• 26th October 2020

10 Key Points to Guide You on Your Health Insurance Purchase Journey

Health insurance is not only essential, but an absolute necessity in today’s day and age. With soaring medical inflation, it is almost like throwing caution to the wind if you don’t have a health cover. While purchasing a health insurance plan requires you to check many different boxes, we have compiled ten vital considerations that you should not miss when shopping for a medical insurance policy – 

#1 Analyse your requirement

The first and foremost thing to do is analyse your requirements. Having a thorough understanding of your requirement will help you in shortlisting better plans. If you are looking for health insurance for family or maternity coverage, and so on, it will help you focus on your requirement rather than getting lost in the myriad choices of plans.

#2 Select the right type of policy

When you select the right type of policy, you can ensure optimal coverage when you need it the most. If you are an unmarried person with no family responsibility, an individual health cover is sufficient. However, if you have a family history of disease like cancer, buying critical illness insurance can be the right choice. Also, existing health insurance plans should be evaluated at each renewal date. This periodic evaluation will help you avail top-up or super-top plans, if required.

#3 Opt for a policy with a lifelong renewal option

Some policies have a limited renewability option. A limited renewable plan will provide coverage for a specified number of years or till you attain a particular age. But a plan with the lifetime online policy renewal ensure extended health insurance benefits and convenience.

#4 Look for network hospital coverage

Health insurance companies have affiliations with hospitals. These affiliated hospitals are called network hospitals. When you buy health insurance plans, check if your preferred hospital and doctors are included in the list of network hospitals. This way, you can enjoy a cashless hospitalisation facility when you seek treatment from a network hospital if your policy has these benefits. Similarly, there are other benefits that can ease the process of an insurance claim.

#5 Waiting period and pre-existing diseases

Ensure you are aware of the waiting period for your pre-existing diseases. This way, you will know when you can file a claim with your insurer for treatment of pre-existing medical conditions. Also, read the policy document to understand the different waiting periods for different categories of diseases from the date of purchase.

#6 Limits and sub-limits

Your insurance policy covers various types of expenses, but it also has a certain limit on these expenditures. You must take a look at these limits when selecting your policy. The best alternative is to opt for a policy with high or no sub-limits.

#7 Purchase a separate policy even if a group insurance policy covers you

Most individuals who are covered under a group insurance plan ignore buying a separate health insurance policy. The reason for it is that group cover terminates with the end of your employment. Make sure you do not make this mistake and purchase a separate policy even if you are covered under a group insurance plan.

#8 Co-payment clause

Take note of co-payment terms in your health insurance policy. Knowing so, you will not be surprised to know of the payment that you are required to bear at the time of claim. Also, co-payment will influence the premiums for your policy. You can increase or decrease the co-payment to have higher or lower premiums as per budget, however, this aspect depends on the terms and conditions of your health insurance policy.

#9 Make a note of exclusions

Every health insurance policy has a specific list of exclusions. As you look for coverage of your policy, don’t forget to check the exclusions too. It will help you be aware of the specific conditions or illness that are not covered by your insurer.

#10 Compare and purchase

Lastly, compare the various plans on offer before making that final purchase. It will not only help you stay aware of other alternatives at a similar price range, but also opt for plans with higher coverage. The health insurance premium calculator is touted as a nifty tool that can help to compare the different policies, and also aids in selecting the various add-ons for your policy.

These are some of the crucial points that you must consider when buying a health insurance cover. It will ease the process of browsing, selecting, shortlisting and finalising your plan.

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