Thursday , November 30 2023
Health Insurance Policy

Top Five Tips on Buying a Health Insurance Policy

With increasing pollution, lifestyle conditions, and unhealthy eating routines, health risks have become a part of modern life. At the same time, the rising medical costs have made it that more difficult to afford treatment for serious diseases and disorders. In this scenario, having adequate medical insurance cover offers you the much-needed financial backing in times of emergencies.

However, though the importance of health insurance is known to many, the right ways to buy a policy is still a bit unclear to most. Keeping that in mind, here are a few tips on buying a health insurance policy.

1. The Right Time for Purchasing

Your best bet is to invest in the health insurance plan as soon as you begin earning. The main reason for buying health insurance in your twenties is that you will have to pay a lesser premium compared to what you would in your late forties.

You are in the pink of your health when you’re young. So, there are lower chances of your application getting rejected.

2. The Type Of Insurance Coverage

It is also important to analyze your insurance needs before deciding on the right health insurance coverage. For instance, in case you’re not married and don’t have any children or dependent parents, it makes sense to buy an individual insurance policy for now.

On the other hand, if there is a family to take care of, you need to look into family health insurance plans that can protect all the members who are dependent on you. In this way, insurance needs vary from one person to another, and you need to consider the insurance type that suits your situation.

3. Adequate Amount Of Sum Assured

Considering the rising medical costs, the amount of sum assured has to be adequate to cover your medical requirements. Think about the total number of family members, any current medical issues, and the probable medical bills to get an idea about what can be the right sum assured.

As a higher sum insured comes with a high premium, you need to consider the affordability factor too. It’s an important aspect of making sure that you have enough coverage for all your family members.

4. The speed and simplicity of claim settlement

When it comes to selecting a health policy, the process of claim settlement is one of the most important factors to consider. The claim settlement ratio (CSR) shows the percentage of claims that an insurer pays out during a financial year compared to the total claims received. It is a mark of efficacy on the part of the insurer in terms of their commitment to settle the claims.

Along with faster settlement of claims, the process also has to be simple enough for you. No one wants to go through paperwork that never seems to end or be faced with unresponsive customer support.

5. Number of Cashless Hospitals inthe Policy

You also need to check the number of cashless hospitals that are within that health insurance policy. The cashless option means the insurer settles the bills with the hospitals directly. When it comes to a medical emergency that needs urgent hospitalization, the cashless hospital network facility will be of immense help.


There is no denying that buying a health insurance plan is a major decision for you and your family. So, carefully consider the tips given above and assess your present life situation before coming to any decision about a policy.

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