Here are 10 things to keep in mind before buying a health insurance policy

New delhi date. Monday, July 20, 2020

There have been some changes in insurance since the Covid-19 epidemic. Now people are increasing their insurance share in their financial portfolio. But there are some things to keep in mind when buying a health insurance policy.

Choosing the right product

No single insurance policy is suitable for all people. The most important thing is to have a comprehensive health insurance plan. Medical expenses, treatment and hospitalization have all become very expensive. If you need an emergency medical service you will need a shield to avoid medical costs.

Proper coverage level

How much health insurance coverage is is a personal belief. It depends on your lifestyle, family history of illness, expenses, etc. For health insurance you have to consider the average bill for staying in the hospital for 3 to 5 days. Based on this, the need for coverage has to be assessed.

Rational premium

No one takes health insurance every day. That’s why there needs to be a beneficial premium with good coverage. It should also be weighed in economic parameters, compare the policies of many companies by creating the scale you want to take coverage like. Then decide on the basis of what seems like a reasonable premium.

Family coverage

Family coverage is particularly relevant in health insurance plans. You buy a family floater policy with extended coverage for all your family members and specifically disclose as much information as possible about pre-existing illnesses.

Benefit from the best coverage

In addition to an optimal coverage level to make any insurance policy comprehensive, the coverage benefit should be properly examined. As such, health insurance should cover the maximum costs associated with illness and OPD treatment.

Take advantage of riders

Most insurance plans benefit many riders. You need to include the necessary riders in your policy. This will make your insurance policy customizable and comprehensive.

Take advantage of premium discounts

Some insurance plans also offer discounts on premiums. Such as health benefits in health insurance plans etc. This lowers your insurance premium. Be sure to take advantage of this discount to get the best premium rate.

Check the claim settlement ratio of the insurance company

The claim settlement ratio is an estimate of how much an insurance company is settling on its policyholder's insurance claims. The high claim settlement ratio shows that the company respects most of the claims of its policyholders. Therefore, when buying insurance, choose an insurance company with the highest claim settlement ratio to increase the likelihood of your claim being settled.

Understand the burden of income tax

Health Insurance Policy Benefit from income tax exemption under various sections of your Income Tax Act 1961. Understand all the available benefits when taking out any health insurance policy so that you have to pay less income tax.

Renew on time

Once you have chosen a convenient health insurance policy for yourself, starting it does not end the work. You pay the premium of this policy on time and renew it on time. Then you can get their uninterrupted benefit.