5 Things To Remember While Buying A Health Insurance Policy

  Author: Naveen Kumar

‘Health is wealth’ is one of the oldest adages is also the truest. Medical emergencies can come up at any stage of one’s life and not being covered for health insurance can spell disaster for your finances and lead t0 a situation in which you have to use up majority of your savings to fund your medical bills. Here are five things to remember while buying a health insurance policy so that you are adequately covered for any medical exigencies.

It’s important even when you are young In early work life, with low income and savings, you are unlikely to be able to absorb financial shocks from a medical emergency. Health insurance helps you absorb the shock. Get a good health cover for a nominal premium when you are young.

Ensure adequate coverage Don’t compromise on health insurance coverage to save on premium payments. Large medical costs due to this oversight can cause long term financial damage to you and your family

Find out the geographical spread of the insurance company Health insurance providers have tie ups with hospitals having a wide network. Check whether hospital or healthcare facilities empanelled with the insurer is close to your residence. Also, check if the insurance company has a presence across the country

Study the exclusions Not all diseases are covered by health policies. Consider policies with the least number of exclusions. This will ensure that you get the financial help from your insurance company when you need it the most and are financial secure from medical emergencies.

Online policies save costs Almost all health insurance companies offer online policies. Distribution and other cost savings are passed on to the customers in the form of lower premiums. At the same time, advice and support from a financial advisor is absent for online plans.

Being covered for health insurance is a crucial part of financial planning. It important to remember these five points while buying a health insurance policy so that your physical and financial well-being go hand in hand.

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