Buying insurance is often put off by young individuals, but the truth is it pays to start early in life. The benefits in the form of cheaper insurance premiums, lower waiting periods, the higher sum assured, and the list keeps going. But, often they end up buying a policy that is recommended either by their friends or family. This article aims to break down this trend and the things that you need to focus on when buying a health insurance cover.
The dos of buying health insurance plans
Health insurance plans should be carefully bought after considering the following requirements.
Understanding your needs: The first step is to note down your requirements. Once you are aware of the coverage your policy should have, it becomes easy to look for one accordingly. Age, lifestyle, dependents, treatment cost, family medical history are some areas that should be considered to ensure adequate cover.
Familiarise the terms: Buying an insurance cover may seem complex but is actually not. All you need to do is a bit of homework to understand the terms used. Once you are aware of the common terminologies, you can navigate swiftly in reading and understanding the policy documents.
Searching for adequate coverage: There are myriad plans in the market from which you can select one. The requirements identified at the start can help you know whether the policy is suitable for you or not. In some instances, having critical illness insurance might be the right choice based on the severity of the ailment you wish to insure. Further, the sum insured, and its internal sub-limits should be kept in mind for the adequacy of insurance coverage.
Buying add-on coverage: Additional coverage can be purchased depending on your needs. These are available at an additional cost to make your coverage more comprehensive. A combination of different add-ons like maternity cover, personal accident cover, etc can make your health insurance plan exhaustive to include more ailments
Checking for preferred hospitals: On shortlisting your preferred health insurance plans with its coverage, the next step is to check whether it includes your preferred medical facilities for treatment. If your preferred hospital is a part of the insurer’s network hospital, it can be easier for you to avail cashless treatment facility.
Purchase from a reputed insurance company: The Indian insurance market is flooded with a plethora of insurers offering more or less similar coverage. But, the real deal is to pick an insurer that has a long-standing reputation. This factor ultimately affects the claims made.
The don’ts of buying health insurance
Here are a few things that you need to keep in mind while considering the above recommendations.
Do not purchase a policy before understanding it: Not all insurance policies are suitable for you. You must avoid relying on someone’s advice and compare health insurance plans before making a final pick.
Do not conceal your medical history: You might believe not disclosing a medical condition will save you some premium, but the truth is far from reality. Your insurance claim can be denied for not having disclosed your pre-medical condition. So, avoid making this common mistake and save yourself the hassle of a rejected claim.
Do not delay renewal of your policy: A delay in renewal of your insurance policy will eventually leave you without coverage. Further, a break in coverage may also lose out on certain benefits offered by your insurance company.
These are some useful ways that can help you in selecting a better insurance policy for you and your family. Keep them in mind and never be exposed to uncertainties of a medical emergency.
