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Important Things to Consider Before Purchasing Health Insurance

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September 21, 2018
In today's day and age, when doctors fees and healthcare costs are constantly on the rise, it would be a big risk to ignore the value of a good health insurance policy. When you purchase a health insurance product, you secure your own financial future, while also ensuring that you have access to good healthcare should anything happen to you. A good health plan offers you a sense of security and comfort, but with so many options available in the market, how do we choose the right plan for us?

Different plans work for different kinds of people. Depending on your age, your medical history and your finances, you might find that a certain plan offers you the best cover. On the other hand, your friend might choose a different plan, as her medical needs are different from yours. While there's no one plan that fits every individual, there are a number of important questions that everybody should ask themselves while browsing for health insurance:

  1. Is the Cost Worth It?

    Today, health insurance has become an absolute necessity. Several people today feel like they don't have enough money left over at the end of the month to purchase a policy, but that simply isn't the case. The insurance market today is increasingly competitive, and there are plans that offer sufficient cover with affordable premiums.

  2. Are the Highest Premiums the Best?

    The policy with the most expensive premium doesn't always mean that it will give you the most cover. Conversely, a plan with a low premium doesn't translate into inadequate cover. If you choose a policy and agree to co-pay, you could end up getting better cover for lower premiums since you've agreed to cover a portion of future expenses out-of-pocket.

  3. Isn't the Insurance Offered By My Employer Enough?

    Several companies invest on employee health insurance. If you work for such a company, your basic medical expenses will be covered under your employer plan, but this isn't always enough. You can opt for a family floater policy, to protect your entire family, or get better cover by choosing a critical illness plan or a cancer care plan both of which provide cover for lifestyle diseases that are currently on the rise.

  4. Are Cashless Claims Important?

    Any good health plan will offer you cashless claims at a number of network hospitals. It's a good idea to ensure that your preferred hospital is on the list of the policy you're looking to purchase. If not, you'll still get your claim, but the process might be longer. Additionally, if you choose to get treatment at a non-network hospital, you'll need to read the fine print to check what kind of procedures are or aren't covered by the policy.

  5. How Do I Pick a Provider?

    While checking with family members and friends about their experiences with various insurance providers is a good way to gain information, the best way to check a company's track record is by looking up their claim-settlement ratio. This ratio gives you an idea of the number of claims that the company has settled, and how many claim requests they have received. Companies that have a high claim-settlement ratio are generally a safe bet. On the other hand, a company with a low settlement-ratio could mean trouble. Other things to check while picking an insurance provider include the number of years that the company has been active as well as their product range. Companies that offer a wide range of products are generally a good choice.

While you're young and healthy, health insurance may seem like a dead investment on your portfolio, but that could be a grave mistake. The earlier you purchase a health medical insurance policy, the lower your premiums are likely to be. So, if you're ready to secure your financial future with a good health plan.

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Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

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Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

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