Having a health insurance plan is one of the wisest financial planning moves. Not only it helps save on tax, but adequate health insurance protects you and your family financially against sudden medical emergencies.
When you start your research on health insurance plans in India, most of you consider buying a policy that offers extensive coverage at a nominal rate. The urgency of health insurance in today’s time is beyond explanation. Hence, the Insurance Regulatory and Development Authority (IRDAI) is trying their best to encourage Indian citizens into buying comprehensive health insurance. Recently, they also imposed new guidelines on the product to make the process of buying health insurance simple and less time-consuming for the audience.
However, anyone looking to buy health insurance would want to opt for a plan that is adequate as well as affordable. Below we have discussed how you can get health insurance at a nominal price in India.
- Buy health insurance as early as possible
It is best to buy health insurance at an early stage in life. The chances of your suffering from a life-threatening disease in your 20s are very low. Moreover, the 20s is the time when your health is at its prime. Therefore, health insurance providers take you as low-risk applicant and charge lower premiums.
As you grow older, your health is likely to degrade. In such situations, if you go to buy health insurance, the insurer will consider you as a high-risk applicant and charge higher premiums. Hence, it is wise to buy a health insurance plan as early as possible.
- Buy health insurance online
Usually, people get in touch with an agent to buy health insurance in India. The agent is a middle-man that takes care of the application process, claim settlements, and the policy paperwork.
However, buying health insurance online eliminates the middle-man in the entire process. It also removes the commission fees charged by the agent, which in turn reduces your health insurance premiums.
You can also use the health insurance calculator online to determine the premiums charged on your selected coverage and benefits. Moreover, you can compare different health insurance plans online before buying the policy. That way, you will be making an informed financial decision.
- Evaluate your current lifestyle
When looking for a health insurance plan in India, there are a few things that you need to evaluate. So, ask yourself the following questions before you go out and buy yourself a health insurance plan –
- What is your current financial situation?
- What are your expenses?
- What is your current lifestyle?
- Do you have any medical/health concerns?
- What is your family health history?
Answers to these questions will help you select a health insurance plan that suits your needs. Besides this, the health policy you purchase should offer extensive coverage and have minimal to no out-of-pocket expenses. The insurer you select should provide cashless claim settlements and have a wide range of network hospitals.
While buying health insurance in India, give priority to the benefits it offers and exclusions of the policy along with its affordability. That way, you will be able to buy an extensive health plan at a nominal rate.