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Tips to Buy the Best Health Insurance Policy

Even if you do, you will run out of savings in no time. Hence, a health insurance plan is a must. But with so many insurance companies and different types of policies in the market, it can get a bit confusing. Here are a few tips that will help you pick the right health insurance policy.

  • Earlier the better

    If you are pondering over getting a health plan, get it at the earliest. Most of the health insurance plans have waiting periods and they get expensive as you age. If you pick a plan at the earliest, you can get the waiting period out of the equation and get adequate coverage without paying a lot of money as a premium.

  • Increase in cover

    You must look for policies that have options to increase the policy cover at regular intervals. This will ensure that you are never left behind when it comes to dealing with medical expenses, as they increase constantly. Estimates show that medical inflation is at 12-14%. Thus, a policy where you can increase the cover will be very handy.

  • Pre-existing diseases

    Do not forget to take a look at the waiting period for pre-existing diseases. In most circumstances, insurers do not provide coverage against pre-existing diseases until a certain duration. The standard duration of such waiting period ranges between 2-4 years. Look for a policy where this waiting period is less.

  • Caps

    Insurance policies usually have caps on certain aspects of hospitalization. For example, health plans usually have caps on the room rent for a day. It is recommended to find a policy that has a much higher cap on the room rent or no upper limit. This will ensure that you do not end up paying money from your own pockets.

  • Co-pay

    Health insurance plans do not come cheap. But there are a few conditions or criteria with the help of which you can reduce the premiums. If there is an option, opt for deductibles and co-pay. Should you opt for these two components, you will have to pay for them while you make a claim. But at the same time, they will help you save considerably on the premiums.

  • Long Term Plan

Another smart way to save money on health insurance premiums is to opt for long term plans. The premiums of long-term plans are less expensive as compared to the plans that are for a year or so. By opting for a plan of 2 or 3 years as tenure, you can save money on premiums as well as get adequate coverage for a longer duration.

If you want to make the most out of your health insurance plan, you can compare the different policies on offer. This will help you save on premium while picking the plan with the best coverage as well.

Even if you do, you will run out of savings in no time. Hence, a health insurance plan is a must. But with so many insurance companies and different types of policies in the market, it can get a bit confusing. Here are a few tips that will help you pick the right health insurance policy.

  • Earlier the better

    If you are pondering over getting a health plan, get it at the earliest. Most of the health insurance plans have waiting periods and they get expensive as you age. If you pick a plan at the earliest, you can get the waiting period out of the equation and get adequate coverage without paying a lot of money as a premium.

  • Increase in cover

    You must look for policies that have options to increase the policy cover at regular intervals. This will ensure that you are never left behind when it comes to dealing with medical expenses, as they increase constantly. Estimates show that medical inflation is at 12-14%. Thus, a policy where you can increase the cover will be very handy.

  • Pre-existing diseases

    Do not forget to take a look at the waiting period for pre-existing diseases. In most circumstances, insurers do not provide coverage against pre-existing diseases until a certain duration. The standard duration of such waiting period ranges between 2-4 years. Look for a policy where this waiting period is less.

  • Caps

    Insurance policies usually have caps on certain aspects of hospitalization. For example, health plans usually have caps on the room rent for a day. It is recommended to find a policy that has a much higher cap on the room rent or no upper limit. This will ensure that you do not end up paying money from your own pockets.

  • Co-pay

    Health insurance plans do not come cheap. But there are a few conditions or criteria with the help of which you can reduce the premiums. If there is an option, opt for deductibles and co-pay. Should you opt for these two components, you will have to pay for them while you make a claim. But at the same time, they will help you save considerably on the premiums.

  • Long Term Plan

    Another smart way to save money on health insurance premiums is to opt for long term plans. The premiums of long-term plans are less expensive as compared to the plans that are for a year or so. By opting for a plan of 2 or 3 years as tenure, you can save money on premiums as well as get adequate coverage for a longer duration.

  • If you want to make the most out of your health insurance plan, you can compare the different policies on offer. This will help you save on premium while picking the plan with the best coverage as well.

Diwaker Asthana Health Insurance industry experience of 20 years

Diwaker Asthana recommends buying my:health Suraksha Insurance to get the benefit of a wide range of coverage that the plan offers. For some unique benefits like cashless home health care and in-patient treatment for mental illness, he believes this plan will benefit customers in the long run.

Know more about our experts

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.


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