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Essential Factors to Consider Before Buying a Health Insurance Plan

Essential Factors to Consider Before Buying a Health Insurance Plan

Protecting your financial interests when you are at the top of your game is the greatest approach to avoid the difficulties that may lie ahead. This article goes through some of the factors you should think about when putting together a solid financial backup plan for medical crises. Medical emergencies are one of life’s many unforeseen events. With the rising expense of healthcare in India, it is virtually unavoidable to get a health insurance plan.

The pandemic has brought risk into sharp focus, emphasizing the need for risk reduction. People have begun to see the value of insurance after learning about the financial repercussions of not having it. Since the pandemic, a comprehensive health insurance plan has been a necessity. Experts believe that as a result of the high hospital and medical expenses incurred during COVID treatment, people are becoming more careful while selecting the best health plan available.

Rakesh Jain, ED, and CEO, Reliance General Insurance, says “The pandemic has put a spotlight on risk and underscored the importance of risk mitigation. People have now started valuing the importance of insurance as they have understood the financial consequences of not having one. One should note that insurance is the best tool to get back on feet without making a financial dent on savings”.

However, with so many possibilities, it can be difficult to choose the insurance coverage that is suitable for you. Don’t worry, we’ve made it easy for you. Here’s a summary of the factors to consider while shopping for the best health insurance plan for you and your family:

Policy Details

To obtain a health insurance plan with specific coverage, you must pay a premium. When it comes to the sum insured, which is the maximum amount your insurer would payout in the event of hospitalization, the amount of premium you pay is also important. As a result, premiums, coverage, and the amount covered are all linked. When evaluating health insurance policies, deciding on a health insurance provider, and purchasing a plan..

No Claim Bonus

In case you’re wondering, what happens if you get health insurance but don’t get sick, don’t go to the hospital, and don’t file a claim? Don’t worry, your money isn’t going to waste. The above-mentioned information will be sent to you by your health insurance company. Every claim-free year earns you a No Claim Bonus.

Age Criteria

When it comes to health insurance, age is one of the most important aspects to consider. Keep in consideration the age of the family members who need to be covered when obtaining medical coverage. The premium cost would be determined by the age of the eldest family member, just as it would be in a family floater insurance.

When purchasing health insurance, you should also consider the age restriction criterion. For example, some health plans have a minimum age requirement of 91 days and a maximum age requirement of up to 60 years. There are other plans with a minimum age limit of 25 years and a maximum age limit of 50 years. There are certain plans, however, that do not have any age limits.

Choosing the Appropriate Insurance Coverage Amount

When choosing a health insurance plan, the cost should be carefully considered because it covers medical bills for a year. Consider your age; the younger you are, the smaller the amount of insurance you’ll need. To determine whether a premium is affordable, one should check at his or her income levels. Add-ons are also important since they affect premium amounts. Make sure you get a sum insured that won’t leave you short in an emergency and has a reasonable price.

Pre/Post Hospitalization

You go to the doctor, obtain prescriptions, and have tests done before being admitted to the hospital. After you’ve been admitted to the hospital, you’ll have to pay for follow-up visits with the doctor, medications, and other costs. Choose a health insurance plan that has these benefits as well.

Policy Renewal for a Lifetime

Look for health insurance that may be renewed indefinitely. When you’re older, you’re more likely to contract diseases and illnesses than when you’re younger, so you should invest in a health plan that can be renewed for the rest of your life.

Claim Settlement Approach

Consider the company’s claim settlement method before purchasing a policy because paying claims is at the foundation of an insurance company. The entire procedure should be user-friendly.

Don’t forget to read the policy document thoroughly when you find a plan that passes all the factors checks given above. This will help you understand the policy better.

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Written by Hardik Tokas

Hardik Tokas is a law graduate from GGSIPU, Delhi. He is an analytical thinker, an active team player who is proactive in legal research and writing, and has highly motivated enthusiasm for business, start-ups, and entrepreneurship. He has the vision to deliver excellent support to the visionary entrepreneurs and educate them in all legal compliances of applicable laws considering their business level and long term growth. He is a goal-oriented professional and a valuable member of the organization.

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