What you must consider while buying a health insurance plan

In fact, a critical medical crisis can even completely ruin your finances. That is where a health insurance policy can save your not only save you money but also a whole lot of anxiety, which is why buying a health insurance plan is critical. But

Jul 09, 2015 05:07 IST India Infoline News Service

Health Insurance
Health emergency comes without notice. And if unprepared, it can burn a big hole in your pocket. In fact, a critical medical crisis can even completely ruin your finances. That is where a health insurance policy can save your not only save you money but also a whole lot of anxiety, which is why buying a health insurance plan is critical. But even more important it what kind of a health insurance plan you have choosen and whether it is the right fit for your circumstances or not. Every individual has his/her own circumstances and it is important that one picks a policy that can best cater to his/her needs.
 
The first thing to do when you decide to go for a health insurance cover is to see to it that the constituent features of the policy and the services offered match your current and future healthcare requirements. For instance, if you buy a health insurance plan whose list of hospitals for cashless facility doesn't  include the facilities in your neighbourhood, your purpose may not be served best. In fact network hospital is one of the key things to take not of. This is a key aspect of a health insurance policy because if your insurer has a direct tieup with a hospital, you can opt for the cashless treatment facility there.
 
The same aspect related to the sum insured. The premium of the policy should not decide how much sum insured you are opting for. A stitch in time can save nine here. Be sure the policy covers not only present your healthcare requirements but it is also future ready, because if at a later stage in your life if you reliase that your sum assured is too little and have to buy another policy that will cost you dear. Remember age is a key factor that influence the premium of a health insurance plan. So don’t be pennywise; it might cost you dearly in future.
 
Use the simple principle of paying for what you get. Your premium should be commensurate to the features and services of your policy and the quantum of coverage. So, the best thing to do is to compare various policies on offer and what you get for the same amount of premium from various insurers. There are several online platforms offering you this facility to compare products. Go through the product offerings in detail to understand the unique offerings and innovative features being offered by health insurance companies.
 
One key thing not to lose sight of is the ‘exclusions’ of the policy. All heath insurance plans exclude certain medical conditions and procedures from their coverage and it is very important for the policyholder to be clear about them so that they don't get a nasty surprise when a medical emergency arises.

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