One of the major lessons the COVID-19 pandemic has taught us is medical exigency is unpredictable and can knock on anyone's door at any time. This, once again, highlights the importance of
health insurance as it can help you in availing yourself of the best medical facilities on time, and that too without any financial trouble. Nowadays, with an increased cost of medical facilities and services, having medical insurance has become a necessity. Over the years, people have understood the significance of health insurance and are now availing of the
benefits of health insurance.
Today, many people prefer private healthcare centres over public health services. In return for their good service, they charge hefty amounts as medical fees and treatment cost, thus creating a financial burden for the patient and his/her family. However, having a
health insurance policy keeps you on the safer side and you remain unaffected by these unexpected medical emergencies.
What to Consider While Buying a Health Insurance?
Correct time to purchase: Many people are unaware of the right time for purchasing any health insurance coverage. Ideally, you should get a beneficial health insurance policy as soon as you get a job and start earning. If you are wondering why you should get a health policy at such young age, then here's why:
Firstly, if you buy the health insurance policy in your 20s, you will need to pay a lesser premium for worthy coverage as compared to what you get in your 30s or early 40s. Secondly, when you are young, you have fewer health complications which make it easy for you to get good health insurance cover.
Sum assured: Medical treatment costs are accelerating day by day. Therefore, the sum assured should be enough to incur all your medical expenditures in case of an emergency. To do that, firstly, you must count all the members of your family whom you want to include in the policy. Secondly, you must take into account the existing health conditions of the members along with any hereditary disease or illness running within your family.
Also, you must not forget that if a high sum is insured, then the premium of the insurance will be higher. Therefore, evaluate your affordability before buying any health policy. It is a vital element in getting suitable benefits of health insurance for you and your family.
The type of coverage: Analysing your needs is one of the basic steps to buying health insurance or
personal accident insurance. For instance, if you are not married and you do not have dependents such as a spouse or children, then going for an individual health insurance policy would be a smarter and sensible decision. On the other hand, if you have a complete family with you, then you must go for a family floater policy that covers all members of your family. Thus, before buying an insurance plan, you must examine your needs wisely.
Tips to lower health insurance policy cost
Choose the policy with the right sum assured: Insurance companies offer a wide range of insurance plans, some even going up to Rs 1 crore. But you should not forget that the higher the coverage, the higher will be the premiums. It is very important to choose the correct health insurance policy for yourself and your family. The sum assured should be adequate to fulfil the needs at the time of requirement.
Get your policy at an early age: It is advisable to get your health insurance or personal accident insurance plan at an early age because insurers consider many factors such as your age, current health conditions, medical history and more before sanctioning health insurance. Therefore, the younger the policyholder is, the chances of any major roadblocks to the desired insurance cover is less and one can get good coverage for lower premiums.
Opt for long-term policies: It is better to opt for a long-term health insurance policy for which the tenure is more than a year preferably two to three years. Mostly, the year-long health insurance plans have higher premium amounts than the long-term policies. Hence, you may prefer long-term policies as their premiums are affordable too.
Compare policies before buying: It is beneficial to compare policies that are provided by different insurance companies before buying one. Insurance companies offer various kinds of health insurance policies and personal accident insurance to meet the needs of all individuals. While comparing distinct policies, you will notice a remarkable difference in the treatment coverage they offer. You may also observe the difference in the premium amounts. So, choosing wisely.
Have a policy before your parents turn 60: It is a well-understood and accepted fact that we become more prone to diseases with increasing age. Hence, it is advisable to have a valid health insurance policy for your parents and other elders in the family. If your parents are dependants, then it is recommended to have a family floater policy that includes them before they are deemed as senior citizens. If you get a policy before they turn 60 years old, your premiums will be lesser, but compared to your individual policy premiums, they may be higher.
Shop with an independent agent: Shopping for a health insurance plan with an independent agent is one of the best means to lower health insurance policy costs. Usually, the independent agent is associated with different insurance companies that offer similar policies, making it easier for you to identify the insurer and policy best suited for your needs.
Assess your health insurance needs: The insurance needs of an individual change from time to time. Thus, one should timely reassess his/her insurance needs. You may be spending more on your premiums just because you are holding on to the same health insurance policy year after year.
The ongoing pandemic has taught us that we cannot predict what will happen next in our life. Since medical emergencies are mostly unexpected, we should always be ready to fight through such circumstances. As mentioned earlier, hospital and medical charges have witnessed drastic inflation over the years and are burdening the pockets of people immensely. Getting a health insurance policy will help you fight such situations. You can protect yourself from the stress and financial burden of medical emergencies by paying a small annual premium. Remember, a good health insurance policy should cover all expenses towards doctor consultation fees, medical tests, ambulance charges, hospitalisation charges and post-hospitalisation treatment. Always go for a policy with pocket-friendly premiums, a big hospital network, good insurance coverage and a higher claim ratio.