Thinking wisely and planning ahead ensures a chaos-free, calm life. In the current times when medical expenses are rising substantially, it is always important to keep financial backups to face any kind of medical emergencies. A health insurance policy covers your medical expenses in case of medical exigencies. It acts as a protective shield against heavy-handed medical expenses and lets you avail quality healthcare.

There are numerous insurance companies in India providing different policies with a multitude of benefits. Many companies are offering tailor-made policies too. You can buy a health insurance policy online or offline. You should choose a policy only after carefully checking all available options. Choosing the insurance policy which caters to all your needs is important. Take a look at the 4 important things to consider while buying a health insurance policy online.

1.       The policy should cover both your and your family’s needs

A health insurance policy should cover the maximum health-related expenses of a family. Generally, employer insurance covers only the individuals working in an organization and not their family. If you have a family to care for, it is advised to go for family floater plans. They are comprehensive plans, wherein you don’t have to buy a separate policy for each member. Considering the rising medical and treatment costs, you should opt the right amount for insurance. A cover of Rs. 15-20 Lakh is recommended for a family of three-four members. It is very critical that you ensure a restoration clause in the family floater plan. This option will financially support you in case of multiple hospitalisations in the same year within the family.

2.       The policy should have an apt coverage with affordable premiums

Premiums for the health insurance policy are not the same for every individual. It depends upon various factors like medical history of the family, age of the policy holder, lifestyle, pre-existing health issues, geographical location, occupation, Body Mass Index, whether the policy holder has any previous policies or not and a few other aspects. Since the health risks associated with younger people are comparatively low, Indian health insurance companies provide them health cover with lower premium rates as compared to older people.

To be a justified health insurance policy, your premium need not be cheap. You should see whether the plan benefits include pre-and post-hospitalisation expenses, daycare expenses, transportation, etc. It shouldn’t have any hidden or surplus charges which may pop up later during a claim. A policy that doesn’t exceed your budget should be chosen from the extensive policy options available in the market. Always start with a reasonable premium and then review the plan. Increase your cover only when your income, family or health requirements change. You can check the premium quote online by providing all necessary details and using a health insurance premium calculator.

3.       Compare all policies available online

Before zeroing down on your health insurance policy options, carefully consider all the benefits it provides. From the plethora of health insurance policy options available, you should see which one matches all your needs. To compare health insurance policies online, you can visit the Finserv MARKETS app. You may be asked to fill in details like your name, your age, city you reside in, details of the family members, existing illnesses if any, required sum assured etc. Once this information is filled in, you will get to see policies that match the criteria you entered and the premiums you should pay for them. Finserv MARKETS app offers a comprehensive list of policies which are offered by different health insurers. Before choosing the health insurance policy, always check the below-mentioned factors-

• Premium – Never go for a policy only because it offers a cheap premium. Check for the coverage and all the benefits it offers.
• Sum insured – The sum insured by the policy is important as it should cover both your and your family’s needs. A policy of Rs. 15-20 Lakh will be ideal for a family of three to four members.
• Coverage benefits – Choose a policy that provides wide-ranging coverage, including daycare procedures, maternity benefits etc. Since during old age health complications increase, the cost of health cover also rises.
• List of network hospitals – The insurance company should settle the medical bills directly with the hospital rather than having you pay upfront and then file for reimbursement. Choose companies that have a large network of empanelled hospitals, and also those whose list has hospitals and doctors of your preference.
• Claim settlement ratio – Always go for companies with a high claim settlement ratio. You can check this online.
• Waiting period – Go for the policies which have a lesser waiting period, so you don’t have to wait for years to claim the health insurance.

4.       Carefully read the fine print of the policy

It is very important that you carefully read and understand all the features of a health insurance policy when buying one online. You should take note of all the exclusions to be able to decide if the policy caters to your needs. Health policies may have a top limit on the hospital room or ICU rents. Make sure that the health policy you choose doesn’t have any limits like this as it could impact the medical expenses like fees of the doctor and operation theater charges associated with it.

Check whether the policy has a mandatory co-payment clause. It is important that a policy doesn’t have one. Under co-pay, the policyholder will have to contribute some amount to the claim from their own pocket. Understand the policy coverage, all the exclusions and the waiting period after which coverage for some diseases shall begin. You should never hide facts related to your health conditions as it could complicate the procedure during the claim settlement.

Your health insurance policy may not generate revenue or returns, but it will definitely save you from huge unexpected healthcare expenditures. So, keeping all the above-mentioned points in mind, get the right health insurance plan for your needs. Buying a health insurance policy for you and your family is also a very thoughtful way to show how much you care for them!