Things to Consider When Buying a Health Insurance Policy

We all know that life is uncertain and unpredictable, and medical emergencies can be faced anytime. Healthcare cost is gradually increasing and investing in a good healthinsurance policy is inevitable. When planning to buy a policy, here are a few things that need to be considered to make the right choice.

Age

The first factor that you need to keep in mind is the age factor, which is also a major deciding factor when buying a policy. The family member's age must be taken into consideration when taking out insurance. The premium paid would also depend on the eldest family member's age. Thus, before choosing a plan, check the age limit criterion. In some policies, the maximum age limit maybe 60 years, and the minimum entry age maybe 91 days.

Balance Between Coverage and Premium

It is prudent to look for a health insurance policy in India that strikes a perfect balance between perfect coverage and premium. If you are looking for a policy that comes with a lesser premium, ensure that it doesn't shortchange you on coverage. Also, check clauses like sub-limits, deductibles, and co-payment. Adequate coverage is a must when choosing a specific plan so that there is no compromise with the policy's benefits.

Waiting Period

Many healthinsurance companies have a waiting period clause in the policy. In case there is a pre-existing illness during the waiting period, the insurer may not accept the insurance claim. This waiting period may range between 1-2 years period. The insurance claimant can claim the benefits only after this waiting period is over. The illnesses that may be considered under this clause are diabetes, blood pressure, thyroid, etc. Thus, check and read the policy's fine print before buying it.

Considering all these factors will help you invest in a good health insurance policy.