Much has been said and written about the importance of having a health insurance policy. Many online forums and comparison sites provide ample information on the same. Yet, often we find people of different ages hesitant on buying a health insurance policy. Surprisingly, they are less concerned about the benefits of buying a policy but more concerned about getting benefits of equal value for their money.Having the right health insurance is not only important but is essential to protect ourselves from medical emergency which can incur sudden expense.Below are the five health insurance resolutions that each of us should take this year with the determination to protect our near and dear ones. These steps will also help us in saving money on health insurance.
Start early. Stay smart
The common attitude towards buying a health insurance policy is that ‘it is not required now’ – especially if one is young. Don’t fall prey to such misconceptions! Purchase at least a basic health insurance policy as early as possible. Buying a policy at an early age results in less premium than the one purchased at a later age. Moreover, those who buy a health insurance policy at a later age receive less benefits and coverage due to age-related limitations, waiting periods and exclusions. Starting early would not only help you save money in long term but will also ensure adequate coverage for your health.
Evaluate your needs
‘How much cover do I need?’ is the right question to start with. Due to rising medical costs, having the right amount of sum insured for an individual and the family is of utmost importance. While evaluating your requirements, keep in mind to consider few factors such as age, gender, pre-existing diseases, individual/family cover, individual’s/family’s medical history etc. These factors will help you determine the right amount required for you and your family.Learn about your options and policyBe an informed customer. Before opting for a health insurance or an add-on cover, it is imperative to learn about the varied options available in the market. Make it a ritual to learn about different components of a product such as inclusive and exclusives, co-payment, claims process, long-term benefits etc. as these vary for products.Even if you buy a product without reviewing or exploring options, you can always do that during the ‘free-look’ period. The recent regulation on standardisation allows you to revisit your policy, make revisions or even cancel it within the given time frame.Know the ‘catch’ in cheap policies Often companies offer policies at a cheaper rate. However, you need to take a mental note of the fact that ‘cheapest is not always the best’.In order to provide cheaper premium rate insurers may provide benefits with cost-sharing agreement such as co-payments, deductibles, sub-limits etc. Don’t go by the cheaper rate. Instead, evaluate your requirements and buy one that suits you the most.Transparency is the best policy Getting the claimed amount is of greater importance and at times highly needed. However, if you don’t disclose all the relevant information, including your and your family’s medical history such as pre-existing diseases, your claim can be rejected. Thus, it is important to share all the required details with the company. Also, make sure that the insurance company or agent is sharing complete information with you. Lastly, while you must try to remain healthy, be smart and invest in a comprehensive health insurance plan. With the rising cost of medical facilities, don’t let a health issue burn a hole in your pocket.