How To Choose Individual Health Insurance Plans?

Sometimes it becomes too overwhelming to make a choice when it comes to buying an insurance deal, especially when one is not comfortable with the technical jargon being used. This is why a lot of people keep postponing their decision everytime, to buy insurance or make wrong decisions by relying completely on the insurance agents.

Even 25-year-old Arvind faced the same problem of too many options when he was asked to buy a health insurance policy. He knew that it was crucial to buy a health plan, but didn’t know what kind of a plan to buy, based on what parameters and from where. But then, one of his friends advised him a seamless way of selecting the best option out of many, and now Arvind is a happy owner of health insurance policy that works best for him.

Let’s see the suggestions he received:

1) Requirements

The first advice to him was to identify what are his health requirements. Since he is young and healthy, he doesn’t require a very complicated health insurance plan. Also, he selected high deductibles so that he can pay a minimum of medical costs from his own pocket before benefits from health plan kick in. This made his premiums lower.

2) Network Hospitals

To avail cashless facility on his mediclaim, he needs to be admitted to a network hospital associated with his insurer. It is, therefore, important to know that the hospitals closest to your place of residence are part of the network hospitals.

3) Discount on Premium

There are certain plans that offer enhanced sum assured for the same premium for every claim-free year or they keep sum assured as constant, but offer discounts on premiums. You need to study about these plans in detail. Also, find out about plans that offer to keep your premium stable for a particular number of years even if you have filed claims. This can give you certainty about impending expenses at the time of renewal.

4) Coverage of Diseases

Arvind has a family history of diabetes. Even though he is healthy, he is prone to diabetes, so he was advised to select a plan that covers such diseases. Besides this, it is important to select a health policy that covers a maximum number of diseases to cover maximum risks.

5) Claim Process

This is one of the most important factors one has to consider. The insurer should offer the same or even better services after selling you the policy. One should not be running behind the insurer to get claims processed and for that it is important to speak with the insurance company executives, study their claim settlement ratio and check out their customer service department to understand their professionalism.

6) Limits

Read through the fine print to understand the limits applicable to your policy. This includes limits on room rentals, particular surgeries, medical procedures and tests and the likes. Select the plan that offers least limits, maximum coverage, and lowest premiums.

7) Compare Health Policies

This goes without saying as it has become a cake walk in this day of advanced technology. No more dependence on your neighbourhood agent. Just log on to the internet, find out information about various health plans available in the market, compare their features and benefits, go through their terms and conditions and only after that choose a policy that serves you the best! Arvind is glad he spent some time online to find out information. This way he knew beforehand what kind of plan he is investing in and is in total control of his situation.

As you can see, it’s incredibly easy to make your decision. All that you have to do is be aware of your needs and requirements and accordingly do your research about the health plans. Buying is even easier with online payments so that you don’t stay uninsured even for a single day. Get online health plan and get insured!


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