What Do I Need To Know Before Buying Health Insurance

Sound financial planning is very important. Not just for you but for your loved ones too. A well-defined financial plan makes sure that your investments today can secure your tomorrow. An important part of a financial plan is buying health insurance. It is a kind of insurance policy that takes care of yours or your loved one’s medical or surgical expenses. But if you go ahead and buy the health cover, it is essential you are aware of some benefits and clauses.

Need to Know

Here are four things you must know before buying health insurance:

#1 Cashless Benefits

Many health insurance companies are usually tied up with network hospitals. At these hospitals, the insured can avail cashless treatments. It saves you from the paperwork required to be filled during admission and claim. With this benefit, the insured does not need to arrange for immediate funds and late file for reimbursement claims from the insurance company.

#2 Claim Process

Go through your health insurance policy with a fine-tooth comb and understand the claim process followed by the insurance company. Do some research, take into consideration the customer reviews for the insurance company and types of health insurance policies it offers. After that, select a health insurance provider that offers a smooth and seamless settlement service.

#3 Age Clause

Age is a crucial factor while buying health insurance. While purchasing a health insurance policy, make a note of the ages of each family member being covered under the insurance policy. Also, you will have to check what is the age limit while taking your health cover. For example, if you have a family who is 65 years old but the age limit criterion on the health insurance policy is 60 years, it will come into effect if that aged family member requires medical care.

#4 No-claim Bonus

A ‘No-claim Bonus’ refers to a discount offered by the insurance company for all the years that you haven’t filed a claim. This increases your coverage amount at the time of subsequent policy renewals. Many types of health insurance offer this benefit but it has a limit and it varies from insurer to insurer. For example, you have bought a health insurance plan of Rs. 7 lakh and the insurer offers 15% No-claim bonus for every claim-free year up to a maximum of 50%.

Why Should You Buy Health Insurance?

Investing in health insurance is a step ahead in smart financial planning and securing a better and stable future. Life is unpredictable so it is essential to take certain measures that can help you stay prepared for any uncertainties. Health insurance helps in making sure that there is a financial back up to rely on in case you or a close loved one requires medical attention and maybe hospitalization or a surgery. There are many types of health insurance policies available so make sure to get one that suits your needs the best.

Now that you have learnt about a few important aspects of a health insurance policy, what’s stopping you from getting one?