Health Insurance Buying Guide

Updated at: Feb 04, 2013
Health Insurance Buying Guide
Editorial Team
Health InsuranceWritten by: Editorial TeamPublished at: Feb 04, 2013

1.    Firstly and most importantly, chalk down the names of all the family members that you would want to get covered in a health insurance policy.


2.    Secondly, decide on the amount of coverage you desire for. One can estimate this based on their estimation of the health expenses and their existing coverage from the policy provider who provided them with insurance.


3.    Thirdly, one must compare, evaluate and then choose the policy depending upon options such as a family floater policy, individual health insurance policy or other definite policies based on their needs and requirements.


4.    Fourthly, one must compare the offerings of various companies or brokers who are providing them with a health insurance policy.


5.    Lastly, make contact with an agent or a broker in order to buy the health insurance policy.


Checklist for Buyer’s

1.    One does not need any sort of documents while buying a health insurance policy.


2.    They simply need a cheque or bank draft by which they’ll be paying their premium.


3.    Kindly note that buyer’s whose age is more than 45 years of age, would require to get themselves diagnosed such as medical checkups like blood tests.


4.    When one is making a claim, his or her health insurer would be required to show their ID proof, bills and medication documents.


The best buy


1.    One can purchase a health insurance policy from any standard insurance provider in a direct manner or from registered/authorized intermediaries such as brokers or agents.


2.    One must check that the agent or broker, from whom they are buying a policy, are IRDA certified and are able to comprehend one’s requirements and can respond to your queries, anytime you have any.


Consideration before purchasing a health insurance policy


One must understand that buying a health insurance policy is simply much more than looking at the premium amount. One would require considering various factors before buying a safe and apt health insurance policy:


1.    One must check for the availability of cashless settlement of claims.


2.    One might have a preference of a specified doctor or a professional where he or she is previously acquainted. Thus, one must make sure that this hospital is specifically mentioned in the insurer’s coverage of hospitals in order to gain full benefit of their premium.


3.    It is imperative to inquire about the ailments, diseases and illnesses which would not be covered in the former years of the policy. It is also essential to know about the pre-existing condition that can affect your coverage.


4.    One must know about the permanent exclusions such as AIDS, cosmetic surgery and dental surgery which are not being covered under an individual health insurance plan.


5.    One must check all the related details that will be compensated in one’s coverage such as medication expenses, diagnostic costs which would not be covered under all health insurance polices.


6.    Various insurance policies have sub-limits o...


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