Five Easy Steps to Buy Personal Health Insurance

Arun was shocked to see the final amount on his mother’s Covid hospitalisation bill. He had opted for private hospitalisation and knew the bill could go high. But the final amount was way higher than his initial estimate.

He resolved to get his entire family comprehensive personal health insurance.

But, what did Arun do to pick the right hospitalisation plan? 

Here are five easy steps to buy personal health insurance:

Step One: Know Your Requirements

If you have dependents, a family floater insurance cover can be better for you. But if you do not have dependents, you might want to opt for separate policies in the family based on family your member’s age, income and more. 

Moreover, your personal health cover also needs to match your pocket. You can look at different health insurance plans, their benefits and premiums. You can start with what fits your budget and requirements and revisit with changes in your income, family size and more.

You can also check if your preferred hospitals and doctors are included in the network hospital’s list. You can check for network hospitals close to your residence. 

Step Two: Look for Additional Benefits and Convenience

  • Daily Allowance

Some health insurance plans offer a daily allowance in case of hospitalisation. You can use this allowance for allied expenses like medicines or similar fees.

  • Assess Riders

Riders are benefits that you include in your policy coverage by paying an extra premium. Rider coverage can be for critical illnesses like cancer, kidney failure and more. Accident insurance is another rider cover. You can pick the rider covers that you think you or your family will need in the future.

  • Compare Health Monitoring Benefits

A few health insurance plans come with health monitoring benefits like:

  • Complimentary medical checkups
  • Complimentary doctor’s consultations
  • Complimentary nutritionist’s consultations
  • Attractive tie-ups with health service providers like Gymnasiums
  • Cashless Hospitalisation

In an emergency, you may not have access to cash. In such a situation, you could choose a plan which offers cashless hospitalisation.

Step Three: Examine the Waiting Period and Exclusions

Health insurance plans might have a waiting period for existing conditions. You will be covered for hospitalisation after your waiting period is over. 

Moreover, it would help if you looked for the declared exclusions of your chosen policy. Many plans exclude specific procedures for Hernia, Cataracts, and more in the plan’s initial period. Some others may exclude dental policies, HIV/AIDS or eye-related procedures. 

Step Four: Take Note of the Renewal and Claim Process

  • Renewal Age

Health insurance plans might have a renewal age limit. You may not be allowed to renew your plan if your age crosses that age limit. Check if your policy accommodates your senior family members during renewals.

  • Claim Settlement Ratio

Claim Settlement Ratio is the ratio of the claims filed to those settled. It would help if you went for an insurer with a high claim settlement ratio. Generally, these details are transparently available for all insurance providers. 

Step Five: Compare Policies and Find Your Match

Lastly, when you know about your own insurance needs and have chosen the right insurance, it’s time to compare policies. 

You can visit various insurance brokers and fill in your details to find a list of suitable policies. Here, you can compare or look for the details you have understood through this blog. 

Thus, you can pick a personal health insurance plan that matches your insurance needs with five simple steps.

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