Consider These 8 Factors Before Buying Health Insurance in India

There are many firms these days that sell health insurance in India. And because of all these options, choosing one can be a daunting task. Other than the number of plans to choose from, sometimes, the complex wording of the policy document can confuse a first-time buyer. So, when buying an insurance policy, there are certain things you can keep in mind before zeroing in on a plan. 

Here are some important factors to keep in mind when purchasing health insurance in India:

1. Educate yourself about the claims process

One of the most important considerations when buying an insurance plan is the claims process. An easier process will mean that the settlement will be faster and better for an insured person. Additionally, you must check the customer support system offered by the insurance provider when making a selection. An ideal insurance provider is one that offers robust customer service support and faster claims process. 

2. Family vs individual plans

When you are looking for suitable health insurance in India, first, you must assess your specific needs. If you are a young individual buying an insurance policy for the first time, then an individual plan will be suitable for you. However, if you want to provide coverage to all your family members without the hassle of paying multiple premiums, then family health insurance plans are ideal. If you choose the latter, be sure to check for pre-existing illnesses in your family before buying a policy. 

3. List of network hospitals

Imagine that you have a medical emergency and the hospital nearest to you is not covered by your policy. To avoid this predicament, be sure to check the list of network hospitals when buying health insurance in India. This will help you shortlist plans based on the network hospitals in your city. Ideally, you should choose insurers that have the highest number of hospitals listed in their network. 

4. Insurance amount

When choosing a health insurance plan, one needs to make sure that the insurance amount is suitable for their requirements. Choosing high coverage amount will lead to expensive premiums and over-insurance that can make the policy unsustainable over a long period of time. However, underinsurance will leave you short of funds to cover the entire cost of medical expenses. Therefore, when choosing the sum insured, make sure that it is adequate and affordable. 

5. Check for maternity benefits

Maternity benefits these days are over the roof and the cost of pregnancy can be exorbitant as well. That is the reason it is important for the insurers to look for health insurance plans in India that offer maternity benefits as well. 

When looking at maternity benefits, you need to consider things such as waiting period and sub-limits defined in the policy. The policy should not only cover the costs of delivery but also other outpatient expenses. Don’t forget to check the exclusions mentioned in the policy document. 

6. Health Check-up

Some health insurance providers offer free medical check-up to their insurers. However, they are not added in the cost of premium when the policy renews. 

7. Pre and post hospitalization

Medical expenses start even before the actual hospitalization. Doctor visits, diagnostic tests, medicines, etc. can soon add up and turn into huge medical bills. The same goes for expenses after the hospitalization, such as follow up treatment, medicines, etc. That is the reason you must choose an insurance plan that provides comprehensive coverage for pre and post hospitalization as well. 

8. Lifetime renewability 

Health insurance in India also come with the option of lifetime renewability. Since you are more likely to suffer from a disease or an illness when you are older, it is best to opt for a policy that offers this feature.  

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Given the rising medical costs, a health insurance plan is a necessary addition to your life. Use comparison tools offered by insurance providers, such as Care Insurance, to compare different policies before making a buying decision.