HEALTH INSURANCE BUYING TIPS
In today’s fast-paced world, health problems are increasingly common, even among younger people. Rising medical costs make health insurance one of the most crucial types of insurance to have. Despite this, health insurance is often underestimated in India because it only pays out when illness occurs.
Health insurance ensures that you are financially prepared for medical emergencies. Individual plans, family floaters, and senior citizen health insurance are widely available in India. Before purchasing a plan, you should carefully assess your needs and consider some practical health insurance buying tips.
Why Health Insurance is Important in India
High prevalence of lifestyle-related illnesses
Stressful lifestyles have contributed to the rise of health issues like heart disease, diabetes, respiratory ailments, and infectious diseases. Health insurance ensures access to timely medical care without financial strain.Rising medical costs
Treatment costs are increasing due to advanced technology and expensive procedures. Relying solely on personal savings or employer-provided insurance is risky, as coverage often ends when you leave the company.Low insurance penetration
Only about 15% of India’s population has health insurance coverage.
Many households fund hospitalization through loans or asset sales.
About 3.2% of Indians fall below the poverty line due to medical expenses.
Health insurance protects families from such financial hardship and ensures access to quality healthcare.
Health Insurance Buying Tips
Here are seven essential tips to help you choose the best health insurance plan:
1. Evaluate Your Coverage Needs
Select a plan that covers a wide range of medical expenses, including:
- Pre- and post-hospitalization costs
- Childcare expenses
- Transportation for medical emergencies
- Family-specific conditions based on medical history
Compare plans carefully to ensure that all family members are adequately covered.
2. Balance Coverage and Cost
While comprehensive coverage is important, make sure the plan fits your budget. Start with a basic plan and adjust coverage as your family size, income, and needs evolve.
3. Prefer Family Floater Plans for Families
Individual plans are suitable for single people, but family floater plans offer better benefits and cost efficiency for multiple members under a single policy.
4. Opt for Lifetime Renewability
Choose plans that are renewable for life, as healthcare needs increase with age. Avoid policies with limited renewal periods.
5. Compare Plans Online
Use online tools to compare policies, coverage, and premiums. Obtain multiple quotes to ensure you select the best plan for your needs and budget.
6. Check the Hospital Network
Ensure your preferred hospitals and doctors are part of the insurance company’s network. A wide network allows for cashless claims settlement and faster access to medical care.
7. Look for High Claim Settlement Ratios
The claim settlement ratio (CSR) indicates the percentage of claims successfully paid by the insurer. Choose a company with a high CSR to ensure reliable support during medical emergencies.
Conclusion
Health insurance is essential to protect yourself and your family from the financial burden of medical expenses. By following these tips, assessing your needs, comparing plans, checking renewability, and reviewing networks, you can make the most of your investment and ensure comprehensive healthcare coverage.
WELFIN INSIGHT
“The right insurance amount is not the cheapest or the highest it’s the one that fits your life.”
