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5 Interesting Tips for the first-time Health Insurance Buyers

Soham (25-years-old) works in a media house in Bangalore. Soham didn’t purchase any health insurance policy for himself as he thought he was young and wholesome. But during this lethal COVID-19 pandemic, many of Soham’s friends and acquaintances got affected by this deadly virus. Even Soham’s roommates also got infected with the COVID-19. But luckily, Soham escaped from this lethal virus. However, some of Soham’s friends also got admitted to various hospitals as they developed severe complications due to this COVID-19. Now, Soham has changed his mind and is planning to purchase the best health insurance policy that will give him coverage against various ailments.

Since Soham is a novice player in this health insurance field, he doesn’t have adequate knowledge about how to buy health insurance online in India, things to know before buying health insurance, what is the age limit for health insurance, and so on. Soham and many novice buyers are not familiarized with the jargon or features of health insurance policies.

If you want to avail yourself of all the benefits of health insurance policies, you should choose the right insurance policy from the start. However, there are some tips for first-time buyers to enjoy the most benefits of this security tool, especially during emergencies like the COVID-19.

Best Tips for Buying Health Insurance

Purchase a Policy when you are Young

Many insurance experts often recommend purchasing a health insurance policy at a young age. Because your age plays a pivotal factor in calculating your premium amount for the policy, if you purchase a policy at the age of 30, your premium will be lesser as compared to the same policy when you purchase it at the age of 50. In addition, a Cumulative Bonus (CB) accumulated at a young age will help you get higher coverage with no additional premium. Once you grow older, you will become susceptible to various ailments. Though age is not the only parameter that controls your premium, it’s always better to purchase a health policy as early as possible to avoid premium loading, pre-existing diseases, etc. You can even buy a health policy at your older age; still, it would be wise to purchase it early and stay covered.

Select the right cover (Adequate sum insured and the Policy Coverage)

While purchasing a health insurance policy, first-time buyers should consider their requirements so that they can opt for the right cover. If you are covered with group medical insurance from your employer, then is this amount sufficient for you? Do you want to purchase an individual health policy so that you don’t need to be dependent on your employer? Do you want to uplift your coverage by selecting a super top-up policy over your indemnity policy or group medical coverage? Ask such questions to evaluate your needs before purchasing the right policy for your healthcare requirements. If you are still skeptical, you can talk to a financial consultant or an insurance company that will guide you in selecting the right policy for your healthcare needs.

Background Verification of Your Insurance Company

Don’t forget to check the insurance company’s background from whom you are planning to purchase a health insurance policy. Don’t commit anything before verifying the background of the company. Check the company’s offerings, its network hospitals, claim settlement process, services, ratings, and reviews before investing a single penny. Also, check with other health insurance companies, their offerings, services provided, their reputation in the market, the claim settlement ratio, and accordingly choose the most suitable policy. The price should not be the only deciding parameter while choosing a health insurance policy.

Check all Terms and Conditions of the Policy

All health insurance policies offer inclusions and exclusions under their terms and conditions to understand what they will get against their premiums. Before purchasing a policy, don’t forget to check the waiting period, coverage for pre-existing illnesses, room rent cap, wellness benefits, sub-limits, etc. Once you are aware of inclusions and exclusions, you may not face the pain of rejection at the time of an insurance claim.

Medical inflations are thriving day by day. To stay protected against various diseases and financial loss, you should purchase the right health insurance policy. Select the right policy by understanding its coverage and benefits. Once you opt for the right policy, you can now focus on your treatment instead of focusing on your financial condition.

Numerous Health Insurance Products

These days, the markets are thronged with multifarious health insurance policies. You should purchase a policy that offers financial security and brings more wellness into the family. In addition, policies that provide critical illness and hospital cash allowance may benefit the insured policyholder in the long run.  

These are the top 5 intriguing tips that every policy buyer, especially first-time buyers, should consider while purchasing a health insurance policy.

Health insurance has become a necessity these days for all. With the advanced treatment methods and thriving costs of healthcare, getting satisfactory medical attention can be quite traumatic on one’s finances. The first-time buyers who want to know the top 10 mediclaim policies in India to take an informed decision by evaluating various parameters must follow the above article.

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