Life is unpredictable, and so are medical emergencies. The increasing instances of health contingencies have made it imperative to have a backup in a health insurance cover. While there is no legal requirement to have such a backup plan yet, living without one throws caution to the wind. Here’s where health insurance plans shine.
Health insurance policies provide not only medical coverage but also the much-needed financial assistance relieving you of monetary stress when it comes to medical treatments. But among the various 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 essential factors to keep in mind when 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 an individual health plan, family floater health insurance, senior citizen cover, and even a critical illness policy to choose from. The method you select determines the policy coverage, features, inclusions, and even the exclusions from its terms. If you wish to seek coverage for yourself and your family, a family floater health insurance policy can come in handy over an individual plan. However, there is no set rule as to which approach you must buy. The family medical history, existing medical conditions, and the like determine what will be right for you. So, carefully consider these factors and decide which policy is suitable for your medical coverage requirements.
Option to add family members
When buying a health insurance policy, you need to consider your current requirements and future ones. Most buyers benefit from a family floater health insurance plan shortly, and thus, planning for it is essential. In such planning, you must account for the increase in medical expenditure to purchase the sum insured appropriately. Along with it, if you plan to start a family, keeping that in mind is also helpful. It helps you add your spouse, old-growing parents, and even a newborn to such policies. Hence, you must look for flexibility to add new members to your insurance plan.
Consider the impact of various clauses.
Health insurance policies have various clauses that make up their policy terms. The waiting period and co-payment clause, in particular, must be carefully checked. A waiting period clause 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 a 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 pocket at the time of claim. * Standard T&C Apply
Opt for lifetime renewability
Having a policy that offers a lifetime renewability option is advisable. Since one mostly requires health coverage as they grow older, it is prudent to opt for a plan that provides it.
These are some considerations to remember when buying an insurance plan for the first time. When purchasing, 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.