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    Planning to buy a health insurance policy? Here's what to look for in it

    Planning to buy a health insurance policy? Here's what to look for in it

    Planning to buy a health insurance policy? Here's what to look for in it
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    By Suman Singh   IST (Published)


    Here are a few tips on how you can find the best health insurance in the market.

    Getting medical insurance is one of the most logical things to do. And why shouldn't it be? After all, health is indeed wealth, especially at a time when we have to spend a lot of our wealth in taking care of our health.
    While many understand the importance of getting medical insurance, it is a tax-saving instrument for several others. Many don't go for a separate medical insurance plan, thinking the group insurance cover provided by the employer is sufficient but, what if you leave the organisation?
    With an array of health insurance plans available in the market, purchasing the appropriate one for you and your family wouldn't be an easy task. It is essential that you compare the plans as well as the premium that you would be required to pay.
    Here are a few tips on how you can find the best health insurance in the market.
    1. Make sure you are going for the maximum coverage-maximum benefit plan. With medical inflation, the cost of treatment is rising drastically which can be really hard on the pocket, Policybazaar.com says. A common ailment such as a heart-attack may cost you 4-5 lakhs and without insurance, it will definitely leave a hole in your pocket.
    2. Choose an insurance plan depending on your needs. Buying a group insurance cover will have many more pros than buying individual insurance policies for each and everyone in the family. The premium paid on a group insurance cover is less and the sum assured is high. Most importantly, everyone in the family will get covered in the same insurance policy. Moreover, the group insurance cover also includes senior citizen as well but at a slightly higher premium.
    3. Make sure you choose the sum insured properly. At a young age, the health risk for the majority will not be big, however, when you get older or above 40, you may be prone to more lifestyle-related ailments like blood pressure and diabetes. Choose a health policy that you can renew at a later stage of your life, around 75 or 80 age.
    4. Pre-existing illness is a tricky part when it comes to choosing health insurance. Every health insurance plan has its own set of terms and conditions when it comes to pre-existing diseases. The claim made against such a disease will be accepted after the insured serves a defined waiting period, which ranges from 2-4 years. However, for a shorter waiting period, you could always go for mediclaim policy.
    5. Always look for health insurance with a high claim-settlement ratio. Claim settlement ratio is the number of claims settled by the insurer over the total claims it receives. With a high claim-settlement ratio, you will be ensured that your claim will not be rejected until the insurer has a valid excuse. Make sure you attach all the valid documents while filing for the claim.
    6. Make sure you go for a health insurer who has tied-up with network hospitals. There is no point purchasing a health insurance plan if you are struggling to find an associated hospital to avail the cashless benefit.
    7. There are many aggregators who can help you compare your plans, the premium paid, features, benefits, maximum returns, etc. online before you can make an informed decision on buying a plan. Consider the reviews posted online by the other customers.
    8. Always ensure that the plan that you are buying has fewer exclusions.
    9. With some extra charges or premium, you can have an ‘Add-on Rider’ if an unexpected medical emergency comes up. You can also avail health coverage against those life-threatening diseases.
    10. Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
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