Step-by-Step Guide to Choosing a Health Insurance Plan

1. Step-by-Step Guide to Choosing a Health Insurance Plan Medicine has evolved over the years and new and improved treatments are available for almost all types of ailments that might threaten human life. This evolution has been accompanied by medical inflation which has made quality healthcare quite unaffordable for the average middle-class man. This, in turn, has made health insurance plans quite important and an in-demand product. Health insurance covers the hospitalization costs incurred in a medical contingency and, thus, proves to be a boon for middle-income families. You should, therefore, invest in a comprehensive health insurance policy covering yourself and your family members. If you are wondering how to choose the most suitable​ health insurance plan​, here is a step-by-step guide to help you out – Step 1 – Assess the members to be covered A health insurance policy should be taken to cover all members of your family so that if any loved one falls ill, you don’t have to worry about the medical expenses which would incur. So, the first step in buying a medical insurance policy is to find out how many members are to be covered. You, your spouse and children should be covered under one family floater plan. If you have dependent parents, buying a separate family floater plan covering them would be better. This would give them better coverage and also allow you an additional tax benefit under Section 80D of the Income Tax Act. Step 2 – Assess the sum insured Medical treatments are quite expensive and to ensure that your health insurance plan covers your medical bills sufficiently, you need an optimal sum insured level. The choice of the sum insured should depend on the number of members being covered, average hospitalization costs, existing health insurance coverage and affordability. It is wise to opt for a high sum insured level for optimal coverage. However, if affordability is an issue, you can opt for top-up health insurance plans which would help in supplementing your coverage at a lower pocket pinch. Step 3 – Ascertaining the coverage features In the next step, you should ascertain the coverage benefits that you need. The basic coverage features are the same across all health insurance plans. However, if you have specific coverage needs, look for plans which fulfill such coverage needs. For instance, if you are planning a family in the near future, a health insurance plan with maternity coverage should be an ideal choice. Similarly, if you need coverage against critical illnesses, look for plans which allow a critical illness rider. Step 4 – Comparing health insurance plans The health insurance market is saturated with a range of health insurance plans each of which competes to be better than the other. In such a market buying the best health plan requires comparing. Compare the available health insurance policies in terms of the coverage benefits they offer, a number of

2. networked hospitals, claim settlement ratio, premium rates, value-added coverage benefits, etc. Then choose the plan which offers you the needed coverage benefits at the lowest premium rate. Step 5- Buying the policy Once you have determined the members to be covered, the amount of coverage, the required coverage benefits and have shortlisted the best policy according to your needs, the last step that remains is buying the plan. With the popularity of the online medium, health insurance plans are marketed online and you can buy the policy easily. You need to fill up an online application form and pay the premiums through any digital payment mode and the policy is issued at the earliest. So if you want to avoid a financial drain due to an unexpected medical emergency, buy a health insurance policy and secure yourself. Follow the above-mentioned steps and you would not only be able to buy a health insurance plan easily, but you can also ensure that the plan is the best fit.