Choosing the right health insurance plan for you and your family is a serious decision as health is the only true wealth. Health insurance with adequate cover is essential for your financial security.
Rules to keep in mind when you buy health insurance
Get early protection
Buy health insurance at a young age as it has fewer chances of being rejected. It also provides benefits like no-claim bonuses and tax benefits in addition to boosting ones financial planning. Also, premium are less when you buy health insurance at a younger age.
Hospitalization and in-patient treatments
Before buying a policy, it is advisable to look into the various expenses covered under hospitalization, in-patient treatment, and other treatments for which an insured can claim. It is always good to choose a policy that also covers pre and post hospitalization, OPD, and post-retirement aspects.
Opt for individual insurance policy along with employer insurance as it also covers your family members, unlike the employer insurance. Also, individual insurance policy helps to cover a family member whose age is above 50 years.
Compare health insurance plans before buying
Compare your chosen plan and its benefits with the precise needs of every family member to come up with an ideal alternative. Compromising with your needs just because of money can eventually turn out costly in the end.
Remember to check the waiting period for pre-existing diseases so that you know the exact number of years you will be excluded from coverage. Choose a plan with a low waiting period to avail of pre-existing disease coverage earlier.
Look for health policies that offer lifetime renewability. There is a higher chance of suffering from diseases and illnesses when you are old compared to when you are young, a health policy that offers lifetime renewability is what you should buy.
Check for cashless network hospitals linked with the insurance company as they are helpful during medical emergencies. Getting treatment in the network hospital is easy by showing the health card and avail cashless hospitalization as the hospital collaborates with the insurer.
For women, it is necessary to buy a policy that comes with maternity benefits. Make sure that the policy must also cover outpatient expenses. Furthermore, check for exclusions related to the policy.
In the end, it is wise to say that the points mentioned above are the most important things to consider if an individual is looking to build a safe future for his/her family.