It is never late to buy a health insurance plan but the earlier you buy the better deal you get. Health costs are rising are every year which indirectly affect the premium of your health insurance plan also. As time passes the risk associated with health also increase so buying your health plan lately may lead to losing a lot of benefits which otherwise one would have enjoyed if the plan is bought at an younger age.
If you have taken a resolution for planning for your health concerns in 2018 than Buy health insurance plans should be the first things that one should look at doing. We have mentioned below a list of factors one considered while planning for health insurance this year
Identifying the right plan: We should be very clear about the type of plan that suits one’s requirement. Typically all insurers provide three different types of plans – Individual health insurance plan , Family and Old age. Family health insurance plans are quite cheaper in terms of having separate individual plans for each family member. The plans acts like a floater which gives the family the flexibility to use the available sum assured for the benefit of one specific member. Similarly in case of Old age plans, as people at an old age have different health complications so that their policy should be always different.
So before try understanding which insurer’s policy you would take - first try to figure out the type of plans that fits your requirement.
Buying for the right sum assured: Paying more premium doesn’t insure that you always get the highest amount of sum assured. Depending on the insurer there are a lot of inclusions and exclusions in specific plans. There are plans to suit specific health requirement. Before even deciding upon the sum assured which fits in your requirements one should also consider the current health situation
Understanding the inclusions and limitations of a specific plan: Plans from different insurers come with their own set of inclusions, exclusions and limitations. There may be upper limits in terms of how much of medical expenses would get covered under a plan or limitations like copay which puts accountability on the part of the policyholders to pay a fix amount whenever a claims is raised.
While selecting a plan one should take a deep dive to understand all the limitations and inclusions so that you achieve your targets very well.
The above factors should act as a basic foundation based upon which one should start to plan for their health concerns in 2018.It is also advisable use online health insurance Premium Calculator comparison tools to understand plans from various insurers based upon the above mentioned foundations and also get incentivized by lower premium from insurers from doing the same.