7 Things to Remember before Buying your First Health Insurance Policy

Embarking on a new journey can be stressful, involving detailed planning and cross referencing of facts. Purchasing the first health insurance policy is one such journey in most of our lives, a journey for which we are often unprepared. With so much riding on your health policy, any lapses or oversights could come back and haunt you, nullifying any positive impact the policy would have had on your life. While it is almost impossible to know everything about a health insurance policy in the first go, there are a few crucial points one should know before signing on the dotted lines.

7 points one should look out for before investing in a health insurance policy:

1. Age is just a number – It is never too early to opt for a health insurance policy, given the stressful and hectic lives we lead. A lot of us might think that we are too young to have a health insurance policy but emergencies can arise without warning and being insured could save your life, quite literally. Insuring at a younger age also ensures that your premium amount is lower, enabling you to utilise the money saved to enjoy other pleasures of life. A wise investment early in life could pay huge dividends later, and a health insurance policy could be an excellent investment.
2. Find your match – A good health insurance provider is like a friend and we know that finding good friends is hard. Searching for a provider who best matches your health needs is crucial as it leads to understanding and creates a strong bond. A right "buddy" can help you plan effectively and ensure that you are taken care of during emergencies. A buddy will also offer excellent advice on the policy and accompany you on every step of your journey.
3. Choose the right sum insured – It so happens that we underestimate the amount of money we might need for a journey, resulting in panic and chaos. It is imperative that we choose a sum insured which is sufficient to meet any financial costs when it comes to health. The cost of healthcare in a place and the health of a policyholder should be kept in mind before choosing the sum insured, as a low sum could wreak havoc in the future.
4. Exclusions – Regardless of the package we choose, there are always bound to be certain exclusions. Knowing what is not covered under the policy is critical as it can help us prepare an alternate route to cover these exclusions. Failing to realise these exclusions early could have a huge impact on your health and wealth, as one might have to shell out additional amounts from his/her pocket, making a policy redundant. Certain policies do not cover pre-existing illnesses and one might have to suitably modify his/her policy to ensure missing links don’t create problems. It is also crucial to know whether your family is covered under a policy and the extent of such cover.
5. Hospital network and cashless claims – Knowing that a policy provides cashless claims and has a vast hospital network where you can treat yourself in the case of an eventuality is a comforting thought. Given the unpredictability of life, owning a policy which has tie-ups with hospitals across the country can be comforting, alleviating any additional stress we might have during emergencies. Also, knowing the hospitals which are part of your cover can help you determine the quality of the product, ensuring you choose one which has tie ups with the best healthcare providers. Cashless facility helps you undergo treatment without having to dig into your own pocket, simplifying the entire process and saving time and effort on your part.
6. Co-pay and claim settlement – An insurance policy is a partnership of sorts, involving contribution from both parties involved. Co pay refers to the scheme where a policyholder might have to pay a certain portion of the amount incurred while undergoing treatment. Under this agreement the amount will be split and a policyholder might need to ensure that he/she has adequate finances before choosing a co pay option. Settling a claim is often the hardest part of owning a policy and could add a huge amount of pressure on a policyholder. Knowing the settlement process before choosing a policy can help prepare you for the future. There are times when claims are settled via third parties, which can be an additional hurdle to cross. Opting for a policy which has a good settlement history, with simple claim procedures and credibility could go a long way in keeping you healthy and sound.
7. Read carefully before inking the deal – It is natural for us to get carried away by certain great details and oversee certain small points. Overlooking such minute details could be a source of headache in the future. Every policy has terms and conditions, which are generally not paid close attention to. Failure to read the fine print could nullify the benefits of a policy in certain cases, relegating it to just a piece of paper. It is thus imperative to carefully read the policy and know everything related to it before agreeing to buy the policy.

Planning a journey can be eventful, and keeping a few simple points in mind could ensure that your journey towards health is smooth and enjoyable.