A Complete Health Insurance Guide for First-Time Buyers


Medical emergencies in life are the most unpredictable situations. In present times, the increasing instances of health contingencies has made it imperative to consider having a financial backup for your health. What better than a health insurance policy? It is no legal requirement unlike a motor insurance policy, but living without one is like throwing caution to the wind.

A health insurance policy not only provides medical coverage, but also relieves you of any financial stress when it comes to medical treatments. But as a first-time buyer, it can be a confusing experience when selecting the right health insurance cover with a plethora of insurance plans to choose from. *

This article elucidates a guide to buying health insurance plans for all first-time buyers. Continue reading to know more.

  • Narrowing on the type of insurance plan

When you first step in the world of health insurance, you can be easily bewildered with the choices you have at hand. Individual plans, family floater plans, critical illness plans, senior citizen covers are some of the broad categories to choose from. Depending upon which plan you select, it determines your policy coverage, its inclusions, cashless health insurance facility and even the exclusions. *

There is no set rule as to which policy you must buy, but must depend on your assessment of the health risks and the coverage you need. Family medical history, existing medical conditions, are some of the considerations to remember when choosing an insurance cover. *

  • Selecting an adequate insurance cover

Many new buyers often make a common mistake of purchasing the policy considering only the present health requirements. Instead, you must also account for the future requirements as health insurance is not required often when you are young and healthy, but instead when your body ages. Taking into account the future treatment cost is a critical estimate to make in the selection process as it determines the insurance coverage. *

  • Option to add family members

If you have just started out in your career and plan on starting a family, then buying a policy that allows you to add family members is essential. This facility helps to seek coverage for your spouse, parents and even newborn babies. Hence, the flexibility in adding family members is a point you should consider when buying a policy. *

  • Consider the impact of various clauses

A health insurance policy has several clauses that make up its policy terms. Waiting period, co-payment are some of the important clauses that you should look into.

The waiting period is the duration when the insurance plan does not provide coverage. While all policies have a nominal waiting period of 30 days, longer waiting periods mean you are left without any coverage when you need it the most. *

Other than waiting period, the co-payment clause requires you, the policyholder, to contribute a specified percentage of claim from your own pocket. This lowers the compensation that your policy pays and hence, must be avoided. *

  • Lifetime renewability

Lifetime renewability is an essential coverage to look for when buying a health insurance plan. As your dependence on medical insurance increases with age, it is essential to have a policy safeguarding you as you grow older. Hence, opt for a plan that offers lifetime renewability. *

While these are some things new buyers must consider, make sure to thoroughly understand what is health insurance and how it benefits you and only then make a choice of plan.

* Standard T&C Apply

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.

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