A lot of companies are today selling their health insurance policies. Hence, selecting one is a difficult task. You must choose an insurance plan without any rush because any single mistake can negatively affect your financial planning. Below are some factors you must consider before buying a policy.

  • Give Value To Independent Medical Plan

Most people depend only on their company’s group health plan and do not get their health insurance. But, this is the biggest mistake because employer’s cover may not include their all family members. And, the major problem is that it is valid until they work in a company. The option of porting employer’s plan may not be available in all cases.

  • Carefully & Thoroughly Read The Plan

Might be it seems time-consuming and boring to read the long terms & conditions still it is advised to look at every term mentioned to get well-informed. Once you buy an insurance plan and are not satisfied with anything, you have no option to change that or claim for a fixed duration. So, it is better to read certain things such as room rent clause, pre and post-hospitalization expenses, treatment clause, and sub-limit clause.

  • Do Your Research

Every insurance company will claim to provide you more benefits. So, you need to be more attentive. Compare covers of different insurance providers under the same category, gather much information about each of them, and determine which one suits your individual requirements to make the right decision.

  • Don’t Keep Your Medical History A Secret

To pick the most favourable health insurance, it is essential to eliminate the wall of fog between you and the insurance provider. So, accurately fill medical questionnaire by revealing details about your medical history and all the information required.

  • Your Living Area Matters A Lot

Most insurance providers offer zone-based pricing. That means, you have to pay a higher premium in big or tier I cities than smaller or tier II/III cities. The reason is the fact that in larger cities, a higher treatment cost or medical facilities are required. The size of an insurance plan requires increasing or reduce based on the area of your residence.

  • There Is Much More Than A Premium

The insurance premium is based on the services you’ll receive and purpose. Low premium cashless plans are offered with limited services. They are not of the best use if you do not get financial support for your hospitalization and medical expenses, and during unforeseen events. So, consider all other important things than premium while you buy an insurance cover. It includes waiting period for pre-existing diseases, family’s medical requirements, limitations and exclusions, hospital network and premium just to name a few.

  • Think About The Future

Never buy a plan based on your current needs, but make an informed decision after considering yours and your family’s future. Choose a policy with sufficient coverage of all possible medical expenses.

Once you work on these things, you’ll be able to buy insurance with complete satisfaction and immense peace of mind.

By Ankit S

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