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5 Factors to Consider While Buying Health Insurance

In Health
February 18, 2021
5 Factors to Consider While Buying Health Insurance

Every year we see that the cost of healthcare is escalating quickly. The surgeries, treatments and post-operation check-ups are predicted to get more expensive in future. And this rising cost, coupled with inflation, can set back any family financially during a medical emergency. 

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Precisely for this particular reason, it has become essential to buy a health insurance policy now more than ever. But do not just opt for any health insurance plan. Research well, compare health insurance policies, read about them in detail and only then finalize the plan for yourself. 

To help you, we have  listed some factors to consider before you buy a health insurance plan:


  • Check if You Require Family Floater Plan


With the availability of diverse plans, you can compare health insurance policies and choose the most suitable one for self. You can choose between an individual or family floater health insurance policy depending on your needs. An individual health insurance policy is a single plan, whereas the latter covers your whole family.

The premiums you may pay for the family floater plan will be comparatively higher than the individual plan premium. But if you opt for individual plans for all members separately, the cumulative premium to be paid might be higher.  


  • Decide the Coverage Amount Wisely


After you compare health insurance plans and choose a suitable one, the next step would be to decide the coverage amount. Keep in mind that having a long-term plan for unexpected health costs will be beneficial. You may also consider your current medical and financial requirements covering coverage amount, monthly premiums, co-payments, deductibles and others. 

It will help you assess the needs and priorities so that you know what you have to look out for in a plan. 


  • Check the Network Hospitals


Most of the insurance companies’ tie-up with various hospitals. When buying a health insurance plan, check the network hospitals’ list that offers cashless hospitalization.

Imagine that it is a medical emergency and you do not have cash. But if you opt for the network hospital for your treatment, you will not have to worry and get the best possible treatment. You won’t have to make payments to the network hospitals as they will directly settle with your insurance provider. It is also one of the basis’ on which you may compare health insurance plans to get the insurer with the high number of network hospitals under them. 


  • Check the Waiting Period 


Waiting period and health insurance benefits in a plan are extremely essential to be considered before you opt for a plan. Before a selected list of ailments starts getting covered under your intended health insurance policy, it is a certain span of time. You will find that the waiting period of 4 years is a standard clause in almost all plans. 

Nevertheless, some insurance companies offer the option of paying an extra premium to reduce the waiting period. You may compare health insurance plans and choose the one where you can avail of this facility. 


  • Insurance Company’s Reputation


With a huge insurance industry in India, you will get many options, making it harder to choose the best one. You can read the reviews online while buying a health insurance plan. Enquire about the insurance company’s efficiency from its current customers to make a prudent decision. 

As everyone knows, buying health insurance is a crucial decision for their financial portfolio, make the right choice of your insurer. 

Read and compare health insurance plans online. While doing so, keep in mind the factors mentioned above. You can also opt for reliable insurers like Tata AIG. They offer different health insurance plans that suit individual needs. Visit their website today and go through the plans.