs. It depends completely on factors such as your city of residence, your age, and your family’s medical history, among other aspects. If you live in a metro city, you will need a huge sum insured, as healthcare is more expensive in your area, as compared to smaller cities. A cover worth INR 10 lakh or more should be ideal if you are residing in a metro city like Mumbai or Bangalore.

3. Find out the Covers for Pre-Existing Illnesses

When looking for a medical insurance policy plan, you need to check if the cover includes pre-existing illnesses. For pre-existing medical conditions, the policies have waiting periods and might ask for a higher premium. Hence, find out what kind of illnesses you already have and declare them to your insurance company when buying the policy.

4. Look for the Co-Payment Option

The co-payment option requires you to pay a certain portion of the medical expenses when a policy claim is made. This lowers the premium, but in some cases, it might require you to pay a big portion of the medical costs. So, if you want the co-payment feature, you must carefully read the clauses regarding it.

5. Compare Coverage

When buying a health policy, it all comes down to the cover. Buying online health insurance allows you to easily compare health care policies. This way, you can decide which cover is more suitable and affordable. You do not want to be stuck with a policy that is more harmful than helpful.

Need for Health Insurance

Studies show that inflation in India’s healthcare sector is rising at an alarming rate. In all probability, this will continue. To tackle this situation, you need a health insurance policy, which provides comprehensive health cover for a wide range of health problems. Even if you are in the pink of health at this moment, you never know what turn the future might take. Apart from illnesses, an accident can result in hospitalization, which is very costly these days. Buying the policy will help you protect your finances by covering healthcare-related expenses

Now that you know what to look for when buying a health insurance policy, you will be able to make the right call when choosing your plan.