Articles September 3, 2019

8 Point Checklist for Buying Health Insurance in India

Important Checklists Before Buying Health Insurance Policies & Plans in India

There are many health insurance plans available in India. However, every single insurance coverage may not be suitable for your requirements. This is why you should be very cautious when you buy the most perfect health insurance cover for yourself and your family. There are different features in health insurance that cater to different needs. Take a look at this article to know how you can locate and buy your ideal health insurance coverage to ensure you stay protected at all times.

Health Insurance Buying Checklist for Every Policyholder

Here is a handy guide for you to follow when you buy a healthcare insurance plan:-

  1. Proper sum insured – 

    It is very important for you to assess your own needs before you buy the health insurance policy. You need to see how many people are there in the family and what each of their special requirements are before you understand how large medical insurance cover you need. The sum insured must be enough to cover all the members of the family sufficiently. 

  2. Features covered – 

    The next point to keep in mind the features included in the insurance policy you look to buy. The plan should have the best features that prove to be helpful to you. You must find affordable health insurance, but the plan you buy must be loaded with the best possible features as well.

  3. Waiting period – 

    Practically all the health insurance companies attach a few clauses along with the healthcare plans. One of the most vital classes relates to the waiting period for different illnesses. In other words, you cannot make an insurance claim if the illness strikes within the stated waiting period. Read the insurance policy wordings very carefully to know what the applicable waiting period for each illness is. Look to buy a health insurance policy that has a relatively lenient set of rules related to the waiting period.

  4. Exclusions – 

    Exclusions are there in all kinds of medical insurance covers. The IRDAI states that health insurance claims can be rejected if the policyholder violates the rules related to the exclusions. It is therefore important for you to understand and analyze the exclusions of the cover you get before you make the purchase.

  5. Riders available – 

    Riders are available in health insurance. They allow you to make the plan more flexible and better suited for your requirements. Choose your riders cautiously to ensure you have the best insurance coverage. However, you should be careful as a higher number of health insurance riders can lead to your insurance premium rising sharply too. So check the available riders and only buy those that are of best use to you.

  6. Sub-limits – 

    Sub-limits refer to the caps imposed by the health insurance companies on overheads. This means, that under your health insurance plan, you are only given a percentage for each expense. You get a specific percentage of the sum insured to pay the room rent in the hospital, a specific percentage to pay the ambulance charges, etc. Read the sub-limit clause without fail as this can make or break the coverage for you.

  7. Insurance provider – 

    A vital checkpoint is choosing the correct insurance provider. While it is important to get the best plan, it perhaps is even more important to get an insurer who works cooperatively with you. If your insurer is rigid and unhelpful, you will find it very difficult to maintain and use your health insurance coverage. So do your research and choose a health insurance company that enjoys a positive customer rating.

  8. The overall cost of the health insurance plan – 

    Last but not least, keep the cost of the health insurance policy in mind. Everyone looks to get the best plan from the best insurer, but it is important to be practical here. Compare insurance quotes and find an affordable health insurance policy. If the medical insurance cover you choose is too expensive, it will become a financial liability for you. this will prove to be detrimental and will make your health insurance cover unsuitable for you.

These are some important checklists for you to bear in mind. Once you run these assessments, you will surely be able to get the most useful and appropriate health insurance policy for your entire family.

In a Nutshell, About Checklist Before Buying Health Insurance Plans in 2019

To put it in a nutshell, health insurance is crucial and helpful. However, you will only get the best value out of the health insurance coverage when you have the most suitable plan. So don’t be in a hurry and buy the very first option that you come across. Take your time and do your research. Then compare insurance quotes to see which is the best healthcare plan available at the best possible rate. find a good match and buy the cover and stay protected in a wholesome manner.

 

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