Life is unpredictable and so are medical emergencies. The increasing instances of health contingencies has made it imperative to have a backup in the form of a health insurance cover. While there is no legal requirement to have such backup plan yet, but living without one is throwing caution to the wind. Here’s where health insurance plans shine.
Health insurance policies not only provide medical coverage but also the much-needed financial assistance relieving you of monetary stress when it comes to medical treatments. But among the myriad health insurance plans available to choose from, it can often be bewildering to decide which policy is right for you, especially if you are a first-time buyer. This article describes some of the important factors to keep in mind when you are buying a cover. Continue reading to know more.
Deciding the right policy
Among the plethora of health insurance covers to choose from, deciding which policy fits you right is crucial. There is individual health plan, family floater health insurance, senior citizen cover and even critical illness policy to choose from. The plan that you select determines the policy coverage, its features, the inclusions and even the exclusions from its terms. If you wish to seek coverage for yourself as well as your family, a family floater health insurance policy can come handy over an individual plan. However, there is no set rule as to which policy you must buy. The family medical history, exiting medical conditions and the like determine what will be right for you. So, carefully consider these factors and then decide which policy is suitable for your medical coverage requirements.
Option to add family members
When you are buying a health insurance policy, you need to consider not just your present requirements, but also the future ones. Most buyers benefit for a family floater health insurance plan in the near future and thus, planning for it is essential. In such planning, you must account for the increase in medical expenditure to appropriate purchase the sum insured. Along with it, if you plan to start a family, keeping that in mind is also helpful. It helps you to add your spouse, old-growing parents, and even a newborn to such policies. Hence, you must look for flexibility to add new members in your insurance plan.
Consider the impact of various clauses
Health insurance policies have various clauses that make up its policy terms. Waiting period and co-payment clause, in particular, must be carefully checked for. A waiting period clause is that which requires you to wait for a specified duration before the insurance coverage kicks in for specified ailments and pre-existing diseases. A long waiting period implies lower probability of medical expenses reimbursed by your insurer. Apart from that, the lower the co-payment clause, the better it is, since you need to contribute a specified percentage from your own pocket at the time of claim. * Standard T&C Apply
Opt for lifetime renewability
Having a policy that offers lifetime renewability option is advisable. Since one mostly requires health coverage as they grow older, it is a prudent choice to opt for a plan that offers it.
These are some of the considerations to remember when buying an insurance plan for the first time. When buying do not forget that insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, you can read the sales brochure/policy wording carefully before concluding a sale.