7 Smart Tips to Buy the Best Health Insurance Policy

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Most industries have undergone a transformation with time, and similar is the case with the healthcare industry. As it is advancing, the treatment cost and other medical expenses are significantly rising. Therefore, to safeguard your finances, it is important to buy a health insurance policy as it proves to be a saviour in times of medical emergency.

In the absence of efficient financial planning and backing, you might have to compromise on the quality of treatment despite spending all your savings. This might leave you and your family in really bad shape.

To avoid this from happening, we have curated a few smart tips to consider while buying a health insurance policy:

1. Early Protection

Depending on your income level and financial capacity, it is advisable to start investing as early as possible to avail of maximum benefits in the long run. This helps in having wider coverage at a reasonable premium amount. Moreover, it is easy for you to manage even higher premium payments at a young age as you have fewer responsibilities.

2. Claim Process and Waiting period

Usually, clauses regarding the claim settlement process and waiting period are mentioned in the policy’s terms and conditions, which need to be read and understood properly. You can also take the help of an expert for understanding the policy specifications in a better way and make an informed decision.

3. Lifetime Renewability

If an insurer offers lifetime renewability, it would be an advantageous deal for you. This is because you might need health insurance even more in your old age, and such a health insurance policy can be really helpful if you choose a higher sum assured.

4. Check For Sum Assured And Policy Period

It is important to strike a balance between the sum insured and the premium payment. If you choose an unreasonably lower sum insured so that you will have to pay a lower premium, the chosen health insurance plan might not offer adequate coverage, leaving most of the situations uncovered. Therefore, it is important to purchase a health insurance plan with a considerable sum insured and tenure to get optimal benefits if an unfortunate event happens. You can use an online premium calculator to make estimations and compare health insurance quotes.

5. In-Patient Treatment, Hospitalization and Pre and Post Hospitalization Expenses

It is important to check through the benefits of the health insurance policy and ensure that you avail of comprehensive coverage. It would be beneficial if the insurer offers coverage against the expenses incurred right from the pre-hospitalization stage ( medical tests, ambulance charges, etc.) to the in-patient treatment cost and then post-hospitalization expenses. While having such coverage, you might not have to spend anything from your pocket.

6. Free Medical Check-ups and Wellness Programs

Choose a health insurance policy covering free annual health check-ups, medical report evaluation, cash incentives, etc. Such benefits help in tracking your health status and taking preventive measures if required.

7. Keep An Eye On Restrictions

Health insurance plans provide a variety of advantages to policyholders, subject to certain exclusions. Therefore, before becoming a policyholder, you should consider a few factors such as:

• Pre-existing illness clause
• Co-payment clause
• Limits and Sub-limits
• Room Rent Capping
• Coverage of Consumable Benefits

If these clauses are unfavourable, it might lead to hindrance in your claim settlement process later or might even lead to rejection of your claim.

The tips listed above are some of the most important things to consider while buying a health insurance policy. And, after executing all the tips, it is suggested to choose a trustworthy insurance provider such as TATA AIG to have comprehensive coverage and be worry-free if an unfortunate medical event occurs. Besides, they have a number of health insurance plans, out of which you can choose one that aligns best with your specifications, requirements and financial capacity. In case of any query, you can contact their customer care executives.