5 things you can consider when buying a health insurance policy

5 things you can consider when buying a health insurance policy

Over the past few years, we have seen a significant increase in the number of diseases as well as the cost of the medical treatments. To ensure you do not succumb to financial strains while trying to pay for the medical expenses, it is important to opt for a good health insurance policy with extensive coverage. Since there are so many options available to choose from, we have come up with 5 important things you can consider when selecting a health insurance policy to help narrow down your list. Read further to know more.

1. Types of coverage offered: The first thing you must keep in mind when looking for a health insurance policy is the kind of coverage being offered to you. Not only that, you must also take note of the exclusions mentioned under the policy. It is important to conduct thorough research before opting for a health insurance plan. This way you will be able to opt for a policy that fits all your requirements. Being unaware of the inclusions and exclusions of the policy can lead to an increase in out-of-pocket expenses.

2. Coverage for pre and post-hospitalization: You will want to opt for a health insurance policy that offers both pre and posthospitalization coverage. There may be an instance where you have to get various medical tests done before undergoing treatment, the cost of these tests can be quite expensive.

Similarly, there may be some tests or treatments that you may need to go through after

being discharged from the hospital. With a good health insurance plan that covers both, you will not need to worry about the burden of the expenses falling on your shoulders.

3. The waiting period: The waiting period is the time in which you cannot raise a claim against your health insurance policy. This waiting period defers from insurer to insurer and hence you should choose the one that suits you best. To check how long you will have to wait in order to raise a claim on your insurance policy, you can visit the website of the insurer you wish to make your purchase from. This should be done before the purchase of the insurance policy as it will give you a better idea of what the policy entails.

4. Premium: You pay a premium to purchase your insurance policy with a certain coverage. The more comprehensive the coverage the more premiums you will need to pay on your health insurance policy. Understand the coverage being offered to you and the premium amount before going ahead with your purchase.

5. Family health insurance: There are various family health insurance plans available for you and the family members. It is important that you protect the well-being of your family members as well. So it may be worthwhile to check out for family bundles offers or plans that extend coverage to dependants.