Health Insurance 2018

Health insurance is extremely vital. Yet, you pay very little attention to it till you or someone in your family is hospitalized and the bills start piling up. The problem is that most people do not realize the importance of having a good health insurance policy. Instead, they think of it as an avoidable expense.

If you do not have a good health insurance policy already, do not put off buying one for any longer. Not only does a good policy cover your hospital expenses, some even cover the costs pre and post hospitalisation. Considering the cost of a hospital visit, a good policy can definitely save you a lot of money in the future.

Things You Need to Know

There are certain important specifications of any product which will tell you how good or bad the product is and if it will suit your requirements. So, what are these specifications for health insurance?

1. Sum Assured and Premium

This, of course, is the most important point to consider while selecting a health insurance plan. The sum assured shouldn’t be so low that you always end up paying some part of the hospital bill. It also shouldn’t be higher than your requirement. The sum assured has a direct impact on the premium. You need to evaluate your health carefully, consider the regular medical expenses and any illnesses you may have, and then decide on a sum assured that is just perfect for you.

2. Individual or Family Plan

The individual plan covers only one person whereas a family plan can cover the whole family. If you are married and have kids, then a family plan might suit you best.

3. Eligibility Age

Insurance companies have different health insurance plans, each suited for people of a particular age group. Some may be better suited for senior citizens while some others are best for younger individuals.

4. Coverage

Every policy differs in the coverage it offers. Some cover pre and post hospitalisation expenses while some don’t. Some plans cover maternity and related expenses. Some others do not cover any pre-existing health conditions or only cover pre-existing conditions after a period of time. The best way to figure out what kind of plan you need is to evaluate your health and your family’s health first. Once you are aware of any pre-existing illnesses or any risk factors, you can make the right decision.

5. Insurance Company

The company that is offering the insurance is also an important factor to consider while purchasing health insurance. You should select the company that has a high incurred claims ratio, good customer reviews, and a high number of repeat customers. A high incurred claim ratio implies that the company has settled a good number of claims received. Good customer reviews and a high number of repeat numbers imply that the existing customers are happy with the service and, therefore, have chosen to return to the insurance provider.

How is Health Insurance Saving Your Money?

In the last few decades, the fraction of the population having lifestyle diseases and other illnesses has increased. The charges for medical tests and treatments have also gone up significantly. Also, owing to the fact that there are more vehicles on the road, the chances of an accident have also risen up. In this scenario, you cannot predict when a tragedy might strike or when you may fall ill.

The premium amount for the health insurance is affordable compared to the cost of hospitalisation. If you choose not to buy the insurance, there is no guarantee that you might have the money to pay for your medical expenses and you may have to borrow money at high-interest rates at the last minute. Not only will this cost you more, but also cause you a lot of stress.

With a good insurance policy, you do not have to run around for money in your time of need. You are also relieved of the stress of finding money to pay for the other medical bills. So, buying health insurance is not just a good financial decision, it is also a good common-sense decision.

Need Assistance?

A good thing to do before buying any insurance is to compare the different policies. The best way to compare different policies is by visiting The website will tell you which policies suit you best based on your age and medical history. It will also show you a comparison of the different policies so that you can make an informed decision. And once you have reached that decision, you can purchase the health insurance from the same website.