We all know that in today’s times, a health insurance plan has become a must for everyone. Our busy schedules, unhealthy habits, and ignorance towards the overall health and wellbeing have caused an increase in lifestyle-related diseases over the past decade. We hear about a new disease now and then, diseases that no one talked about in the last century. Not only this, but the cost of medical treatments has also gone up in the past few years. Especially the treatment for a life-threatening condition can cost you the entire life’s savings.

Fortunately, there are medical insurance plans that can take care of such expenses. But which is the right medical policy for you?

An expert guide to selecting health insurance online

When to purchase a medical insurance plan?

The ideal time to buy a health insurance policy is as soon as you start earning. Buying a health insurance policy at a younger age has many benefits. Younger individuals are usually free from health issues, therefore, they have to pay a lesser premium. Also, the chances of your application being processed in one-go are higher if you apply at a younger age.

What is the ideal type of coverage?

For individuals who are unmarried and do not have dependent parents, an individual medical policy should be enough. However, if you are one with a family that depends on you, you must choose a family health plan. The ideal type of coverage depends on your needs and family structure. Evaluate these before choosing a health insurance policy.

What should be the ideal sum insured?

Ideally, the sum insured should be such that it should take care of all your medical needs in case of an emergency. The sum insured can be lower for an individual health insurance plan, but it should be higher for a family plan. For a family plan, consider the age and pre-existing conditions for each policyholder before determining the sum insured.

Will I be able to continue with my current doctors?

Every insurance company has a list of empanelled doctors and hospitals. Claiming insurance outside of this network can be difficult. Therefore, it is advisable to check whether your current doctors/hospitals are enlisted in the insurance plans network before zeroing down on a medical insurance plan.

Other things to check before buying a medical health plan

Waiting period: Every new policyholder has to wait a certain period before they can claim their medical insurance. This is called the ‘waiting period’. Always choose a policy with a shorter waiting period.

Critical illness cover: This part of the policy covers an individual against life-threatening conditions such as cancer, renal failure and heart attack. This additional benefit can save a lot of money if one falls prey to such diseases. Always check if the insurance plan provides a critical illness cover.

Claim process: The Claim Settlement Ratio (CSR) determines the efficiency of the insurance company like Mahindra insurance brokers ltd in settling past insurance claims. Always check the records of the insurance company before purchasing a medical policy.