According to many, the age of 30 is considered to be the best time of one’s life. You are at the peak of your energy levels. You can work hard, stay fit and party hardy during this time. You are most probably financially independent as well, thus, free to make your own decisions. 30 also happens to be a fruitful time for buying a health insurance policy.
Safeguarding your financial interests when you are at the peak of things is the best possible way of sailing through the tough times that may loom ahead. This article discusses things that you should consider before creating a strong financial backup for medical emergencies. Read on to know more:
8 Essential factors to consider while buying a health insurance policy
#1 Pre-existing conditions
There are chances that at the age of 30 a person may not suffer from any or few serious medical conditions. This is a good situation as compared to someone who is buying medical insurance plans at the age of 50. In later stages of life, one may suffer from common health issues like diabetes, high or low blood pressure, or cataracts. The number of pre-existing conditions may increase the cost of a health insurance policy. If you suffer from any such condition, you need to declare it honestly while buying the policy.
By the age of 30 years, most people become financially independent. This makes it easier to buy a good health insurance plan that offers extensive coverage. Consider buying additional plans like a critical illness plan if you have a decent budget set aside for buying health insurance.
#3 Family members
By the time you reach 30 years, you may have your parents, siblings, grandparents and probably a spouse in your family. You can add children to this set if you got married early. You need to buy a plan that would provide adequate health insurance to cover your family. Consider browsing through various plans available in the market to find the one that can cover your family well within your budget.
#4 Type of plan
One needs to educate oneself with multiple things related to medical insurance plans. One such thing is the type of plans available under medical insurance in India. Health insurance can broadly get divided into 4 types of plans –
- Family Floater
- Group Health Insurance
- Individual Health Insurance
- Critical Illness cover
You can choose to buy any of these plans as per your current situation and needs. Note that a group health insurance policy is usually provided by your employer in the form of Employee Health insurance.
#5 Coverage offered
There are a number of insurance companies that offer various health insurance products. The features and services of these products may vary as per the terms and conditions of the insurance company. You need to choose the right product for yourself. Comparing medical insurance plans is a good idea in this situation. Now the coverage offered by each plan and buy accordingly.
#6 Waiting period
This is a common clause under medical insurance in India. The waiting period is the time when you cannot raise a claim against your health insurance policy. You have to wait until this period is over. Usually, the waiting period is applicable to certain pre-existing disease, maternity benefits, etc. Thus, it is advisable to buy a health insurance policy as early as possible. At 30, this is probably the best time for you to buy a health insurance coverage.
Exclusions are conditions under which you cannot raise a claim. Exclusions are not time-bound, they are mostly permanent in nature. It is very important for a policyholder to understand the exclusions of his/her insurance policy. The chance of a claim against exclusions, getting rejected is almost certain.
#8 Network of hospitals
When you choose your health insurance company make sure that you check the strength of the insurer’s network of hospitals. A network hospital is the one that is in direct contact with the insurance company. A policyholder may also be allowed to avail cashless facilities in such hospitals. Having many hospitals in the network will be helpful at the time of claim.
Don’t forget to read the policy document thoroughly when you find a plan that passes all the 8 checks given above. This will help you understand the policy better.
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