7 Things To Consider While Buying Health Insurance In 2024

Posted on: Mar 8, 2024 | 3 mins | Written by: HDFC ERGO Team

7 Things To Consider While Buying Health Insurance In 2024

The importance of having of having health insurance cannot be emphasised enough. It is a critical part of your mental and physical well-being. Having the support of health insurance in times of hospitalisation and other medical emergencies help to take the stress out of piling medical bills and expenses as you stay covered for the same. In today’s day and age where healthcare costs are shooting through the roof, living without health insurance is unimaginable. Even a minor medical procedure can drain your savings and leave you in a difficult situation. The COVID-19 pandemic has taught us the importance of having health insurance, and how it can help us cope with unexpected medical emergencies.

If by the year 2024 you still don't have health insurance, it's important to get it right away, regardless of your age. The health status of the country as a whole is not ideal, with cancer cases increasing, India on the verge of becoming the diabetes capital, and young people becoming more susceptible to cardiovascular diseases and heart attacks. These are all reasons why having health insurance is crucial to help you through difficult times.

But before you get health insurance for yourself or your family, here are a few things you need to look for in your plan for comprehensive coverage:

1. Look For Coverage And Benefits Offered:

When you are looking for health insurance make a note if it is an individual health insurance or a family health insurance that you need to invest in. Next, evaluate the scope of coverage offered by the insurance providers you have shortlisted. Look for comprehensive coverage that includes cashless hospitalization, outpatient care, prescription medications, diagnostic tests, and preventive services. Check if the plan covers pre-existing conditions, especially if you are including your parents in your plan or have a family history of a condition. Ask your insurance provider about the waiting period too, so you can raise claims accordingly. Look for additional benefits like maternity coverage or mental health services. All this can ensure that you get comprehensive coverage for the premium you decide to pay.

2. Check For Network Of Healthcare Providers:

Before signing on the dotted lines and paying the premium, glance thoroughly through the list of the network of healthcare providers associated with the insurer. A broader network gives you more options for choosing doctors, hospitals, and specialists. It also ensures that you get treated from the best healthcare centres around and heal in the comforts provided by hospitals that prioritise patient care. Check if your preferred healthcare providers are part of the network to ensure seamless access to medical services.

3. Analyse The Costs And Premiums Associated With Your Plan:

Before you invest, do some basic maths. Your investment in health insurance should not be a burden to your overall expenses. So, calculate the overall costs associated with the health insurance plan. This includes monthly premiums, deductibles, co-payments, and coinsurance. Compare plans based on your budget and financial capacity. Additionally, check if the plan offers cost-sharing features like health savings accounts (HSAs) or flexible spending accounts (FSAs).

4. Read Between The Lines For Policy Exclusions And Limitations:

Review the policy exclusions and limitations carefully. Understand what is not covered by the insurance plan, as this information is crucial for managing expectations and avoiding surprises when you need medical care. Pay attention to waiting periods for specific treatments and procedures. Check if you can get the facilities you are looking for as an add-on or rider. This will ensure comprehensive coverage of your family health insurance plan.

5. Pay Attention To Customer Reviews And Ratings:

Research customer reviews and ratings for the insurance provider and the specific health insurance plan. Feedback from current or past policyholders can provide insights into the company's customer service, claims process efficiency, and overall satisfaction. Look for reviews on independent platforms to get a balanced perspective.

6. Check Inclusion Of Telemedicine And Digital Health Services:

In the era of digital health, assess whether the health insurance plan offers telemedicine or virtual care services. These services can provide convenient and timely access to healthcare professionals, especially for non-emergency consultations. Check if the plan covers remote monitoring devices or digital health tools. These new features are offered by most insurance providers these days, and availing these services will ensure value for money.

7. Look For Policy Flexibility And Customization:

Look for health insurance plans that offer flexibility and customization options. Consider whether the plan allows you to tailor coverage to your specific needs, such as adding riders for critical illness, dental care, or maternity benefits. Flexible policy options ensure that your insurance adapts to your changing healthcare needs.

The Take Home Message

Don’t treat health insurance as an option. Get one to secure yourself and your family’s well-being for medical emergencies. Remember to read the policy documents thoroughly, ask questions, and seek clarification on any uncertainties before finalizing your health insurance plan. It's also advisable to consult with insurance advisors to ensure that you make an informed decision based on your unique circumstances and preferences.

Disclaimer: The above information is for illustrative purposes only. For more details, please refer to the policy wordings and prospectus before concluding the sales.

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