Looking to Buy an Individual Health Insurance Plan? Check this Guide

We have all come across the quote, “health is wealth”, although you will be surprised to know that the majority of the population in India neglects health insurance plans. According to a government survey,(Source taken by livemint) only 14% of the rural population in India and 18% of the urban population have health insurance coverage.

Post-pandemic it has become all the more important to invest in a robust health insurance policy that provides you with wider coverage in case of a medical emergency. Given the rising medical inflation, it is important that you plan your finances and stay prepared for any future health problems.

The insurance market in India is quite extensive and offers an array of health insurance plans. Even if you do not have any familial responsibilities, you should buy a health insurance plan for yourself.

Here are some factors to keep in mind before purchasing a health insurance

• Go through the wide range of coverage: A good health insurance policy should have wide coverage in terms of the ailments and health issues covered. In general, a comprehensive health insurance plan includes a wide range of medical services like pre and post-hospitalisation expenses, ambulance charges for transport, diagnostic tests bills, and expenses of day care treatment.

• Set a budget: Your health insurance should suit not only your healthcare needs but also your budget. Budget is a crucial part of choosing the right insurance plan. Compare plan benefits with the budget, and only go forward with it if the plan benefits are worth the money and also resonate with your healthcare needs. If you are in your 20s, you can choose to opt for reasonably priced health insurance, and later you can upgrade your plan and increase cover should you get a raise or have more family members or requirements.

• Opt for a plan with lifetime renewability: There are many types of health insurance plans. While some come with an expiration date, some never expire with lifetime renewability. It is important to check the number of your years your health insurance plan covers before you invest in it. Also check, if your plan offers limited renewability or not since your health insurance plan is likely to be more valuable and useful to you during the latter years of your age.

• Choose a plan that takes care of your responsibilities: You can go through individual health insurance and family plan coverage based on your family size. If you are living alone and want to get an extensive health insurance plan for yourself, then opt for an individual plan. If you have familial responsibility or planning to start a family soon, then a family plan is a better option. Moreover, if you have people over the age of 50 or children in your family, then a family plan could prove to be more useful.

• Compare quotes online: You can get an estimate of the cost of various health insurance policies, and their coverage, online. You should do thorough research online so that you can find health insurance plans that cater to your needs. You should consider the occurrence of serious health ailments in the future and be prepared. A lot of health insurance providers have online websites with their services and coverage mentioned on the web pages. Moreover, you can also use the feature of, “request a quote” where you can get a customized estimate of everything based on the details you enter. Get quotes from various policy providers so that you can compare and choose the one that’s best suitable for you.

• Extensive network hospital coverage: Go for an insurance provider that has a wide network of hospitals all across the world. In such a case, you will rest assured and will not have to worry about sudden expenses when surprise health issues knock on your door while you are abroad or in a different city. When met with a medical emergency you don’t want to be commuting from one part of the city to another just so that you can get treated in a network hospital. Having a wide network of hospitals provides easy, hassle-free and timely access to the needed medical attention.

• Look for a high claim settlement ratio: The claim settlement ratio is the ratio between the number of claims settled by the insurance provider compared to the total received claims. This gives you an idea of the percentage of claim success stories. Research the claim settlement ratio of your insurance providers and opt for the ones that have a high claim settlement ratio. This is so that you can rest at ease and not be worried about your health insurance claim not being settled in the future.

To conclude, it is important and necessary to have a wide coverage providing health insurance plan, for medical emergencies can occur at any point in time. While one remains less prone to ailments and diseases in their youth years but given today’s sedentary lifestyle, no one is immune to medical conditions.

It is well recommended to buy a good health insurance plan in your early years. Also, the premium amount will be relatively low and so will be your responsibilities in your 20s. The sooner you get a comprehensive health insurance plan for yourself and your family, the better it is.

Disclaimer: The above information is for illustrative purposes only. For more details, please refer to policy wordings and prospectus before concluding the sales.