Few things to know while buying health cover


Medical costs are increasing in India at the rate of around 10-15% per year. As long as things are minor they can be taken care off but a serious illness in the family can cause severe financial distress. During this time you feel the real financial “punch” on your face if you’re not covered with suitable health insurance cover. Health policies in India are essential element to safeguard your health and financial wellbeing. The biggest mistake people do is either they feel they’re young & fit so don’t need cover at all or else they are covered with employee health plans. But this can be a costly mistake.

Let understand why? Firstly, you might be fit but not necessary you may not fall ill. A sudden viral fever or critical illness can land you in hospitals with hefty bills. Secondly, a group health insurance plan of your employer may not provide comprehensive coverage for all your healthcare need or dependents, particular illness or family members suffering from any medical conditions etc. Therefore, it becomes imperative that an individual should buy an additional health cover to protect your family’s healthcare needs. While buying a policy there are several things you should be aware of. The article discusses few points to keep in mind while choosing health cover.

  • In the event of family or dependents to take care of, you should always ensure that your entire family has health insurance cover. Check out their ages, any chronic ailments, family medical history, etc. You should note that most health plans will have a waiting period for pre-existing medical conditions. Bare all this in mind and then go for policy purchase.
  • Access your lifestyle, income sources, demographics that have big impact on your health plans. Lifestyle issues like smoking, drinking, obesity will tend to increase premium but it will surely help you to get a financial back up incase of any mishaps.
  • Never exceed premiums beyond income source else there is chance you might not be able to pay particular premium. Eventually it will lead to policy purge or you might stay out of cover in between which can lead to huge financial loss for you.
  • Always read carefully, the exclusions in the health insurance plans. If you or your family members suffer from a medical condition that is not covered by your plan, your claim will be rejected and you may get hit with a huge bill. So, check your family’s medical history and make sure that your health insurance policy covers the illnesses in your family’s medical history
  • Incase you hold a policy and want to increase your cover then it is advisable go for top up of additional cover instead buy separate policy. This will help you cut down on premium costs and no need for fresh waiting period.
  • Make sure the empanelled hospitals in health insurance plans are the ones that you will be comfortable with, both from a quality and convenience wise. Do your own due diligence on the hospitals, with regards to their reputation, specialties, doctors on payroll, equipment and facilities, distance from your home, etc.

Health insurance is a complex financial product. If you don’t have enough knowledge on the policy then talk to health experts but don’t let this put you off from buying health insurance. Online sites are a great place to start as they help you easily to compare the cost of insurance and also provide you variety of options to choose as per your requirements. If you can’t afford to devote your valuable time on research then you can entrust the job to a well-known insurance agents. Always educate yourself about Health Insurances and their feature benefits, costs of premiums and flexible options. If you have a good health insurance plan that covers a wide variety of your medical needs, you will be free from health related financial concerns.


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