July 22, 2021

How much time do you spend when you go to a mall for shopping for clothes? Never counted the minutes, right? But, it does involve selecting a few shirts, for example, checking out their fabric, their colour, the size that fits you, then you wear them to see if they really look good on you and only when you’re happy with the overall feeling that you buy may be one shirt! It’s like some parameters of buying clothes were taught to us in childhood that work at a subconscious level when buying such a simple and routine thing as a shirt!

What about health insurance plans? Are there any parameters, any benchmark or any guidelines that you can learn or know of to make the right decision?

Yes, definitely there is a way to buy such plans on your own rather than being dependent on the insurance agent. After all, you don’t even buy a handkerchief just because a salesman tries to sell it to you, why should you buy such an important insurance product without studying about it?

Follow the below-mentioned factors to understand if you’re buying the right health plan:

1. Coverage

This is the most important factor to take note of. If your health plan covers the most simple as well as the most complicated diseases, then you’re in safe hands. Also note the waiting period for pre-existing diseases as well as the plans that provide coverage for special conditions like physiotherapy, maternity benefits and the likes. It is important to know which diseases and ailments are not covered so that you are ready for any unforeseen emergencies.

2. Premiums

The best health insurance plan is one that offers you maximum benefits at the lowest possible premiums. If you want options, the best way is to go online to study various plans available and then select the one that meets your requirements. Online plans are also comparatively cheaper than offline ones so it’s better to buy online!

3. Age Limits

It is important to invest in a health plan that offers you the facility of renewing your health coverage even at an older age when the probability of you needing it is higher. Some companies offer renewability till 70 years of age and some go up to 90 years. Do your research accordingly for best results.

4. Sum Assured

The health plan should offer you a substantial sum assured at lowest possible premiums. The increasing cost of medical care warrants that your health cover is adequate enough or else you’ll end up paying from your own pocket. Don’t just look at the premium, but the sum assured being offered for that premium amount.

5. Critical Illness Cover

Critical illnesses can burn a hole in your pocket and a lot of insurers offer them as add-ons on your basic health policy. Ensure that maximum critical illnesses like major heart ailments, cancer, dialysis and the likes are covered even if you have to pay an extra bit of a premium.

6. Claim Settlement Process

Make a background check of the company involved to understand how efficient they are in handling claims. If you find any weaknesses or casual approach towards claims, immediately back off from investing with such a company.

7. Comparisons

Are you going to buy the health insurance plan after proper comparisons or only by word of mouth? If you have done due diligent research and compared health insurance plans offered by various companies before making your final decision, then chances are you have bought the best health plan!

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