Factors That You Should Consider While Planning To Invest In Health Insurance

by Himani Mathur Content Writer

Owing to the drastic increase in the cost of healthcare in the modern world, even one medical emergency requiring hospitalization can deplete your finances to a great extent. Therefore, it is extremely important that you invest in a comprehensive medical policy as early as possible. After purchasing the ideal health insurance plan you can rest assured that you will be able avai adequate medical treatment in the time of need and without burning a hole in your pockets.

Here are a few factors that you should take into account while planning to invest in health insurance:

Even if you enjoy a corporate insurance cover provided by your employer, it is important that you have an individual health insurance as well. In many cases the corporate insurance cover ceases when the employee leaves his/her job or retires. At times the employer might even choose to withdraw this benefit. Hence, you should always invest in an individual medical policy, especially if suffering from any chronic ailment.
Keep the current medical costs in mind while choosing the ‘sum insured’ amount of your policy. In case you are living in a small town then your cover should ideally range from Rs. 3 to 5 lakh, however in case you live in a large city then it is recommended that you choose an amount not below Rs 5 to 10 lakhs. It is also advisable that you increase the health cover amount with time to manage the issue of medical inflation.
It is highly advisable to invest in a health insurance policy as early as possible, at least before hitting the age of 40. As you would be likely to make lesser claims in the early stages of life, you would get the opportunity enjoy the benefits of no-claims bonus, which can be added up to the original coverage every claim-free year.
One of the biggest aims of investing in medical policies is to have adequate coverage during old age, when people are more likely to succumb to various ailments. Hence, you should ideally choose to invest in a health insurance policy that provides the advantage of lifetime renewability.
It is advisable to not buy policies that have a claim loading clause. This is due to the fact that in case you acquire an ailment that requires a long term cure then with a claim loading policy your premiums will subsequently keep on increasing and might become un-affordable after a time being.

To identify the medical insurance policy perfect for your needs you can always seek out the services of any prominent insurance broker. Insurance brokering agencies compare the exact quotes from multiple reputed insurance service providers, to help their clients get the best possible coverage in the most affordable pricing. Most of the renowned insurance brokering agencies of the country provide personalized services to each of their clients, so that they can find the policy which is tailor-made for them. Some of them even store the health records of their clients to provide them with specialized insights on fitness and savings. To seek out the services of these agencies you can easily visit the website of any one of them.