8 Tips to Follow Before You Purchase the Best Individual Health Insurance

Posted on 14 November, 2023 by Policy Chayan

Without any doubt, health insurance has transformed into one of the most indispensable insurance policies due to the occurrence of health ailments at an early age, in the current climate. Further, the exorbitant medical treatment expenses emphasize the obligation of having a health insurance policy. Thus, it is pivotal to prepare yourself to overcome the financial consequences of a health problem. It is not possible to plan when to get sick, but you can certainly stay financially prepared for the nastiest scenario by investing in the best Individual Health Insurance.

When it comes to your money and health, you certainly want to choose the best for yourself. Irrefutably, it is not lesser than a rock-breaking task to choose an ideal Individual Health Insurance policy when you are spoiled with a wide range of insurance plans. Still, you cannot deny the fact that it is crucial to choose the best Health Insurance policy that outfits your needs. So, before you Buy an Individual Health Insurance plan, let’s throw some light on a few tips that will assist you choose the best.

Choose the right coverage

Choose a health plan that permits you to stay protected against an extensive array of medical ailments, and delivers benefits such as pre and post-hospitalization, daycare expenses, transportation, illnesses that you may be at risk of due to your family's medical history, and so forth. Determine your exact requirements, compare plans on benefits and costs, and investigate to choose a plan that is best suited for your needs.

Network hospital coverage

Once you have filtered the best health plans out of many, find out whether or not your preferred hospitals and doctors are available in their hospital network. Make sure to opt for an insurance provider that sustains an extensive network of hospitals across the globe.

High claim settlement ratio

The claim settlement ratio is the number of claims that the insurance provider settles over the total received claims. It is strongly recommended to choose an insurance provider that maintains a high claim settlement ratio.

Check Individual Health Insurance plan online

At present, it is easier to compare health insurance policies online. Comparison is necessary to buy a health plan that enables you to fulfill your needs well. A potential seeker can even ‘request a quote’ online. All you need to do is enter your basic details on the insurance provider’s website and you will receive an estimated premium for your policy. After receiving the best quotes, compare them to make a well-informed decision.

Select a plan with lifetime renewability

When you buy a health plan, do not forget to check for how many years the plan can cover you or whether it provides limited renewability or not. It is because you will need a health plan the most during the later years of age. So, choose one of the health plans which proffer lifetime renewability.

Choose an affordable plan

It’s 100% true that you need to buy a health plan that satisfies your needs, but this doesn’t mean that you have to choose a plan that doesn’t suit your pocket. Budget is another major facet that you need to remember when buying Individual Health Insurance. But, you should pay heed to the benefits that a plan delivers before you consider the price of the plan.

Unquestionably, it is a prudent choice to purchase an economical health cover at an early age to ensure you are covered properly and the premiums remain easy for your pocket. As time moves ahead, feel free to review your plan and snowball coverage suitably.

Go through the policy wording

Some benefits that your Individual Health Insurance plan entails might be subjected to sub-limits, while others might entail waiting periods. Make sure you don't miss these conditions by reading the policy document thoroughly. In addition, it enables you to address your concerns regarding claim settlement.

Sum insured

The sum insured denotes the maximum coverage the policyholder is eligible to receive. Going for a higher Sum Insured is critical these days because of the accelerating medical inflation. Likewise, bear in mind that it plays a crucial role in calculating the premium. So, if you choose a higher Sum Insured then the premium is going to be high. Nevertheless, if you opt for a lower Sum Insured before you buy an Individual Health Insurance plan then it might not be adequate to cover the hospitalization expenses and make you struggle with further expenses that can cause catastrophic results.