Get the complete buying guide on health insurance- things to consider, coverage amount, saving on premiums, and features to consider

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Buying a health insurance policy is very important these days. You can pay off the medical expenses and hospital bills very easily. With the medical costs rising every year this can assure you. It ensures that you can continue treatment with worrying about arranging expenses.

Why health insurance is necessary?

There are many advantages to buying a health plan. Some of them are-

Gives you peace of mind

By buying a health plan you will avid the tension of the ‘what if’ problem. You do not have to worry about rising medical costs anymore. Enjoy with your family and forget all the tensions of tomorrow.

Easy disbursement and claim settlement

With the help of a cashless facility in health insurance, you will be able to pay off bills in an easy manner. You do not have to worry about paying in cash.  This is a hassle-free process and requires no documents.

You can get tax advantages

Buying a health plan also gives you lucrative tax benefits. In this way, you can reduce your income tax by buying health insurance. There are also tax limits like purchasing for senior citizens etc.

How to choose the coverage amount

Choosing the coverage amount is very essential. You should consider the rise in medical costs every year. Considering this a minimum sum assured should be able to get you treated of most of the diseases and incidents. If you are buying health insurance for yourself only consider your age. Buying a health plan earlier will ensure lesser premiums for you throughout the term.

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Family floater plan is a good option

You can also go for family floater plans for family coverage. By buying the family floater plan you can avoid buying separate plans. This is indeed a good proposition to buy a larger health cover at a much lower rate. If you have dependents who are not covered this plan is the best or you.

Know about the individual coverage

There are also different types of sub-limits within a health insurance policy. Some of them are bed charges per day, ambulance costs, pre and post hospitalization expenses, critical illness coverage, and disability coverage and much more. All these features vary within the companies. So read these features very carefully.

How long should I renew for my health policy?

You should consider longer plans that give you coverage for a minimum of 75-80 years. If you have understood the benefits then you will buy it from self-awareness only.

How to buy a health plan online?

Many factors need to be considered when buying a health plan online. Sometimes we may get confused while buying health insurance policies. If you can keep a note of the factors that are mentioned below you will end up buying the best plan in the market. With so many companies having multiple plans it is easy for a person to get confused.

Why buying health insurance online is a much better option?

You can buy it by visiting a health insurance company office as well. But buying online has multiple advantages you did not knew earlier-

Did you know buying online would charge you less?

Yes. Buying online health plans are cheaper because the premiums are less. A portion of your premiums go for the agent’s commission when you buy it directly from an agent. By buying health insurance online you can avoid this problem.

Do not fall for the words of the employees and health insurance agents

The agents will always try to sell you the plans where they have the maximum commissions. This way you will not be able to buy the plan that is fit for you. Most of the people end up falling in this foothole.

You become more aware of the features

When you are making the decisions yourself it becomes easier. You will become more self-aware this way and know about the features and exclusions of the policy.

 

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Comparing premium from multiple companies

You must buy health insurance plans after comparing the various plans and their premiums. So visit the online portal and find out which company is providing you the highest coverage with multiple features at the lowest cost.

What is the waiting period for pre-existing diseases?

There is normally a waiting period in which you cannot claim. If the illness that was treated is found to be pre-existing then you won’t be able to get the expenses from the company. There is a minimum time for which you have to wait for treating that particular illness.

How long can I renew the health insurance policy insurance?

Find out how long the health insurance company will provide you coverage. This may not be a very important decision if you are young. But for senior citizens, this is a highly important factor to consider.

Finding claim settlement ratio

A good company will always have a very good claim settlement ratio. Always buy health plans from a company that is highly reputed. Check their claim settlement ratio online. You may also find out about the average waiting period within which the claims were settled.

What is the network hospital coverage?

Find out the hospitals that are covered and are partners of the health insurance company. Ideally, you want to buy a policy that has all the major hospitals in its coverage. If you are ill and have to search for a network hospital then it might be absolute chaos. Make sure to check the coverage of network hospitals and nursing homes.

Buying a health policy is very important at a young age. This way you will be able to avoid the burden of rising medical costs. There are a few things that you must know before buying a health plan. Always make sure to buy a health policy online as this will ensure lower premiums. You can also become highly self-aware. Find out what is your budget and what is your coverage that you require. While deciding on the company find out about the claim settlement ratio and features of the health insurance plans.

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