Things to consider before buying Health Insurance

Health Insurance has become even more necessary during these times. It provides a financial safety net for oneself and the loved ones in case of a medical emergency. However, before buying a health insurance policy one needs to consider certain things. Let us take a look at them:

  • Insurer’s reputation: When looking to buy a health insurance policy, it is important to check the reputation of the insurer. An insurer having a good reputation means it has high claim settlement ratio. So, you can be assured that in case you need to claim your coverage, it is a hassle-free process.
  • Type of Health Insurance: The next thing you need to check is the type of health insurance you want. As there are two categories of health insurance – individual health policy and family floater policy, availing the right type of health insurance is important. You should consider buying a health insurance policy which enables you to protect both yourself and your family.
  • Medical Inflation: Before buying a health insurance policy, you need to account the medical inflation that takes place or is likely to take place in future. Given how prices have soared over the years, planning for your future means you need to fully consider the option of running short on your coverage. Hence, you should potentially opt for a combination of premium and sum insured.
  • Facility of Cashless claim: As not all hospitals may have a tie-up with the insurance policy you buy, you need to check which insurance policy has tie-ups with the greatest number of major hospitals across the city and in your immediate vicinity. This is important because when one is hospitalised or seeking treatment for an ailment with the aid of an insurance policy, that bill payment is handled directly to the hospital by the insurance company.
  • Limits of treatment and co-payment:When choosing a health insurance policy, opt for one that does not have a co-payment scheme. Doing so, can be helpful in saving some money as you will not be required to mandatorily pay a certain percentage of the medical bill. In addition to that, you need to make sure that the limits on treatment have a decently high cap-off.

If you are planning to buy health insurance in the near future, make sure to keep in mind the pointers mentioned above. Hope, this is beneficial for you.

GST rate of 18% applicable for all financial services effective July 1, 2017.

Disclaimer: Premiums may vary depending upon factors like age, location and prevailing taxes/GST.

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