Essential Aspects To Consider Before Deciding On A Health Insurance

Health insurance is indispensable for every individual keeping in mind the rising medical cost. Today medical treatment costs have reached an all time high and are further expected to rise. Medical emergencies like sickness, disease, accidents which may result in prolonged hospitalization can leave you in severe financial crisis unless you have a comprehensive medical insurance policy which takes care of all your hospitalization expenses.

 

Most people in India have become aware of the advantages associated with a  health insurance policy yet a reluctant approach is adopted when buying these medical insurance policies. The major reason behind this is the lack of awareness/ignorance about working of a medical insurance policy, the factors which should be considered when buying health insurance and successful filing of a mediclaim.

 

Also medical insurance policy entitles you for impressive tax benefits. Thus at times people buy health insurance with the sole motive of saving tax without considering the intricacies of buying a comprehensive medical insurance plan which offer them maximum benefits at minimum premium payment amount.

 

Let us now discuss the factors which needs to be considered when planning to buy health insurance:

 

1. Number and age of the members which will be included in your medical insurance policy.

 

2. The maximum amount of sum insured to provide coverage to the members in the policy. You should select sum insured depending upon your premium payment capacity as higher the coverage more the premium payment amount and vice versa.

 

3. Other features or riders which you can add to your medical insurance policy like critical illness, accident cover.

 

4. Medical check-ups in case one has attained a pre-defined age.

 

5. Knowledge about successful filing of a claim. Also the various reasons which can be constraints in successful filing of a claim.

 

6. Health insurance providers and their policies. You should select policy which fulfills if not all than most of your health care requirements.

 

7. Claim free year bonus which every health insurance provider offers to its customers for a claim free year. The benefit is either passed by way of discount on payment of premium or increased sum insured.