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15 Important Things to Check Before Buying a Health Insurance Plan

What is Health Insurance?

15 Essential Things to Consider Before Buying Health Insurance

Compulsory Deductible Voluntary Deductible
This amount is fixed by the insurance company, and you will have to pay this part of the bill whenever a claim arises. This amount can be chosen by you, and you decide to pay it out of your pocket when a claim arises. The amount can vary based on financial affordability and medical expenses.
Since the amount is set by the insurer, the amount cannot be lowered and will not change the premium. The higher your deductible amount is, the lower your premium will be.
In case of a claim, you will pay only the compulsory deductible amount set by the insurance company. In case of a claim, you will have to pay the voluntary deductible, as well as any compulsory deductible, out-of-pocket.

Tips For Purchasing Health Insurance Plan in India

Tips Description
Buy as Much Coverage as Affordable As coverage increases, premium margins decrease. For example, a ₹10 lakh policy may not cost twice as much as a ₹5 lakh policy.
Choose a Wide Cashless Network Select insurance from a company with a broad cashless network for better coverage and convenience.
Purchase Health Insurance Online With digitalisation, you can now buy health insurance online from home using a laptop or smartphone with an internet connection.
Get Insurance for Parents Early Senior citizens are at higher health risk and require early insurance, but insurers charge more for aged individuals.
Opt for Individual Plans When Possible Individual plans are preferable if affordable, as family floater plans may deplete quickly if one member incurs high medical costs.

Dos & Don’ts Before Buying Health Insurance in India

FAQs on Things to Know Before Buying Health Insurance