Top 10 things to consider before buying health insurance?

What You Must Know Before Purchasing Health Insurance

A small mistake while buying health insurance may cost you heavily. There are certain aspects you should consider when you have decided to get one. Here is the list of points that you should follow before buying health insurance:

1.Learn how medical insurance works first

Health insurance is a financial tool designed to provide a financial safety net during medical emergencies. You can buy a health insurance policy and prepare a financial foundation for emergency medical expenses. Pay a premium and activate the plan after the waiting period. You will have to present the insurance details during hospitalisation and get the benefits.

2. Benefits available and unavailable in health insurance

Health insurance bears partial or full medical expenses depending on the plan you choose. Understand the inclusions or coverage of an insurance plan. Find out where the service provider will bear the medical expenses. Check where the service provider is not liable to pay (exclusions).

3. Your and other members’ ages

Consider your and other members’ ages before you buy a health insurance policy. Remember, the premium increases with the age of the members you want to insure. Also, experts suggest that health insurance should be afforded at an early age to reduce the premium and provide more benefits. Once you cross a tagged age, the coverage span goes down, and you will have to bear more from your pocket.

4. Know the claim processing time

Find out the average claim processing time of the top health insurance services. You will also get a good idea of their services by reading the latest reviews online.

5. Find out the waiting period

Most of the health insurance plan has a maturity or waiting period. Some ask you to wait for two years and a handful of them tell you to wait for 9 months. Decide how long you can wait to choose the right plan.

6. Pre-existing diseases covered or not

Always check the terms of pre-existing diseases in health insurance policies. Most policies don’t cover them. Some may cover but have a higher premium than the rest.

7. Balance premium and coverage

Check the premium and compare it with the coverage of an insurance plan. Go through the terms and conditions related to coverage capping, reduced premiums, co-payment, and deductibles.

8. Cashless benefits

Modern health insurance companies offer cashless hospitalisation benefits. It means you can admit a patient and start treatment in cashless mode. The policy will take care of the medical expenses from the beginning.

9. Before and after hospitalisation coverage

Many health insurance plans cover medical expenses before and after hospitalisation. It’s an added benefit that may attract a higher premium.

10. No-claim bonus

Many insurance services offer no-claim bonuses where the coverage amount increases the next year without increasing the premium value.

Keep these ten things in mind and learn how to apply health insurance. Get all queries resolved before you make a buying decision.

What are the benefits of having a family insurance plan?

Cost-Effective Premiums

With a family health insurance plan, you can cover several people under one policy. This is usually cheaper than buying separate plans for everyone. You pay one combined premium, which helps keep costs down and makes it easier for families to get good health coverage without overspending.

Flexibility to Add New Family Members

A key benefit of family insurance plans is that you can easily add new members, like a newborn or a spouse, without needing a new policy. This keeps everyone covered and makes it simple to handle changes in your family.

Higher Sum Insured Options

Family floater plans usually give you a higher total coverage amount that everyone shares. If one person needs expensive treatment, the full amount can be used. This helps you feel secure, knowing there’s enough protection for big medical costs without worrying about separate limits for each person.

Financial Protection During Medical Emergencies

Medical emergencies can happen suddenly and cost a lot. A family insurance plan gives you enough coverage for hospital stays, surgeries, and other treatments, so you don’t have to use your savings. This safety net lets you focus on getting better instead of stressing about money.

Cashless Treatment at Network Hospitals

Most family health insurance plans let you get cashless treatment at many hospitals. You don’t need to pay upfront when someone is hospitalized. The insurance company pays the hospital directly, which makes things easier and less stressful during emergencies.

Also Read:

→ Understanding How Health Insurance Works

→ What Does Health Insurance Cover

→ What Happens If Your Health Insurance Expires

→ What is a Cumulative Bonus in Health Insurance

→ What is TPA in Health Insurance