Know 10 Things About Health Insurance

Health insurance is a need of an hour as due to increase in the cost of medical expenses and thereby, increase in the number of cases of deadly diseases among all the age groups, health insurance is a must have in the today’s world. There are so many companies who are offering health insurance in the country. But, to choose the right one with the right amount of coverage and benefits and most importantly with the right budget is a very difficult task. There are so many attributes hanging along with health insurance and knowing each one is not a cake walk. So, here we have summarized some important facts that should be known by the health insurance buyer before buying the health insurance. Have a look below:

v Insurance company regulatory authority: It is to be very well known before going for a particular company for your health insurance that whether that company falls under the regulation of IRDA (Insurance regulatory development authority). IRDA is the regulatory authority of insurance companies in India. Therefore, if the concerned insurance company does not falls under the jurisdiction of IRDA then it would be better to not to opt for that company for your health insurance.

v Company/corporate Health insurance: Now a days, most of the companies and corporates provides health insurance for its employees and their two dependents at the maximum. You just need to know that whether your company is providing you with health insurance or not. If yes, then check the amount of coverage and decide whether this amount is sufficient for you and your dependents or not. If your company is not providing any health insurance for you and your dependents, then you need to check for the health insurance at the market place.

v Market place health insurance provider: As discussed in the previous point, if you are not having corporate health insurance or your corporate health insurance coverage is not sufficient, then you need to look for a health insurance at the market place. Before finalizing the insurance provider, you need to check the background of the company, its claim settlement ratio and existing market share.

v Amount of coverage: Now, the most important thing is to decide upon the amount of coverage. You have to analyze that how prone are you for certain diseases, what is your medical history, your family hereditary for certain diseases and certain other facts. On the basis of your analysis, you need to decide the amount of health insurance coverage for yourself.

v Amount of coverage for dependents: Now, the next important thing is related to the amount of coverage for your dependents. The amount of coverage for your dependents is based upon the family history, individual’s medical history and the current diseases. You have to decide for the amount to be taken as coverage for your dependents.

v Premium of health insurance: Now, one of the main concern is whether the premium on your health insurance fits in your pocket or not. While deciding on the amount of coverage, you have to side by side look upon your budget and the premium paying capacity. The premium on your health insurance depends upon several factors like:

Ø Age: Older you are, higher will be the premium; Younger you are, lesser will be the premium.

Ø Area of your residence: The place plays an important part in deciding upon your premium amount. If you live in the area that is more prone to diseases, your premium would be high and vice versa.

Ø No. of people in a family: Higher the number of dependents, higher would be the amount of premium; lesser the number of dependents, lesser would be the amount of premium.

Ø Tobacco use: If you are a tobacco user, then your premium amount would be high as compared to the non-tobacco user.

v Already Existing diseases: Please note the fact that if there are some already existing diseases in your medical chart, then clarify it before, disclose the things before hand and just ask to your insurance provider in writing about the consequences and settlement terms related to that disease.

v Right time to take the health insurance: You should know that what would be the right time to take the health insurance. As, if you take health insurance in early days, you’ll get more coverage with less premium. And if you take health insurance in older days, then your coverage will be less with high premium. So, take the health insurance at the right time of your age as with an increasing age you’ll be more prone to diseases and health issues.

v Benefits of policy: You should be knowing all the benefits that your health insurance policy is going to give you in advance. You should read all the terms and conditions and should be well acquainted with the benefits of your insurance policy.

v Tax Benefit: Health insurance policies gives you tax benefit in some cases. Get a quote of that beforehand and derive maximum out of your health insurance policy.