Factors To Consider When You Buy Health Insurance For Yourself


Life has an unpredictable nature; sometimes, it can be a box of chocolates, while sometimes it can leave a bitter taste in our mouth. In any condition, we must always keep ourselves prepared for the worst. Health-related issues often turn out to be one of the major concerns of our lives. Even a common illness like dengue or diabetes can take a toll on our finances. In today’s times, medical and healthcare expenses have already become so high. Once you get admitted to a hospital, you should be ready to shell out a good amount of money. For this reason, having a financial backup is crucial these days, and it can be done by purchasing a health insurance policy for yourself and your family members.

Having a health insurance policy can help you in many ways. First of all, your savings will remain intact even in medical emergencies. You will not have to break any bonds or fixed deposits or sell your gold items to get some urgent cash. Secondly, having a policy is the best way to ensure that you get proper medical treatment at the right time. But, to enjoy these benefits, you must spend your money on the right health insurance policy. So, how to buy the most appropriate one? Let’s find out.

Five aspects to keep in mind when buying a health insurance plan in India

  1. How easy is the claim process?

Almost every insurance provider claims that their claim process is the easiest of all. Rather than believing such tall claims, you must do some research from your end. The addition of even a couple of clauses can make the process tough, time-taking, and complex. You would never want to buy a health insurance plan that takes weeks to settle the claim amount. Go through the terms & conditions and check out a few reviews before making up your mind. In fact, it would be better if you go for a cashless health insurance policy. In such a case, you don’t have to worry about anything.

  1. Select the right cover amount

How much amount is sufficient enough to cover your healthcare needs? First of all, you must consider your age. If you are in your late 20s or mid-30s, you are less prone to health issues like diabetes, high cholesterol, arthritis, cataracts, etc. Therefore, it is okay to keep the cover amount anywhere between 3 and 6 lacs. But, once you get into your 40s, you are more vulnerable to such diseases. It would be better to opt for a higher cover, such as 6 to 10 lacs. But again, your income should also determine the cover amount. Make sure the premium you have to pay is well within your affordable range. You can also look for customizable policies that allow you to include and discard add-ons as per your choice.

  1. How many network hospitals it has?

It is always better to avail of medical and healthcare services from a network hospital. In case you don’t know, network hospitals are the ones that have a tie-up with the insurance company. In such hospitals, you do not have to worry about the cash part, as the treatment provided is completely cashless. The bills are settled directly between the hospital and the insurance company. So, it is better to choose a policy that offers a longer list of network hospitals. To be more precise, make sure the policy has at least one network hospital which is located within a radius of three or four kilometers from your home.

  1. What are the exclusions and inclusions?

Every health insurance policy has some set of exclusions and inclusions. For example, some insurance plans do not cover pre-existing medical conditions, pregnancy, childbirth, dental treatment, cosmetic procedures, etc. Before you buy a policy, you must ask the agent to provide you with a copy of the list in which all these things are mentioned. It is possible to include any particular health condition or treatment in policy, providing you have to pay some extra in the form of inflated premium amount. Buying a health insurance plan that allows this kind of flexibility is usually better.

  1. Does it offer the advantage of lifetime renewal?

Having a health insurance plan is crucial; therefore keep your long-term healthcare needs in mind when buying a plan. Spend some good amount of time and then come down to a decision. Rather than making yourself go through the same confusion “which policy to buy?” every year, you should purchase a policy that can fit into your long-term requirements, at least for the next 10 to 15 years. This is where having a policy that allows lifetime renewal is usually better. Right before the expiry date of the policy, you just have to renew the plan. In this way, you can save a lot of time for yourself.

So, these are some of the factors you must keep in mind at the time of purchasing a health insurance policy. You must also consider other factors like deductible, free medical check-up, and maternity benefits. Spending a little time learning about these aspects can provide you with the much-needed knowledge for buying the right health insurance plan. You can also consult with your friends, family members, and colleagues before making a choice. Listening to expert advice can help you further in this matter.