How To Choose The Right Health Insurance: The Policybazaar Show

With the inflation in healthcare services in the current times, it becomes more and more difficult for an individual to survive without insurance. Health insurance provides a protective cover for unforeseen circumstances. Indians, however, have a trend of neglecting the benefits of buying an insurance cover at an early stage in their lives. The major triggers for buying health insurance plans for Indians have been childbirth and aging parents as these phases in one’s life provide an insight into the healthcare costs that one has to bear. In recent times, the youth has been more aware of the benefits of buying early plans as they are flexible in terms of costs and future top-ups and upgrades and can also be customized according to the needs of the consumer.

FACTORS TO KEEP IN MIND WHILE CHOOSING A HEALTH INSURANCE COVER

There are more than 25 insurance companies registered under the IRDAI, however, the insurance covers vary on the basis of costs, the sum insured, and claim process. The individual buying the cover has to be informed about the three categories:

Sum insured
The sum insured depends upon the paying capacity of the policy buyer and also the kind of cover that is being bought, for example, the sum insured for family covers and individual covers will be different.

Product features
There are very few insurance companies that provide coverage for pre-existing ailments. One needs to make sure that there is clarity between the consumer and the insurance company about the coverage in case of a pre-existing ailment like diabetes or fluctuating blood pressure. The covers for critical illness should also be researched well to avoid co-paying insurance policies.

Insurance brand
When it comes to you and your family’s health, there should be no compromise in terms of the brand you choose. The brand should be chosen on the basis of its reach within the hospitals and the wider cashless network it has. In the case of insurance as well, the brands with a good reputation and consumer trust should be prioritized.

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THE MYTH BUSTER

Should one blindly trust the insurance agents while choosing the right insurance plans?

The individual should himself/herself do proper research to check if the product meets all the needs and the benefits and limitation that comes with the product. The other things that are to be kept in mind are the flexibility and costing of the insurance cover. It is mandatory to do cross-platform research and comparison of all the products in the market.

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