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Health Insurance Guide for First Time Buyers


Health Insurance Guide for First Time Buyers


Health insurance plans have gained importance in the recent past. With increasing cases of lifestyle ailments, it has become a necessity in today’s day and age. That being said, buying one, especially for first-time buyers can be an overwhelming experience. The various jargons used, understanding complex terminologies, its meaning and its implications on your coverage can often be confusing. But don’t you worry. This article compiles some handy tips that can help you buy a suitable health insurance policy while considering all your medical requirements.

#1 Analyse your requirements

The first step in buying a health insurance cover is to analyse your requirements. Your current lifestyle impacts your health in the future. Any decision about purchasing a health insurance policy should be only taken after carefully considering all your immediate, as well as long term medical requirements.

#2 Search for a policy with adequate coverage

Searching for a policy starts with determining appropriate coverage. Whether you are purchasing a family health insurance cover, or critical illness insurance or an individual health cover, it will determine the coverage that you should select. Thus, only after analysing your requirements, you should choose the policy coverage. Make sure to choose a policy with pre as well as post-hospitalisation coverage. This way, any cost of treatment before hospitalisation along with post hospitalisation expenses are covered under your insurance cover. Further, various policy benefits like daily cash allowance, in-patient hospitalisation, cashless treatment, daycare coverage, etc. are offered. Make sure to select the right policy with necessary features for you.

#3 Look for a flexible insurance policy

What is health insurance without having the flexibility to amend it later? A flexible policy will help to secure necessary coverage as your age increases. Say, you purchase a family floater policy where you need to add your parents. Now, the flexibility of purchasing additional coverage will help you not switch your entire insurance plan but only make necessary amendments to your existing health cover.

#4 Review the waiting period for different ailments

The waiting period is the duration during which your insurance company does not provide coverage for ailments. This waiting period differs among insurance companies and also for various policies. For first time buyers, it is essential to not miss this clause since you can find yourself without insurance cover just when you need one.

#5 Checking copayment clause and the deductibles

Co-payment is that amount which you, the insured has to pay at the time of claim. It is an out-of-pocket expense. For instance, an insurance policy with a 10% co-payment clause implies at each claim, you will require to bear 10% of the amount.

Along with copayment, the deductible is another factor. This kicks in earlier than copayment wherein you have to meet some predetermined expenses before the insurance coverage kicks in. Thus, it isn’t only about purchasing a health insurance policy, but also carefully observing the implication of these clauses at the claim.

#6 Policy with lifetime renewability

Lastly, selecting a policy with a lifetime renewability option is critical. Since as your age increases, so do the premiums on these plans. Thus, having a policy that offers lifetime renewability helps to keep your premiums in check.

These are some nifty tips that first-time buyers can remember to get comprehensive insurance cover at an affordable price. Do not forget to compare the available options before finalising on one.

Eula Boone

Total writer. Passionate tv practitioner. Pop culture expert. Student. Incurable twitter specialist. Skydiver, dreamer, guitarist, vintage furniture lover and critical graphic designer. Operating at the junction of modernism and mathematics to answer design problems with honest solutions. I'm a designer and this is my work.