Seven Tips for Buying Health Insurance In India

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Tips For Buying Health Insurance

Health insurance has become essential for every Indian household thanks to the ever-soaring medical expenses. Studies show that the medical inflation in India clocks at an average of 17% every year, exceeding the general inflation level by a significant margin. Moreover, an increasingly busy lifestyle and high-stress level among professionals have given rise to several lifestyle diseases, making the need for adequate insurance cover increasingly important.

Health Insurance in India is offered by a variety of insurance providers across the nation. These come with several customer-centric features and benefits like attractive premiums, little to no waiting period, extensive coverage, etc.

A prospective customer can easily gain the best benefits from such a scheme if they follow few simple tips while buying a health insurance scheme for themselves and their family.

Let’s take a look.

1. Carefully calculate the coverage amount:–

It is better to select a plan that offers maximum coverage and amount for treatment in case of an ailment. Rapid inflation for the last few years has caused healthcare expenses to rise substantially. An ideal health insurance plan in India should offer sufficient financial backing to cover the rising cost.

One should apply for a health insurance plan that provides financial coverage for pre and post-hospitalisation, transportation, cost of medication, existing conditions, etc. Individuals with a large family and diverse age range should check whether the scheme fulfils the need of all family members or not. It is better to calculate and compare all these details before selecting a particular insurance scheme.

2. Consider network hospitals:–

Insurance companies usually associate with a group of hospitals where their customers can avail medical treatment. These centres, known as network hospitals, are an essential consideration for every prospective insurance buyer. One should preferably a buy health insurance scheme from an insurer with a considerable number of network hospitals as it offers the insured a wide range of healthcare centre to choose from.

3. Check the claim settlement ratio:–

Claim settlement ratio shows how many insurance claims have been successfully settled by the financial institution over the total number of claims it has received. The best health insurance scheme provider should have a high claim settlement ratio. It increases the chances of availing the necessary financial help at times of a medical emergency.

4. Compare premiums:–

Insurance premiums are one of the most important aspects a customer should consider before buying a policy. Ideally, an insurance policy should offer extensive coverage as well as additional benefits and maximum return against a reasonable annual premium.

There are several financial institutions that offer a range of feature-rich policies against an affordable premium. Companies like Bajaj Finserv offer Health Insurance Policy, Critical illness Health Insurance Plans, Personal Accident Covers, and other insurance schemes that fulfil the unique requirement of an individual.

5. Check the exclusions:–

Several financial institutions maintain a list of scenarios that are excluded from their insurance coverage. Health plans with less exclusion are preferred over others because of their extensive coverage.

6. Consider whether it is renewable or not:–

It is important to check whether the health plan is renewable or not as the importance of such policies increases during the later years of age. Companies like Bajaj Finserv allow online Health Insurance policy renewals, which makes the entire process hassle-free and time-saving.

7. Consider the waiting period:–

Insurers usually apply their own set of terms regarding pre-existing medical conditions. In most cases, any claims made for treatments of that illness is accepted after a predetermined waiting period. While it ranges between 2 to 4 years in most cases, some insurers offer shorter waiting period, making them ideal for seniors and individuals with a previous medical history.

Health insurance policy is an investment that safeguards an individual against any financial burden of healthcare cost. Following these above-mentioned tips will help anyone maximise their benefits and get the most of their insurance plan.

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