First-Time Health Insurance Buyer? Here Are Some Tips For You


Buying health insurance can be tad bit intimidating. With a plethora of options that you can shop, it isn’t obvious to know the right health plan. Moreover, there are a variety of plans that you can shop like the family health cover, critical illness plan, cashless insurance, and more that leave you bewildered knowing which can suit your needs.

At times, the millennials might brush off the responsibility of buying a health cover stating that it is excessive expenditure and not needed as they are young and healthy. But this is not true. Having the right health insurance plan will get you timely aid from reliable medical professionals. In case of absence of a health cover, the same will drill a hole in your pocket. The benefits that one receives outweigh the costs for them. So let us look at the key points that should be considered by a first-time applicant in buying health insurance plans

Consider your needs

First and foremost step in selecting a health cover is to examine your needs. You must be clear of what you are looking to insure when buying one. Certain things like the frequency of your illness, the amount of coverage, and add on facilities available should be taken into account. You may also check for any specific details like your current doctor is covered by the insurance plan or not. If you have any pre-existing medical conditions, confirm for the coverage of those by the insurance plan.

Get Informed

While selecting a health cover, you may come across varied plans like a family floater, critical illness, individual health insurance and more. Research on what are the different plans that are available and which one do you need. Also, there are few jargons like co-payment, riders, and more that comes handy when you are browsing the policy brochures. This information along with research on coverage & essential features such as cashless health insurance will help in shortlisting suitable plans.

Where can you get these Health Insurance Plans?

It is essential from which channel you decide to buy your insurance plan. It will influence the amount of premium and its further renewals. Using the traditional approach, you can buy a health insurance plans from you broker. A new mode of buying that has developed in past few years is directly approaching the insurer. Buying directly from the insurer is the best option if you are someone who is a self-learner. You can go through the various documents available to download from the company’s website and buy the one that you find perfect.

How to manage your Finances?

While selecting a suitable plan, you can opt for a policy with a lower percentage of out-of-pocket expenses for more comprehensive coverage. On the other hand, you can further reduce your premium amount, wherein at the time of hospitalisation, the insured will be required to bear some portion of the medical bills.

Insurance Documents

Lastly, once you have examined all the options, read the policy documents to ensure complete information on your insurance cover. It will help you in making an informed choice, and any concerns can be addressed before buying the policy. Also, there is a free-look period which is available to the policyholder if you want to cancel the policy in case the terms and conditions of the policy are not as informed earlier.

So, keeping in mind these cornerstones, shop for the right family health insurance that helps you stay at peace, both mentally and financially knowing you have a steady back-up plan.