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Thursday, May 3, 2018

How to buy most suitable Health Insurance ?

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Do you want to purchase a health insurance plan, but the cumbersome procedure of getting it is keeping you at bay? Are you tired of looking through lists of health insurance policies to find the perfect one that will suit your needs? Do you want to buy health insurance on your own easily? You are in the right spot as I am going to list a few ways to make purchasing a health insurance policy easy for you.

The health insurance industry has gone through tremendous change over the past few years. The millennials no longer buy health insurance just to save tax. A majority of them are aware of the benefits of buying health insurance on their own.

While all health insurance policies are now issued for the lifetime, many features are added that makes it possible for an individual to buy health insurance without a job, purchase family health insurance plans, and easily compare health insurance plans before making a final decision.

While purchasing health insurance keep these points in mind as they will help to make the process easier:

Avoid delaying the process of buying health insurance

It is understood that buying a health insurance on your own doesn't happen overnight. One needs to understand all the features in the package and them finalise the plan. There is a catch that if you cross the age limit, the insurance company will deny you the cover or you may catch a disease and hence the insurance company will not agree to take you under their wing.

Without a medical cover, individuals end up spending for the treatment cost by themselves which leaves a huge hole in their pockets. Many times we do not have huge amounts in our accounts during emergencies. By having a family insurance health plan you don't need to have cash as the policy you invested in all these years will have your back covered.

Understand what you need and what your health insurance covers

If you don't compare health insurance plans before purchase and buy the one you have a hunch will suit your needs, you might end up spending more than you need to. You need to thoroughly understand the policy even before you have a chance to use it. Are you looking to purchase a personal health insurance or is a family insurance plan the best one for you?

Health care costs are rising globally. Having a medical insurance plan will help you spend lesser and have an easy claim process at the end. There are various health insurance plans with plenty of features which help you purchase an affordable one. They include:

# Critical Illness Insurance Plans

# Maternity Insurance Plans

# Insurance Plans for Senior Citizens

# Insurance Cover for Pre-existing Medical Conditions

# Group Health Insurance Plans and others

Work out the premium and realise the sum assured

While you compare health plans, you need to work out what is the premium charged as you have to shell this amount every month from your pocket. A premium calculator will give you the exact amount which is required to be known before the purchase is made. An affordable insurance is the one which gives a good sum assured after you have religiously paid your premiums.

Sum assured refers to the maximum amount an insurer guarantees to the policyholder when a claim is made. It is a pre-determined amount.

If you choose a very high amount as the sum assured, the premium of your insurance plan will also increase.

Pull out your past medical bills and figure out an estimate of how much you have spent in recent years and then draw an estimate of how much you would require as sum assured.

Check for online reviews and compare the policies and their flexibility

Go online and check for its reviews before you decide which health insurance plan to purchase. Do a bit of research.

You may end up finding something that will either assure you that the insurance you selected is perfect for you, or that you need to change the plan. That's when you need to compare again.

Comparison of health insurance companies and their policies is very easy because of online websites. In every plan check what's included and what's excluded, individual cost limit of every room, claim amount for treatments and the transferability of the plans.

Hospital tie-ups

All insurance companies have a list of hospitals they have tie-ups with and have different claim settlements procedures. In case an emergency comes your way, are you going to travel all the way to the network of hospitals that support your insurance or will you go to a reputed hospital close to your residence?

Also, let's not ignore the scenario where in the future, you or your family members covered under your insurance plan develop an illness which requires conventional treatment. Are you going to travel to your local hospital or will you want your insurance to have specialised hospitals under your wing too?

The process of buying health insurance has been made easier due to online websites that allow comparisons. While most health insurance portals follow similar steps, there might be a few changes as per the insurance company. Steps to purchase an affordable health insurance are:

# Log in to the company website.

# Select your gender and who all do you wish to insure.

# Input the age of all the individuals you want to insure and your annual income.

# A list of insurance policies will appear. Compare.

# Purchase an affordable health insurance plan that fits your budget keeping the points mentioned above in mind.

# Pay via card or through your bank account.

The best health insurance policies available may not be cheap, the premium may be higher but the sum assured is promising. Read all the clauses before you make the final decision and if you cannot decide which insurance to go for, meet an unbiased expert. Make sure you keep an eye for what services are not included in the plan, the network of hospitals covered by the insurer and the post-hospitalization cover.

While buying health insurance on your own, don't forget that you are planning for the future. The room charges will increase and so will the bills. Will the sum assured be enough to cover those bills? The best time to buy a health insurance is when you are healthy and believe you don't need one.



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