26th February 2024
Insurance

Buying Health Insurance Just Got Easier, Know How!

Looking to purchase health insurance? Yes! You made the correct decision by wishing to compare and investigate. You may be doing so for tax reasons or maybe you have come across a real life instance of a health insurance policy being needed. Tax benefits of health insurance policies are a matter of the changing tax laws. But the benefits of having your health secured are a no brainer. Here’s a 6-step strategy for selecting the best product for your needs.

Step 1: Understand Your Needs:

Your health situation differs from that of your neighbours. As a result, the coverage you require may differ from that of your neighbours. Determine your insurance needs and select a coverage that meets them. For example, Rs 5 Lakh coverage is sufficient for a youthful family, however a household with senior folks should choose a higher floater option. If the parents are too old, it is best to get a separate policy and exclude them from the floater option. You can use the Bajaj health insurance app to find health insurance policies that suit your needs. After that you can purchase the right option for you.

Step 2: Evaluate Premium and Plan Options:

Compare pricing in relation to features and complete coverage. Various health insurers have developed diverse plan types that include services such as wellness benefits and immunisation coverage. Paying greater rates for benefits you may never use is not a wise choice. It is also not advisable to get a high-end policy only for tax purposes. Health insurance tax benefits are subject to any new changes that may be implemented each year. Be sure to stay updated on the same. **

Step 3: Investigate the Insurer:

An insurer with a low claim settlement ratio may be a red flag, so scrutinise an insurer’s financial and service history. The amount of years an insurance company has been in business is another important to consider. Its knowledge is shown in the policies it provides. An insurer such as the bajaj health insurance app with a diverse product portfolio is an excellent option.

Step 4: Check the Network Hospitals:

Check to see if your favourite hospital is on the insurer’s network hospital list. This would allow you to receive cashless treatment. Choose an insurer that has affiliations with reputable hospitals that you would wish to visit in the event of a medical emergency. It’s even great if these hospitals are in your neighbourhood. This health insurance app can help you find out if your local hospitals are covered under certain policies.

Step 5: Sum restoration:

Consider this scenario: you have exhausted your health insurance plan’s sum insured and are hoping that the balance of the year goes smoothly. It does not, and you are hospitalised once more. Because you have exhausted your insurance coverage, the subject of how you will pay for medical bills arises. This is where your policy’s ‘restoration’ feature comes into play. If a customer exhausts the money protected during the year, it is automatically replenished under this policy.

However, there are certain exceptions. Only if the present treatment is not for the same ailment for which the policyholder was hospitalised previously will the insurer restore the total sum insured. Choose an insurer that provides unrestricted restoration benefits.

Step 6: Other Alternative Treatments: It is preferable to choose insurance which covers other alternative treatments like Unani, Ayurvedic, and Homeopathic. Specific health insurance benefits are subject to the standard terms and conditions in the policy.

Now that you are armed with this information, you can go out and get yourself a health insurance policy that will help keep you safe in various scenarios. Remember, the earlier you start, the better as benefits under most policies tend to accumulate.

* Standard T&C Apply

** Currently, there are 2 tax regimes in India – new and old. To get the tax benefit you desire, choose the correct one after consulting an expert. You can opt for a regime change during the next financial year.

# Visit the official website of IRDAI for further details.

## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.