Buying Health Insurance? Keep These Things in Mind

Having health insurance in India is essential and has become a dire need for people in today’s times. It is advised to have a health insurance plan that aligns with your needs and plans. Based on your income and your family’s joint income, there are plenty of insurance options that one can choose from. If you’re buying health insurance, this blog will tell you the things you must keep in mind before opting for any health insurance policy.

What is Health Insurance?     
A contract where you are obliged to pay a regular amount, known as premiums, at fixed time intervals to an insurance company for them to cover all or a portion of your medical expenses, is known as health insurance. The insurance company becomes liable to pay for your expenses for illnesses, accidents, or preventive care, based on your insurance policy.

How does Health Insurance Work?     
Some might find the process of opting for health insurance a bit tough, or rather confusing. Let us help you understand how health insurance works:

Health Insurance Premium- There is a set amount of payment that is made at regular intervals, either monthly or annually, to an insurance company.  

Health Insurance Coverage- The insurer pays for your medical expenses, including hospital stays, surgeries, visits, medications, etc, in exchange for the premiums that you pay.  

Health Insurance Benefits- There are many advantages to the health insurance policy, like cashless hospitalization and reimbursement for treatments.

What does Health Insurance Cover?  
Different health insurances cover distinct parameters of the health needs. The insurance companies have perks based on your insurance premiums. Let us look at what the health insurance covers:

Hospitalisation Costs- All the expenses that happen during your hospital stay

Daycare- Any short-term expenses that are incurred for medical treatments that don’t require overnight hospitalization.

Ambulance- Fees for the emergency ambulance services to reach the healthcare facility.

Preventive Care- Some policies also include preventive care coverage.

Things to Keep in Mind Before Buying Health Insurance

Health insurance ensures your medical financial safety, but before buying one, you should keep certain important things in mind. Let us take a look at them:

• You must be sure about how the health insurance works and how you can use this safety net in times of need.  
  Health insurances bear either partial or full medical coverage, depending on the plan that you choose, and the premiums that you pay. So, before applying for the insurance cover, be sure to check what aspect of medical charges is provided by your insurer.  
   

• Ensure that the age of the members is not much, as the premium is more as the age increases. This can be attained by opting for health insurance and paying the premiums at an early age.  
  There is a waiting period for every health insurance, which is known as the maturity or waiting period. Some can keep you waiting for 2 years or maybe 9 months. Decide how long you can wait and choose your plan accordingly.  
   

• The terms of your health insurance coverage must be checked. Most policies do not cover pre-existing diseases. Some policies might cover these diseases but have a higher premium.

Keep these things in mind to have a seamless health insurance experience. For a clear idea of the health insurance process, you can read this blog or contact Shree Balaji Insurance Brokers Pvt. Ltd. We protect what matters because we search products for our customers, not clients for our products.