How to Choose a Health Insurance Policy?

How to Choose a Health Insurance Policy

It is rightly believed that people’s financial planning starts when they are fully prepared for health insurance. Health Insurance Plan is the start of financial planning. Thus, before making such a huge decision, one should be aware and should know how to choose a health insurance plan. We all want to buy that insurance, which provides the maximum coverage to us and our loved ones. However, with the availability of so many plans and policies, it might get confusing to choose which plan is best suitable for you.

Thus, it is essential to understand which health policy suits you the best and is according to your needs.


How to Choose Health Insurance?


#1: Looking for the Right Policy Coverage

The first and the foremost thing to do is to look for the best policy and the kind of coverage it is providing. It would be best if you chose the policy that offers maximum coverage, including the pre and post hospitalization charges, ambulance charges, critical illness insurance, maternity treatments, and cashless treatments. There are many types of coverages provided by various insurance companies that you have to choose which suits you the best.

Other than that, one has to read the terms and the conditions in which the insurer can make a claim. And also in which circumstances the claim faces rejection. What is the point of health insurance if the claim is rejected in the time of need?

Read Also: 6 Mistakes People Make When Shopping for Health Insurance

Consider your requirements, compare the different plans, check the policies terms and conditions, and then start paying for that policy which suits you the best, without giving out too many premiums. Thus, looking for the right policy coverage is the best way to choose the perfect health insurance coverage.


#2: Adding New Members

Another thing to keep in mind when you choose a health insurance policy is floater policies. Floater Policies are a huge success, especially when people think of getting the best policies at the minimum premiums. Floater Policies or health insurance for the whole family is one of the best ways to choose health insurance policies. While choosing, one should keep in mind the flexibility to add new members to the insurance plans. Babies are born, or when an old-aged person dies, another member of the family can become a part of the same policy, without giving away the benefits of coverage.

Thus, while choosing the health insurance plans, the flexibility to add new members should be kept in mind.


#3: Waiting Period Clause

Generally, while claiming the health insurance policy, there is a waiting period. For instance, some insurance companies state that they will approve the claims only after 2-3 years of the start of the policy. This varies according to the plans and the terms and the conditions of the policies.

Make sure to check the time duration before choosing the best insurance policy for yourself or your family.


#4: Checking the Co-payment Clause

Co-payments are a massive part of the insurance policies. Before finalizing the perfect health insurance plans for you and your families, make sure to read and understand the terms and conditions of the co-payment clause.

Also read: 9 Ways to save money on Health Insurance

This clause states that the patient and the insurance company will share the expenses of treatment, despite giving premiums to the insurance company. If the co-payment clause is there, the company will be providing only a part of the amount required in the treatment and not all of the expenses. The best option would be to look for a policy without the co-payment clause. It does not affect finances extremely at a single point.


#5: Lifetime Renewability

Another factor to keep in mind when you choose a health insurance policy is lifetime renewability. Lifetime Renewability is an essential factor that one should consider while opting for a health insurance policy. A lot of us forget about the validity of the insurance policies. And when the time arises to claim the amount, the policy already expires. Thus, one should always stay aware of the timeline of the health insurance policy.

A better way to not encounter this problem is to look for policies having lifetime validity. Or the policies which can be easily renewed at the time of the expiration. This is because the later years are more prone to these insurance claims. In such cases, it is smart to opt for lifetime health insurance policies or the policies that can be easily renewed.


#6: Room Rent Limit

Some policies state that the companies will go through with these claims only if the room in the hospital is a private room, sharing room, or ward. If it is not according to the terms and conditions, then the insurer might have to face the rejection of the claim. In such situations, it is a better option to make sure the room rent limit of the policy which you are thinking of taking up. If this is not made sure, well in advance, then at the time of the need, the patient might have to settle every expense.


#7: Hospital Coverage

While opting for the perfect health insurance for yourself, one should also look for hospitals and the doctors against which the insurance companies provide the coverage. There are times when a particular hospital of your choice is not on the list of the coverage.

Read Also: How Pre-Existing Conditions Affect Health Insurance?

At that time, it may result in paying the expenses by the patient. The hospital network is an essential factor one should study while opting for the perfect healthcare plan. As with a wide range of hospitals, it becomes easy to get the claim or the coverage.



The bottom line is that one should very carefully think before finalizing the perfect healthcare plan for yourself. The tips mentioned above would strategically enhance the benefits provided to you. It would help you in making an informed decision. Health Insurance Policy is an investment that you should make very carefully. As it yields the perfect results at the time of need. It helps remove the financial burden from your shoulders. And you can sleep peacefully at night. You can think that if something happens to you or your family, there is the immediate financial support. Thus, one has to make a smart decision when you choose health insurance.

We hope this article was informative and we could solve some of your doubts. If you have any more doubts, then please reach us through the comments box below! We will reply soon.