5 Tips for choosing a Health Insurance Plan

Buying health insurance is becoming increasingly common—and essential—in India today. With the surge in medical expenses, you might be worried that in case of a medical emergency or serious medical condition, you will not be able to afford the expensive treatment. The answer is health insurance. More and more people, especially in urban areas where medical expenses are skyrocketing, are opting to buy health insurance to safeguard themselves from heavy financial loss in case of serious illness or hospitalisation.

Tips when choosing health insurance:

Here are some tips to keep in mind while shopping around for the best health insurance policy in India. You can find one that suits your requirements if you keep in mind the following 3 tips:

1. Online Search: Do a simple online research before deciding on the health insurance plan. Several insurance companies have an online tool that helps calculate the premium cost. Using this tool will give you an idea of amount of coverage you require and the cost of the premium.

2. Naturally, everyone wants to choose the ‘best’ insurance policy according to their medical and financial requirements. Well, here is one thing you need to know—there is no single ‘best health insurance plan’ in the country. Rather, the best policy and best company is the one that provides the policy that fulfills your specific medical needs, with a premium that is in line with your budget, and with service that meets your requirements.

3. Age: Do not wait for too long to buy health insurance. You might think you are young and reasonably healthy and there is no need to spend money on buying insurance coverage. Keep in mind that the older you get, the more expensive the premium gets. This is because of the health complications you might develop at that age that will make buying health insurance more expensive.

4. Add-ons: Carefully consider each of the add-ons and decide if you might require them or not.  For instance, some insurance policies offer coverage of ambulance transport. But in reality, it might not cost much and might be worthwhile paying for it out of your own pocket rather than paying a large premium every year.

5. Ask for help: Choosing a health insurance plan out of the many policies available on the market can be complicated and overwhelming. Talk to your friends, family or even an insurance professional if you are confused. There are several good insurance plans out there in the market and it is important to do the research or talk to your insurance advisor to determine which policy is best for you.

Do not ever ignore the importance of getting a good health insurance plan, as treatment for a major illness like cancer or heart disease can run into several lakhs of rupees and potentially swallow a big chunk, if not all,  your carefully built up savings. Having health insurance gives you at least some protection and financial peace of mind against heavy medical expenditure in the future.