6 Points to Check before Buying Health Insurance

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Buying Health Insurance 6 Points to Consider
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Introduction

• The world is moving at a fast pace and life is
  stressful. No wonder terms like 'lifestyle
  diseases' have been coined. In such a scenario,
  the need of a health insurance plan for yourself,
  your family and your loved ones cannot be ruled
  out. However, given the number of Health
  Insurance plans available in the market, it is
  prudent to consider certain points when buying
  health insurance.

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Go for Family Floater Plans
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Prefer health insurance plans for the entire
family as opposed to plans for individuals. If
you are single then you can opt for Individual
Health Insurance Plans however if you are living
with your parents or you are married then your
entire family can be protected under the umbrella
of family floater insurance plans. These policies
come with low premiums but cover your entire
family.
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High Claim Settlement Ratio
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Choose a health insurance plan from an insurance
provider that has a high claim settlement ratio
i.e. the ratio of claims settled against the
total claims received by the company. Go for a
company that has a high claim settlement ratio so
as to avoid rejection of claims on petty
grounds..
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Pick Practical Sum Insured
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It is wise not only to pick an appropriate Sum
Insured according to your age but also opt for a
plan that provides high Sum Insured as well as
Renewal Benefits on Sum Insured. If you are young
and buying health insurance for a small family,
go for moderate Sum Insured as it will reduce
your Premium. Similarly, if you are buying health
insurance with your parents then you must opt for
higher Sum Insured.
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Pre-Existing Diseases
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The Health Insurance plans come with a set
guideline for certain diseases that are not
covered for a certain lock-up period (2-4 years)
if these diseases are pre-existing at the time of
buying health insurance plan. If you are covering
your parents, then you must go for health
insurance plans that have low Pre-Existing
diseases lock-up time.
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Exclusions
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There are many policies that exclude many
diseases and treatments for various health
conditions like cataract, gastric ulcers,
obesity, HIV/AIDS, joint replacement, dental
treatments, pregnancy etc. It is better to
directly ask the policy agent as well as read the
policy terms and conditions carefully in context
with exclusions so that you can opt for health
insurance plan that comes with minimum exclusions.
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Compare
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Always be open to a variety of options and
compare the health insurance plans available in
the market based on premium, accidental coverage,
network of hospitals, limitations on Room Rent,
Day-Care Treatment, etc.
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THANKS!

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