Wednesday, 8 Apr 2020

How to Choose The Right Health Insurance Coverage For You

The medical costs today are ever-soaring, and for most individuals, it is not possible to pay off these expenses. Therefore, buying a health insurance plan has become essential. A fair number of millennials very well know the benefits of these plans. However, many of them are still confused about how one must choose the right health insurance plan.

Here are a few points to keep in mind before purchasing a health insurance coverage:

Ability to pay the premium

As premium is directly proportionate to the insurance amount, your ability to spend on premium should be the first important factor for deciding the health insurance or mediclaim cover. Your premium payment depends upon the insurance amount, insurance company, type of the insurance, and other additional taxes. It is essential to work on your affordability in order to pay the premium. Choose your health insurance type only after assessing the capability, as not everyone is able to pay a hefty amount of premium. You can also buy a health insurance or mediclaim policy that has a more specific coverage if you are facing a cash crunch.

Family history of illnesses

Your medical history is significant as how much mediclaim you must have, depends on it. Reason being, if you’ve got a family history of lifestyle diseases, then the chances of it being passed on to the next generation is higher. If you are in a genetically high-risk category, you must go for a broader health insurance coverage when you are young.

Age

When you decide the amount of coverage, age has to be an important factor to consider. It is advised to buy health insurance when you’re young, i.e. in early life because it ensures a lower premium as you might have fewer pre-existing diseases.

An individual who has crossed 45 years must purchase a higher coverage amount. Along with that, the cost of the coverage also increases. If the individual develops any health issue, then the pre-existing diseases might be excluded by the health insurance provider. This can defeat the main reason why you’re buying a health insurance policy.

How much coverage do you really need?

Every individual is different, and so is their mediclaim need. There is no such rule regarding the coverage required for health insurance. However, it is excellent if you compare plans online so that you can make a wise decision.

Read to know some more tips on finding the best health insurance policy that meets your requirements:

Tip 1- Research extensively and purchase the best health insurance plan in India that meets your needs.

Tip 2- You can also go for extra coverage and strengthen your health insurance plan if you have basic coverage. Under this, you can even opt for a Critical illness Cover or even a Personal Accident Insurance Cover for better coverage.

Tip 3- If you choose an excellent medical insurance provider, then you will have the best hospitals in their network. With such hospitals, you have the provision to make cashless claims.

Tip 4- The claim aspect of the insurer will matter the most for you as well as the insurer when it comes to any insurance. Claim process determines whether you are satisfied with the service provided.

To receive the best health insurance policy in India, you must assess your health profile in terms of age, current health, medical history, financial position, etc. Before you purchase a health insurance policy, read as well as understand the inclusions and exclusions, terms and conditions of any of the policies that you might opt for such as senior citizen health insurance or health insurance plans for family members.