5 Things to Consider While Buying a Health Insurance Plan

Unlike the process a few years ago, buying health insurance was similar to buying a train ticket. Like booking a train ticket required reaching out to a travel agent for consultation, purchasing health insurance plans was no different.

But today, not only the process of purchasing health insurance has changed, but also the number of health insurance companies has increased multiple times.  

With everything going online, even the health insurance sector has also made its way to the digital stage. There are a lot of firms selling health insurance plans in India, which may make it a tough choice to buy the best.

5 Points to Consider While Buying Health Insurance Policy

To simplify it for you, here are a few factors to consider while zeroing down on a Health Insurance plan-

1. Think if you require a family floater policy

You can choose from an individual health insurance plan or a family floater health insurance policy depending on your needs. An individual health insurance plan will focus only on you, whereas the latter covers your whole family. The premium amount may differ and be higher for a family floater plan.

However, it is a risk that is calculated as chances are very low that all the members would require hospitalization in the same year. But if any family member has an ailment, then looking for an individual health insurance plan for them would be a wise choice so that the premium does not increase. 

2. Decide on the coverage amount wisely

While deciding the coverage amount, you must have a long-term plan for your health costs. Give a thought on your medical and financial requirements covering coverage amount, monthly premiums, co-payments, deductibles, etc. It helps you assess the needs and priorities to know what you look out for in a plan. 
(Co-payment is a share of the claim that the policyholder has to pay from his/her pocket. 
A deductible is an amount the policyholder pays for health care services before the insurer begins to pay.)

3. Compare capping clause for sub-limit on room rent

Many health insurance plans have capping on room rent. This means that the policyholder can claim for expenses only up to that particular amount. If you choose a room with rent greater than this amount, you will have to bear the additional expenses. 

For instance, the limit for room rent as per your health insurance policy is Rs. 6,000 per day, but if you get hospitalized and choose room rent with Rs. 10,000, then you will have to bear the rest of the amount from your pocket.  

4. Search for treatment-wise limits and co-pays

Many health insurance plans limit specific treatments such as cataracts or cardiac treatments. Limits like these cap your claim even when you have a large sum insured under the policy. So, give importance to these factors before signing up for a policy.   

5. Check for a facility of cashless treatment

One of the most important factors to consider while buying health insurance is to check if it provides a cashless mediclaim facility. With a cashless facility, a policyholder can avail of medical treatment without having to pay from his/her pocket. He/she can seek treatment from any network hospital mentioned in the policy.

Therefore, while choosing a policy also look for the ones with more network hospitals near your residence.  

As there are a lot of insurers offering health insurance plans, it is better to do some research from your end before purchasing a health insurance plan. Some important factors other than the ones mentioned above are the waiting period, claim settlement ratio, price, etc. These will help you make a smart move in the right direction.        

Also Read:

Top Ten Essentials to Buy the Best Health Insurance Plan

Know about Additional Covers to Strengthen Your Insurance Plan