With the rising concerns of the youngsters becoming prone to various illnesses, there has been a steady growth in the number of health insurance buyers. Read on to know more tips for buying health insurance.
Today, in the purview of the rising concerns of the health problems faced by the youngsters, a health insurance policy is a must-have insurance cover for all. Also, since the cost of treatment for various illnesses is on the rise, it is wise to have a health insurance cover to reduce financial stress. However, it is unfortunate that health insurance in India is one of the most neglected financial products and believe that it is an unnecessary investment.
Health problems are an inherent part of our lives, and you must stay well prepared for the financial consequences that health problems may bring. You cannot predict the health problem, but you can certainly plan your finances well and be ready to face the worst. Today, there are different types of health insurance plans that cater to the needs of everyone from senior citizens to the ones who suffer from chronic illness.
While there are plenty of insurance companies in the market that offer health insurance at a competitive premium cost, choosing the right plan can be overwhelming. The sheer number of plans can make it difficult for you to choose the right plan. So, here are a few essential tips that you can consider while buying a health insurance policy.
Consider the coverage
While looking for a health insurance policy, you must choose a plan that provides coverage against a wide range of illnesses. Also, you must look for a plan that covers the ambulance charges, bed charges, and pre-hospitalisation and post-hospitalisation expenses. If you are buying a health insurance policy for your family members, make sure that the plan meets the needs of every member of the family, including coverage for pre-existing medical conditions (if any). Know your requirements first, and then compare the plans based on the cost and benefits before choosing the right plan.
Choose an affordable plan
While it is crucial to choose a policy that caters to your needs, it is equally important that is affordable for you. Budget is an important aspect to keep in mind when buying health insurance. Make sure that you compare the benefits of different plans against the price. You must purchase an affordable plan based on your income. As your income increases, over a period, you can review the policy and increase the cover based on your needs.
Buy family plans rather than an individual plan
Individual plans are an excellent choice for those who do not have a family or have no dependents. However, if you live with your family, you must buy health insurance keeping mind the needs of the family and get comprehensive coverage for all.
Check the network of hospitals
Today, almost all the insurance companies offer cashless claim if you seek treatment at one of the hospitals that is part of the insurance company’s network. So, you must check the list of hospitals on the insurance company’s network and see if your preferred hospital or doctor is included in the network. It is advisable to choose an insurance company that has an extensive network of hospitals.
Compare the quotes
Last but not the least, while buying health insurance plan, it is paramount that you compare the quotes of the different insurance companies online and choose a plan that is affordable and caters to your needs. You can request a quote online from different insurance companies or check the details of the different plans on the insurance company’s website. Spend time to compare the quotes and make an informed buying decision.